Proposal- Project Syndicate: The Flywheel of the Comdex Ecosystem

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Proposal-

Project Syndicate: The Flywheel of the Comdex Ecosystem

Introduction-

Project Syndicate is a DAO/Protocol hybrid which incorporates hidden hand and Pirex alternatives to bootstrap users to the Comdex ecosystem via bribes and gauges.

links:

The IBC has lacked infrastructure for the entirety of the bull run, other than inflationary rewards the IBC has struggled to outperform and have stickiness and lindyness. Project Syndicate aims to solve that problem and help bring the ecosystem as a whole together so we can all work toward a decentralized future.

Here’s the basic idea on how it will work and rollout,

Project Syndicate will have 3 phases,

Phase 1: Expected Launch (Q2 2023) will be building the bribe market on top of the Harbor/Cswap protocol like hidden hand with voting gauges for locked Ve-Harbor and bribing cSwap pools for emissions.

Phase 2 Expected Launch (Q3 2023), will incorporate locked liquid Ve-harbor positions like Pirex’s version of pCVX giving users liquidity on their locked positions.

Phase 3: Expected Launch (Q4 2023 or Q1 2024), will be the launch of Syndicate synthetic assets (sAssets example sHarbor) and the Dao fee sharing model of all Syndicate positions giving shareholders voting rights on potential new fee/revenue generating ideas/projects, and decisions on electing council officials like Synthetix.

What’s Needed from Comdex: We have 3 team members currently and need engineers (front end, backend and designer), we have community manager, and director of operations already covered. As well as access to the engineers within other departments such as Harbor, Cswap, and new Comdex ecosystem projects to be on the same page. Also, in the future we ask for allocation of new builders to help

The Benefits if Proposal is Approved:

Directly to the ecosystem:

We will bring liquidity, users, and active participation in the Comdex ecosystem, which has been lacking in the past (false accusations of wash trading may have caused this along with market conditions). Our goal is to bring faith back into users and participants and make the experience beneficial to all parties involved. The only losers in this scenario are those who don’t cooperate and have a synergistic vision.

Advantages: Incentivizes users to lock tokens (reduced sell pressure) and charge a small basis point fee of rewards/bribes for the service that is shared to the platform (goes to the protocol & Comdex apps).

Disadvantages: Allows for the dominance of protocols/projects to dominate voting weights, which can be seen as “vote centralization.”

Benefits to users of the systems:

Users will be able to collect weekly rewards for bribes and be incentivized for using the protocol in early stages (testnet).
Users in the future will govern the treasury decisions to finance future ventures and revenues for Syndicate DAO.
Users will be able to swap out of illiquid locked positions in the future which have not been accessible in the past, giving them instant liquidity.
Flywheel effect of all the Comdex apps working together to give users the most complete experience of a working financial ecosystem.

Benefits to Syndicate:

Revenues from the bribes goes to the platform taking a fee (yet to be determined) from the bribes and directly minted into the DAO treasury for later use cases (will be defined in the white paper).
Syndicate DAO will also be a major player in the Comdex and IBC ecosystem not only as a vote broker but also as DAO to be able to shape the future of Comdex applications.
Additionally, the benefit of closely working and advising new projects to incorporate syndicate post or pre-launch so the platform can be built on top of the new system (if applicable)

Marketing Goals/Efforts:

We will build a following with a long enough runway before anticipated launch in order to build steam behind the project while simultaneously educating the community on why, how, and when they will need our protocol. Providing a usable product to the IBC, where we continue to lack.

We will make use of AMAs, collaborations with IBC influencers/spaces, Discord community with giveaways revolving around engagement farming (strong technique used to market to larger masses of targeted audiences), and develop a strong branding once we nail down naming and logo design. Most communication relating to marketing will take place on Twitter as it is the most used and most useful platform for IBC protocols and community.

Allocation:

Proposed Long-term Compensation (200k CMDX tokens for grants)
15% vested on Testnet
25% vested on Mainnet with 100k bribes + marketing support
60% vested quarterly (i.e.15% each quarter) for 1 year which starts once the 100k bribe milestone is achieved

  • Some of the allocation will go into incentivized testnet, as well as using the system when mainnet is launched amounts are not yet determined.

Side Notes/Thoughts:

FULL DISCLOSURE: THERE WILL NOT BE ANY TOKEN AT LAUNCH UNTIL THE PRODUCT IN V2 IS BUILT. THIS DECISION IS FIRM UNTIL OTHERWISE NOTED.

Reason behind this has been decided due to multiple failed launches of hype instead of fundamentals and a working product (Rebus etc.). The goal is to bring more users to the ecosystem as a whole not for an airdrop or token hype.

Thank you,

Mike & Syndicate Team

Contacts: Twitter: @SyndicateMike , @TheSyndicateHub, @Defijordy

I will try to answer questions and concerns on forums, but twitter is the best way to reach me. I encourage the feedback of the community. Also, please check out my recent tweets in regards to modern form governance and token structure which Syndicate looks to change.

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I’m really impressed with the proposal for Project Syndicate, the “Flywheel of the Comdex Ecosystem.” It’s clear that a lot of thought has gone into this project, and I think it has the potential to bring significant benefits to the Comdex ecosystem and its users.

In particular, I’m intrigued by the idea of using bribes and gauges to engage users and incentivize them to participate in the Comdex ecosystem. This seems like a creative and effective way to increase user involvement and drive growth for the ecosystem.

I also like the plan to incorporate locked liquid veHarbor positions, which will give users liquidity on their locked positions. This is a smart move that will help make the Comdex ecosystem more accessible and user-friendly.

Overall, I’m looking forward to seeing this project develop and come to fruition. I hope that Comdex will provide the necessary support and resources to help make it a success.

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I’m a bit lost during reading of the proposal. There are some contradictions in the text that makes it hard to understand.

For example:

  • “What’s needed from Comdex: need engineers (front end, backend and designer)”
  • “Deliverables & Timeline: We can provide 1 frontend engineer, 1 backend engineer and 1 designer”

→ Do you need engineers or do you have them? These two sentences are completely the opposite from eachother…

Care to explain in the proposal what you exactly mean with “bribes” and “hidden hand”? I rather not have any interpretation in a proposal text :slight_smile:

You start this on Comdex alone? Or on multiple chains?

Can you elaborate the thoughts of a fee? Giving a blank cheque for fees is not cool imo

What are expected team costs? Being a DAO does not mean there will be no costs involved.

A lot of question marks in this text still. I really would like to see them clarified before going on-chain.

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Thank you for your comments. Any concerns or questions please let me know so I can elaborate more.

Mike

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Hello ser, We need engineers it’s cut and dry. We are asking from the pool of Comdex engineers. My team is only marketing and finance based, we need devs to be able to help the project come into fruition. Comdex is able to provide us with the engineers listed above, I was inquiring hopefully in the future that we are able to ask for more in the future.

As for the blanket statement on fees, the fees will be on top of the bribes just how hidden hand works and will not be more than 8% which is very reasonable, that’s the only fee that will be charged and it’s on rewards, no different than validator commission. The bribe system works like hidden hand with redacted cartel, basically we are the middle man software that uses locked position/voting positions, sell the votes to entities that need the liquidity or fees, the user whom has a locked position like veHarbor delegates their voting power to syndicate, syndicate sells the votes to the highest bidder, and the user gets paid and syndicate collects a fee for the service and platform.

As for the DAO, and v2/v3 the costs will go through governance and will be outlined again.
The chain as of right now is Comdex and is not launching anywhere else. Most of the grants will go to the team, other than that like I said before the costs will be better determined once the white paper is written and testnet is being built.

I appreciate the feedback and the concerns, please let me know if there is anything else.

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Note: for confusion as pointed out I removed the note about timeframe and engineers which Comdex is willing to provide to us to avoid confusion.

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Hello,
I give the link on the governance of Harbor to help the discussion.

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I am a bit worried about the “selling of votes”. For me it reads like you guys will offer a competitive APR for people willing to delegate their voting power to you and you will sell it to the highest bidder.

Reading like the one with the deepest pockets can buy enough voting power to get his desire for a governance outcome realised… And if so, then it is a very very very big NO for me…

To add to this; you do not foresee any route to obtain own engineers? Now / future scenario?

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They can acquire it outright by buying harbor or votes directly as a broker the votes hold value which in theory without our service they hold little to none. To explain better, as of right now the only way to access VP is through buying token, lets say a protocol doesn’t want that risk but wants access to the liquidity and fees., they would rather bribe holders with their tokens to sway the votes to receive the incentives rather than buying and locking. This is beneficial for 2 reason, 1. more protocols are able to participate on a consistent basis, 2. Users are going to be able to choose which pays them more for their votes, which drives competition. I appreciate the concern that’s why I outlined it as a disadvantage. The vote buyer on wants control over emissions and votes to bribe deep liquidity. I hope to obtain engineers but they are hard to find especially proficient in rust, but it definitely on the order of operations for the future.

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Hidden Hand Bribe Marketplace Tutorial | Redacted Conservatory - YouTube heres a better in depth video of how it works

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Thanks!

Although I remain a bit sceptic (please don’t take it personally ^^) I appreciate your time and dedication to answer all the questions!! Thanks for that!

I fail to understand the votes for which you want bribes to be applicable. Are we talking about the “regular” governance system known to the chain? So proposals for HRBR and CMDX?

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No worries, I appreciate the concerns. The bribe system is only applicable with VeTokens, Comdex tokens cannot be bribed and have no use of being bribes because they dont direct emissions. HRBR and cSwap only so far. Even if you are sceptic, its okay to have different views on the manner.

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Honestly, I have to see it work. Are there funds to get to a MVP?
Or is the grant already required for the development?

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Love this. I think its something that seems like a no-brainer when you look at how HARBOR reward emissions are curretnly designed. Will vote yes

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Funds will be mostly used to incentivise people to participate then will go to team and hiring outside engineers. The goal is to use the grants to keep people interested once the project is off and running obviously the fees from bribes will be use to build a treasury and that will be first used to help support the team before the dao is launched. I always stress this to people, if the team isn’t compensated the users won’t be or not will they have a working product to use. People have to compensated for their time and effort, or nobody wins nor will people work for free. As for MVP can you elaborate more?

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The goal is to build the interface out for VeHarbor first for protocols able to bribe the veHarbor holders and links directly to the apps built on top of the protocol so the user can claim all their bribes at once. Also we will work on integration of cSwap as well.

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It does work in the right form check out Convex, Stakedao, Yearn etc with VeCRV. They all are trying to gain voting power to bribe users goal is to have liquidity brought to the convex hub which in the instance now Will be hard but it’s worth a shot!

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Tbh I’d prefer comdex don’t use their engineers and devs for third party apps. There’s still a ton to accomplish on the comdex side as well and they’ll bring more value completing the roadmap than working on experimental 3rd party apps. I think something like this would work better on a chain like Juno which has a lot of devs available

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Appreciate your feedback, though I agree with your concern. This application is not 3rd party it actually is an integration into Comdex apps and directly benefits the Comdex eco, Not like Skip or White Whale. Respect to both of those teams but it’s not the same.

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I guess skip would be beneficial but they are asking for 1mm and we ask for a quarter of that