OP Delegation to Joxes by SEED Latam
Over the past year, the treasury of @seedlatam has received contributions in the form of OP tokens on several occasions for various reasons. During the previous rpgf2 , our organization received 55,061.82 OP tokens. Additionally, 3,545 OP tokens were earned as delegate rewards, among other amounts (Optimism Airdrops), and these were also added to our treasury.
As of today, our treasury holds 58,622 OP tokens. This amount is just one of the outcomes of our faithful contribution to the Optimism and Ethereum ecosystems, even before the launch of governance and the token. In order to stay aligned with the Optimistic vision, we will proceed to honor its foundational utility and make our modest contribution to strengthen governance from our position.
Actionable: Delegation to joxes.seedlatam.eth
As part of our long-term commitment to Optimism governance, our first obvious step is to use the treasury funds to delegate the 55,061.82 OP tokens to @Joxes. We want to demonstrate our support for the team behind this delegation and motivate them to continue fulfilling their responsibilities in the discussion forums.
Existing Concerns
The inherent plutocratic nature of the Token House is a real concern. The lack of incentives for users to delegate their voting power is also a problem. As a result, we have seen fluctuations in our voting power, ranging from 0.6% to our current 0.21%. Over time, this figure, along with other small delegates, has raised concerns about meeting the necessary requirements to carry out activities, such as approving proposals for voting, nominating delegates to the Citizen House, and other identified activities in the Operating Manual.
Additionally, the rewards policy has been based on activity plus a minimum voting power, which, from our perspective, has not contributed to the goal of bringing new delegates and increased participation to governance, and it has excluded excellent delegates from eligibility in the past. Our delegation team has published an analysis on this matter to discuss how to improve incentives for participation.
Future Intentions
SEED Latam is not just an organization; it also reflects an entire ecosystem of communities based in Latin America. One of our goals is to showcase and recognize the work of other delegates who contribute to bringing the Optimistic vision to our region. This means that, in the future, SEED Latam may delegate part of its voting power to support other initiatives and contribute to enriching the spectrum of delegates from Latin America, in addition to our flagship delegation. We highlight Optimism Español’s decision to delegate to 4 different delegates in this regard.
We hope that in the future, more organizations will follow our path or explore other creative ways, like that of Optimism Español, to use OP tokens to support delegates and strengthen governance.
Thank you for your time!
SEED Latam team