Comdex community members,
I have to proposed the rollout for Module 1 of Lazarus, which contains the necessary upgrades and changes to the Comdex chain and its applications.
The proposed changes and upgrades have been decided and proposed by the community and Syndicate, and they include running decentralized front-ends through Fleek or Akash and requesting full transparency of treasury funds, development funds, and community pool with reportable quarterly financial statements.
To implement these changes, we propose the following actions:
- Running decentralized front-ends through Fleek or Akash - We propose using Akash, which will cost $15 a month, or Fleek, which is free but has traffic issues. We understand that constant upkeep with new updates will be required, but this is a small price to pay for the convenience and accessibility it will provide.
- Requesting full transparency of treasury funds, development funds, and community pool with reportable quarterly financial statements - We propose requesting oversight via a strong group of financially literate individuals or DAO, such as validators and a community-elected council, to oversee the direction of the Comdex Treasury and Foundation. We also propose providing quarterly updates financial reports, such as a balance sheet, income statements, cash flow statements, and salaries for the foundation and treasury. This will increase transparency with the community, onboarding more developers and users, and providing dedicated funds for their development.
Benefits: Streamlining the workload of Siddarth and Abisheik and the Comdex team - We propose streamlining their work so that they can focus on dealing with investors and VC and further development in growing Comdex. However, we understand that information can move markets and cause panic or euphoria based on the information, so this must be handled carefully.
We believe that these proposed changes and upgrades will help improve the Comdex chain and its applications and increase transparency with the community. We welcome any feedback or suggestions from the community regarding this proposal.
I know those wanting an update on a commodities protocol, Syndicate will have to bear this burden upon themselves because Comdex is meant to build the chain infrastructure not the applications on top of it. We have considered taking on this task in the future but it has not been determined if we will, or another protocol will come and we can help advise to build it. We welcome anyone willing to take on this task!
Thank you for your time and consideration.
Mike & Syndicate
1/ UX should be the top priority. It would be horrendous if I had some funds on Comdex and couldn’t access the front end. Definitely should go with a stable decentralized one (Akash).
2/ This is the way.
Blockquote I know those wanting an update on a commodities protocol, Syndicate will have to bear this burden upon themselves because Comdex is meant to build the chain infrastructure not the applications on top of it. We have considered taking on this task in the future but it has not been determined if we will, or another protocol will come and we can help advise to build it. We welcome anyone willing to take on this task!
Does this mean steering the Comdex chain - in charge of project management task?
I think put an EVM on top doesn’t sound like a good way to promote/compete with other chains in Cosmos. EVMOS is EVM ready, just launched the Forge DEX with incentives from both Evmos & Stride (Uniswap v3 fork) but still failed to attract liquidity. Evmos forks that succeeded mostly target the Ethereum ecosystem instead of Cosmos.
But if you go with the EVM option, how long do you think it will take to deploy sth like Synthetix on CMDX?
Decentralised front-ends for Apps is good. But does this really require any change at the chain? not sure if a proposal is necessary for this?
Same for the second point? Not sure if I am onboard with it. It can get messy if its not done correctly. We have seen how messy the situation is with Juno when community is involved in treasury matter. Is there any past successful example of this we can look at and try to follow? What about the potential consequences of publishing such info publicly. Like people might just start to speculate on the size of treasury & form random opinions. Maybe, openly publishing info about treausury can attract attention of some regs which is risky for teams. Not sure if this is necessarily something that goes on chain as a proposal since it doesnt have changes for the chain.
I’d like to see lazarus proposal focus on revival of CMDX token through some changes in the tokenomics. Building a product like the commodity synthetic is something that can help to bring CMDX some utility. The original draft talked about changes to tokenomics, inflation. I want to know what is the plan for that. As a holder of bags thats the top question in my mind
Tokenomic updates are useless unless their is a value proposition for the token. As of right now other than staking and gas there is none. I think something like the Foundation that L1s have and an accelerator will suffice for Part 2. Financial Transparency is important IMO, at least quarterly, its something in tradfi that gives investors piece of mind. I understand the other concerns, but theres no clarity to the operation so far.
Utility is derived from value provided, use cases cant be printed from thin air. Majority focus should be top-down development, meaning work from what you already have. I agree you don’t need a governance proposal, but we will have to be somewhat compensated for these services, we run as a business, which will have to be passed through governance. I appreciated the feedback
I understand that. In that case I think it would be useful to mention what amount of CMDX grant would be expected for it. I would support the development of the synthetix app. About the decentralised front ends too, I can understand the need for it. wonder if there is any way to spin up a front end that takes a small fee from people who use it to manage its own expense? I’m not sure. Just food for thought.
Financial transparency is definitely important. But in blockchains, isnt the chain itself the ultimate form of transparency? People can anyways see the movement of every single CMDX coin. The idea of quarterly reporting seems interesting to me but quite impractical as well. Haven’t seen any project foundation do it so far. We might invite a USDT type situation where the community now starts to wonder about who the auditors truly are. Do we need a proposal to decide which auditor will be tasked with that job? What about the expense of paying such an auditor.
Curious to know how that would all be done
More on the end of Financial operations on how the treasury and runway are being managed. Can’t onboard Devs if there’s no fund, foundation should be responsible for that. It should be practical, that’s the problem in crypto, there’s no transparency which there should be. Just because foundations haven’t done it, doesn’t mean they shouldn’t. I wouldn’t call any protocol, or chain successful atm. Success is something like Apple, Tesla, or any fortune 500 company, but that is just my opinion.
EVM is only necessary to copy the code function of synthetix since it already has proven to work
I would choose for Akash, and I fully support this proposal. LFG!
I understand what you mean. But again I feel like most communities (especially Cosmos) are not well structured enough to handle all this. With the right kind of DAO structures and legal frameworks there are ways for these things to be done structurally. But if not, then you get a situation like OGP where if Osmosis decides paying $6k/min for video is appropriate, the community opens debates about what is prudent expenditure and what isn’t. Suddenly you have a situation where random people are shouting and saying “why is OGP spending X$ on ABC thing? I can do that same ABC thing in 1/10th the cost”. Such claims are easy to make for someone with 0 liability or skin in the game. Its just unproductive and disruptive. With this, it will open the floor for unproductive FUD agents like CMDXGod to use every single piece of information available and somehow spin it negatively about the project.
I liked the original proposed Lazarus because the focus of that draft was on helping Comdex achieve product market fit, which is something desperately missing at the moment. I hoped Lazarus would be more focussed on how Comdex can achieve PMF. Operational overhaul, in my mind, is the secondary thing to focus on. First has to be how to get PMF.
Comdex should focus on what its key differentiators and strength is- and this is commodity. No one else in Cosmos is doing it and its something that is hot in financial markets now. People will surely want to use a product that lets them invest in gold and agri commodities with crypto
I believe this is a spam proposal.
This is the same problem plaguing other cosmos chains that anything constitutes a proposal.
A proposal is to change the state and functionality of the chain itself.
neither the front end not the reporting has anything to do with the chain state or functionality.
Also who is building the FE in case this passes as I feel if it was possible the team would have done it themselves. It is upto the community members like ourselves to do it.
I appreciate the inputs given above but feel the approach taken is too web 2 and the thought that success is fortune 500 is undermining all work that has been done on all L1s.
Protocols are not companies to make profits. Think about Osmosis, has the best DEX and no profit accrues to any Osmo holder.
Just my 2c
The goal is to get community feedback. Economics have been in place since the stone age, there has to be an exchange of value for a service provided, if not, somebody or a group of people will find away to extract the value, look at MEV. The work that L1s have done isnt undermined, but there is a reason why the liquidity hasn’t flown, but im not here to relay that message. I understand where your coming from but the inefficiencies of the crypto space is you have project builders with zero understanding of economics launching companies, a protocol is a company, people invest in tokens to make money not for governance. We need the shed this idea that a “public good” is free, the world we never work that way, its human nature. Also, the osmosis example is a poor example because somebody is profiting off of the product, there is no reason to hold a token that isn’t accruing value. Though I see where youre coming from, I agree FE can be implemented on its own, the transparency being financial statements being requested might better suit what you were talking about as spam because I also believe after hearing feedback there is no need for a prop. Appreciate the comment
Well I see your point of view, PMF is going to be difficult because the team cannot launch commodities without regulatory issues. If we were going to launch the product, it would take some time because we are already working on syndicate and cant take on more ATM. We welcome anyone trying to accomplish this. Commodities still need to have to find a PMF too, traditionally they used as a hedge, and the reasons a exchange exists is for farmers and manufactures to hedge against price movement. I do agree, this prop is not final, i was getting community feedback which i appreciate!
I think it is good to start this journey via governance. It might not be necessary for the future, but right now it is a good starting point to do together with the community.
With respect to the financial transparency; it is indeed a thin balance. I would surely not go as far as complete and total transparency, simply because sadly we have to conclude we are not far enough as Cosmoverse to be able to deal with such kinds of information in a professional way. So it might be good to limit the scope of this transparency a bit. Maybe just limited to team wallets, grants, etc.?
Regarding front-ends; has it also been discussed to work towards just having 1 front-end, where you can lend / mint / swap without having to go to another platform? That is a massively confusing part with all the different brandnames and such. Simplifying is crucial to have people come back in and experience the full set of opportunities Comdex offers.
In what sense is the team exposed to regulatory issues if they create a commodity tracker? Not owning the asset itself, not framing it as a security, but purely on the speculation on the price part. Look for example to how MicroTick did it. They make a “simple” method where you could predict the value of a coin after x amount of time and based on how close or how far you were from the target you earned money or lost money. That might be a relatively easy method, where a collab with MicroTick might be an option?
That would save us the EVM part for now, until we are ready for it. And it creates utility for the token nearly immediately.
You know what you sparked my interest, Syndicate can run a decentralized FE where we can run it with all the services in 1 shop. Commodities is basically the Redacted part of the Syndicate WP, we just need to figure out a way to find a reliable oracle to do so. If you have a microtick POC let me know, id like to connect with them.
Best to start here I guess: