Dynamics(a bit) and mechanics are totally differents from stocks markets.
I believe most of the people who voted âNoâ are short-sighted and driven by greed. They donât care about the long-term development of the community or the potential risks down the road â they just want to exit quickly, no matter the consequences.
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the way the team handle this post-initial-migration issue is sad, while appreciating the âfinal conversionâ proposal,
introducing another deadline doesnât make sense after so much dispute on the initial conversion,
another interpretation of âusing the unconverted MPL as Strategic Fundâ is ârobbing your passive investors money to fund own bagâ,
instead of showing sympathy and support, the community just put the blame back to MPL holders,
regardless of the outcome of MIP-17 votes, I have lost faith to Mapleâs team.
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If Vitalik decided to replace Ethereum with a new token and set a strict deadline for the swap, can you imagine what would happen to the entire crypto market?
Ethereum would collapse, entering a perpetual bear market. It would lose all credibility, and no one would trust it anymore.
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Donât forget to vote people! Itâs not a guarantee that the window to convert will re-open. Itâs currently in favor of being voted down. Go vote! https://snapshot.box/#/s:maple.eth/proposal/0x55f9b85129747b3ad984034b23f2b18a025e19adae4ea7b8d4ea0490fb885601
Letâs imagine â when Sid attends an event and someone (a lawyer? a journalist? a believer?) brings up the issue of abandoning original believers through the migration process, causing their assets to become worthless â how will he respond? And how much impact will this have on Syrup?
Yes, this was a decision made by 20 community members through a vote. We respect the communityâs choice. We have a united, cohesive, and great community.
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The vote isnât overâtake a breath and trust the team. Sid and the team gave a clear, thoughtful response and addressed the key issues well. The vote runs for 4 days.
Threats, lawsuits, journalist⌠Your vision, arguments and point of view are at the very least as pathetic as those of the people who vote against and whom you call selfish. The vote isnât over, so spare us this nonsense.
Am I the only one that is worried about the quorum? Is it possible that itâs not reached?
Actually how is the quorum calculated? I see that previus proposal have passes with a lot less total Syrup amounts and the quorum is super high?
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Yeah something strange.
The quorum for the initial proposal that set the deadline was: 121.5M/3.47~= 35M
Whereas the quorum for this proposal is: 19.5M/0.363~=53.7M
Maybe same percentage, but more SYRUP now than before.
We need more voting. Current, quorum is only 40% and we have only more than two days. This proposal has only 4 days for voting
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This will be a total joke if this MIP doesnât passâŚeven bigger than the exchange period expiryâŚ
I am currently double f*cked - sold my stash at a joke price, as I thought that there isnât any option to recover anything, then this MIP came, I rebought it at an already higher price, my stash is now -50% already because of that, and if this MIP doensât pass I will be double the lossâŚ
Thanks great project minds about that!
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Can someone from the project team please explain why is the quorum level so high and is this some way to get away in this situation explaining - yeahh, we did everything we could, but the holders didnât allow it?
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I donât think itâs panic time yet. I canât guarantee anything, but take a step back and consider this: this is the most engagement any proposal on Maple has had. Do you really think it wonât hit quorum?
Weâve already had 40 voters in just 2 days and reached 40% quorum, there are still 2 full days left. Some major voters havenât weighed in yet, and those with large token holdings likely trust the team. The team has already made a clear statement on the proposal, and itâs worth reading.
Now, I could be wrong, those major voters might vote against it or not vote at all. But that doesnât seem likely given how engaged the community has been. Plus, if this passes, the issue reaches finality and doesnât have to be reopened again.
Lastly, the proposal has 80 percent in favour of passing at the current time of this post.
Thatâs how Iâm thinking about it.
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Hello there, I tried to vote but the voting system recognizes only the Syrup tokens not the maple one I have on my ledger. Does it mean only the Syrup holder can vote and not the 11% left out who own the maple token ? Thanks
I have the same problem. Moved it out a few days ago finally but that means whitelisting by snapshot is not a suitable solution for most of us. Allowing straight MPL to SYRUP conversion would be the least frictional option
Matt Casto here of CMT Digital. What I am about to say is solely my opinion, but I believe it needs to be said. This proposal has certainly spurred vicious and passionate debate. Directionally, while Iâm indifferent to the proposal passing, I view it as net beneficial for both MPL and SYRUP holders. I tend to believe there would not be legal ramifications for closing the window, as it has been clearly telegraphed for months since MIP-011 was posted back in December. I also believe there isnât some structural arb that exists in the MPL Uniswap pools that is dilutive to existing SYRUP holders who migrated, as liquidity is extremely thin and thereâs been < $250k of MPL purchased since MIP-017 went live.
I also feel itâs necessary to highlight that the Maple team has been very active in communicating this migration, so I strongly believe itâs extremely disingenuous to say they did not, instead of taking responsibility for your own position. You purchased MPL, the onus is on you and you alone for ensuring that you manage your own position. As someone who has remained close to the Maple team, and genuinely cares about their success, I can say the migration was very clearly telegraphed and it would not have taken significant effort to keep up to the date with the deadline. I also find it interesting that many here have not participated in governance until now. Re: entities holding MPL in third party custody accounts, and thus being operationally difficult to move, I find that argument to be weak. We use third party custody, and while operationally intensive, we migrated our supply over by the deadline. Overall, I find people here failing to place the blame on themselves for not migrating to be disingenuous. Lastly, I have seen posts in here complaining that migrations donât happen in the equity market and should not happen here. This is a clear apples to oranges comparison. There have been countless contract migrations in crypto (e.g. Maker to Sky), and airdrop campaigns have commonly implemented a deadline for claiming. This is a very common occurrence, so letâs not act like what Maple did was wrong and that they randomly and maliciously decided to opaquely migrate supply to SYRUP and burn existing MPL holders. That couldnât be further from the truth.
Itâs likely that this proposal passes. I do not believe that MIP-017 is an attack on Mapleâs governance processes, itâs an idiosyncratic proposal to address the fact that there is a significant outstanding MPL supply that has yet to migrate. As someone who took responsibility and migrated within the deadline, I still align with MPL holders who want this proposal to pass so they can convert. We should give users the ability to continue sharing in the success of the Maple team. Maple is one of the very few protocols that I believe are absolutely primed to disrupt how institutions utilize onchain credit. It would be selfish of me to take that away from MPL holders who failed to migrate in time. While I find the arguments in this thread of people who currently hold MPL to be asinine due to failure to take responsibility for managing positions, coupled with an apparent lack of effort with tracking governance proposals, I massively appreciate that the Maple team has been generous to open the window again. I fully expect every single person who migrates when the claim window opens back up in the 19th to personally thank the Maple team. As someone who cares and has been following the Maple team for the past several years, their care and commitment to driving value to Maple following the Orthogonal default has been nothing short of one of the most remarkable growth stories of all time. If you are an existing MPL holder who has not been tracking what Maple has done year to date, I implore you to take some time after you migrate to read through their team-created Dune dashboard, consume their podcast content, and become educated on the composability/integrations that syrupUSDC has recently unlocked.
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I donât see this as a threat; itâs a possibility that could arise. Sid is working to eliminate these potential legal risks. The team has excellent foresight, and this is part of the communityâs progress.
Are you happy now with $MPL at 24$? So, just do your choice, hold or sell, but no complain, please!