How did you arrive at that number?
This is from the Q1/24 financials released recently:
- 326 million of $APE were held in treasury
- 255,060 $APE in accounts payable
- 59 million $APE reserved for grants
That doesn’t take into account the $100M BB carve out in Q3/24 which would need to be added either to “accounts payable” or “reserved for Banana Bill”.
Even if we assume that $60M for BB is year 1, that still puts us in the negative by Q2/24.
The whole delegation play is just a transfer of power that doesn’t solve any problem because 1M held by one whale wallet is the same as 1M held by a delegated wallet. Even in distributed methods like Mocaverse, the end result is the same: the wallet votes based on that delegation. I am not saying that delegations are bad. I’m just saying that they’re not the answer that some are making them out to be.
In this morning’s Spaces, I asked if the delegations would be amenable to voting to change the voting system to an equitable 1:1 ratio. You already know how that went. Nowhere. Which reminds me of this:
Yes. Just like whales. Like I said, it’s just a transfer of power.