Community Call Summary - August 5, 2021

List of speakers

Erich - Legal
Ugur - Marketing

Proposals (Erich, Ugur)

If you want to accomplish something for API3, you can set out a mission that you can present through a proposal. After a proposal passed, there is no additional voting on how you execute the plan that was already approved. What’s important to mention is that forcing teams to do certain tasks that aren’t part of their official proposals is not going to work. For instance, if the technical team doesn’t include any plans to integrate into Polkadot in its proposal, making a vote to force this team is not the way to do it. Instead, the person that has the idea of integrating into Polkadot needs to take up the task himself by creating such a proposal.

However, it is not enough to simply explain your idea. A proposal is meant to involve off-chain discourse and some coordination, i.e. the required funds, deliverables and possible tools that are perhaps needed to accomplish the mission. Everyone who is involved in this project wants to see beneficial proposals, wider engagement and building. Like it was mentioned, proposals cannot force other people to do certain tasks without their agreement. Furthermore, a promising proposal should be designed thoughtfully to create some momentum behind it as it costs gas and it can only be submitted once every 7 days.

Ultimately, everyone can add value to the project. If people for example feel that the current marketing agreement is missing an important objective, they can either create a whole counter proposal that includes this task or they can simply create a proposal that solely addresses the missing part that they want to take care of.

Delegation Pitch (Erich, Ugur)

It would be great if more community members post on the Delegation Pitch even if they think that they won’t get much attention. A lot of people underestimate how much influence they have, especially if they are well-known throughout the community. It would probably surprise quite a few how much delegation they can actually get if they put their ENS name or token address out there. I suggest anyone that has been part of the project for months to ask for delegations. By doing so, we have more additional votes that are hopefully actively used. The forum offers a good opportunity for interested parties to put themselves out there, and if there are any features that might improve their visibility, we happily accept feedback and will see what we can do about it.

Is there an easy way to see the current treasury? (Erich, Ugur)

We currently have two treasuries. The DAOv1 is from the time of the token distribution and is part of the DAO treasury that consists of API3 and USDC. DAOv2 is the official DAO that was launched. For security reasons, the funds are gradually transferred from DAOv1 to DAOv2 until the first DAO is emptied. Just recently, there was a transaction of 5 million USDC from DAOv1 to DAOv2 which is governable by the latter.

  • DAOv1 can be viewed on Aragon
  • DAOv2 can be viewed on the API3 dashboard. In the governance section, navigate to the right and click on the arrow (v) next to Secondary. This shows the DAOv2 treasury.

Does staking end at 50,000,000? (Ugur)

Basically, there is no end to staking. Also, the goal is not 50m but 50% of the total supply that increases through inflationary staking rewards. This number is governable, though.

A response to Gary Gensler’s speech at the national security conference (Erich)

It was unfortunate to see him speak negatively about the Blockchain industry despite his knowledge. The SEC specifically is a disclosure-based regulatory agency and a lot of their laws and regulations are about disclosing information to the public that would otherwise be private. It came from a time where active transparency and real-time information were seemingly impossible. Ultimately, a lot of regulation comes from a large reduction of information.

In the case of API3, just about everything that can be public will be available on chain and on github or communicated through community calls and our social channels. This is done in order to encourage as much participation as we can and give the public as much info as possible. The goal is to only guard the confidentiality of information that must be guarded. We deal with API providers who mandate confidentiality in their proprietary products and that’s their decision that we respect. Finally, API3 is about transparency, i.e. the DAO voting process, proposals, the construction of dAPIs on chain, the open source nature of all the software, community calls and open discussion on Discord and the forum.

Burak mentioned in his last article that the monetization features were implemented in Airnode Beta. Does this mean that the deflationary aspect of Airnode is active and in use on the testnet? (Erich, Ugur)

The monetization features are really broad. Among other things that will be discussed at a later point, it includes how providers can be paid (API3, stablecoin) and how they allow access through Airnode.

Regarding the deflationary aspect: If a potential consumer buys access to a certain feed, API3 is burned to balance out the inflationary aspect of staking. If you have an API provider and you want to have a one-to-one connection between him and a data consumer, it goes through a whitelisting process. This can be anything, such a USDC, off-chain or API3 payment. This doesn’t necessarily mean that there is a deflationary aspect right away if a one-on-one connection between a single API Airnode and a potential customer is initiated. This can change through ChainAPI that allows you to access a certain single API that is connected to an insurance service by buying and locking up API3 funds that will eventually be burned. There is also a dAPI aspect where a variety of Airnodes would be aggregated for a Bitcoin price and to gain access to that feed it would actually work the same way - you would need API3 tokens to access that service and you would need to lock up a certain amount that will be burned at the end of the subscription. However, all of this will depend on when the feeds are made available and more information about this topic will follow in the future.

Any interesting events the team will attend in the coming weeks? (Erich, Ugur)

There are always crypto conferences that team members will try to attend, such as the ETHBoston and Mainnet 2021 in New York.