0x3380a055…694csent to0xf790a5f5…1365·#21,001,901·view on Etherscan
I am fundamentally against Nouns DUNA.
The grassroots and Ethereum alignment of Nouns was a big factor in why I became involved in the DAO, and why I think Nouns is one of the coolest projects on the internet. With the shift to DUNA, I feel this is being lost.
I would encourage everyone to read the values section of [ethereum.org](https://ethereum.org), and ask yourself if Nouns DUNA is a step in the right direction towards alignment. Unfortunately, when I do this the answer is NO on all fronts:
- Equal Access: DUNA is likely to impose geographical restrictions on grantees (ex. sanctioned countries) and will restrict bidders.
- Open to all: DUNA requires grantees to KYC, a permissioned process.
- Decentralized: DUNA centralizes operations to the USA and further consolidates veto control (ex. Chief Compliance Officer).
- Censorship Resistant: DUNA had the final say and the power to censor any proposal with the Veto, which will likely be done anytime a proposal is deemed non-compliant with the DUNA.
- Privacy Oriented: DUNA requires grantees to KYC, eroding privacy.
Additionally, I’m confused as to why the proposed auction revenue vesting is being framed as minority protection. True minority protection should allow ANYONE who is fundamentally misaligned with the direction of the majority to exit. The proposed system only offers temporary protection to new members, which diminishes over time. Nouns DUNA would likely be better off without, and note that DUNA and minority protection are distinct issue. There are alternative ways to implement real minority protection without creating arbitrage opportunities, which I believe is a more productive use of protocol dev resources.
Finally, the lack of transparency from the Nouns Foundation, especially regarding tax liability, is deeply concerning. Nouns DAO has generated over $135M in revenue and, to my knowledge, has never paid taxes. It seems likely that the DAO treasury will be drained to cover the tax liability, leaving Nouns DUNA to try to navigate without a treasury.
I will be disappointed if this proposal passes. I believe that non-DUNA Nouns has the potential for a more exciting, impactful, innovative, and unstoppable future.
Whatever the outcome, at least it’ll be entertaining 🍿.