O DeFi the machine in perpetual motion! O DeFi the almighty vortex absorbing trillions!
O DeFi whose crops breed collaboration! O DeFi who escapes the trap Malthusian!
The world is on fire. Climate change, coronavirus, poverty, and authoritarians. Our governments are dragging their feet, and the rich are making barbeque.
Decentralized Finance can save the world.
DeFi will eat the world. DeFi has zero operating cost, zero margin, while offering unparalleled investment opportunities in the multi-trillion dollar financial market. DeFi will suck in enormous quantities of capital. DeFi will innovate at the speed of two-pizza startups, building six billion-dollar products before breakfast.
Yield farming DeFi protocols will be the first for-profit entities in history to be capable of true charity. Yield farmers will plug the DeFi Legos together to farm all the governance tokens at once. Protocols will shake hands over an arms race that will never happen, and competition will be replaced by collaboration. Treasuries will be filled to the brim with surplus, surplus that can be used on anything our hearts desire.
DeFi is our best hope at generating enough funding to actually save the world.
O DeFi the plutocracy of whales! O DeFi the congress of frogs!
O DeFi whose governance is naïve! O DeFi who perpetuates inequality!
DeFi as it is will not save the world.
DeFi protocol governance is currently modeled after corporations. Power is denoted by fungible equity tokens, and decisions are made using simple majority votes. Token holders get dividends from the protocol’s income.
A corporation model will lead to plutocracies, where a few wealthy parties with large token holdings dominate decision making. This is bad, because these whales will always vote to distribute extra profits to the token holders, i.e. themselves, rather than spend it on saving the world. The whales will actively make evil decisions if it generates more profit. Just like how the fossil fuel industry have been destroying the world to enrich their shareholders.
Plutocratic DeFi will perpetuate the existing wealth and power structure of the world. It will make the rich even richer, and make the poor hopeless for humanity’s tomorrow. DeFi will become part of the fire that will engulf us.
I am a Whaler, defender of humanity.
I shall dedicate myself to ridding DeFi of plutocracies, to overcoming the whales.
I shall promote the virtues of democracy and equality.
I shall convince DeFi to fund the righteous cause.
I shall endure darkness, so that I bring out the light.
From this day on, till the end of days.
We the Whalers will transform DeFi protocols into benefactors of good.
We will achieve this by collaborating with existing DeFi governance systems, formally and informally so as to guide them towards a more democracratic solution.
We will achieve this by sharing our Windfall Clause with existing DeFi protocols, showcasing the benefits of committing a portion of their income and tokens to causes of good, once they reach a certain size.
We will achieve this by educating the masses about the dangers of plutocratic DeFi, as well as the wonderful things that we can accomplish using democratic DeFi.
We will achieve this by building tools we can’t even imagine today, tools that will facilitate the creation of a global collaborative network.
We will save the world, or at least try our darndest!