Status: [Draft]
Proposal Type: DAO Upgrade
Abstract:
Shutting down the Obol Association’s operations, possibly bringing in a new management team, or Obol Collective shifting to a more traditional Web2-style model.
Motivation:
The Obol Association team isn’t meeting the Obol SQUAD goals.
Trust in the project has eroded; early CoinList investors are sitting on significant losses.
The promised listings on U.S. exchanges haven’t materialized.
The team also failed at basic ops like keeping the staking contract funded, stakers went 6 days without rewards because the contract was empty.
Sentiment is negative.
Viable fee model exists Obol Collective can charge operators per-validator fees. Technology and team survive without token economics.
Specifications:
Open for discussion here.
Action Plan:
Open for discussion here.
Conclusion:
If the team is focused on other priorities, we need to take control of the token ourselves.
Guys, don’t you think it’s time to investigate what’s going on here? In a market like this, with Ethereum’s price and adoption at current levels, it makes no sense for $Obol to be valued at just $11 million. It’s clear something is off, and the team remains silent, unwilling to share any information with us.
Before the TGE, the team had a completely different attitude. Is it possible that something went wrong behind the scenes, and now they’re unsure how to fix it?
There’s virtually no trading volume and liquidity on exchanges, and Kraken still hasn’t listed the token. This raises serious concerns.
The situation really doesn’t make sense. Where is all this selling pressure even coming from?
Preamble
My thoughts put into writing on this OIP in my posts will be mostly critical to make it easier and faster to read, please take no offense if I sound too direct and/or trimmed down. I feel this proposal is not fetched out.
Review
This is not a proposal I would like to vote on at its current state, there are crucial information I’m missing:
- Specific actions: Just to shut down the Obol Association won’t help with anything.
- What is planned after that?
- What or who is gonna replace the Obol Association?
- How will the handover be managed?
- Metrics:
- What metrics do you use to measure the trust people put in Obol?
- How do you measure the sentiment?
- What things do you think will change after this proposal gets enacted?
- What timeframe do you suggest for each step of your proposal?
- Who’s going to oversee this and make sure this gets implemented?
- Can you elaborate more on the staking contract funding incident?
- Please suggest on token economics.
- How to proceed with future unlocks?
- What to do with the not distributed tokens?
- You mentioned exchange listing, what’s your plan on this topic?
Comments
I agree with this. Communication could be better.
Please explain
I don’t recall Kraken was promised - but maybe I missed this information.
Looking at the coingecko I see a trading volume of EUR 4,8m at the time of writing.
1 Like
I don’t have specific suggestions for replacing the current Obol Association at this time. However, I’d like to share what concerns me about their actions and respond to some of your points.
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Regarding staking rewards: on the 8th, the Obol tokens on contract 0x384dd81047F88eE35DE75DA1149943B8e62d8802 ran out. For almost six days, no rewards were distributed until community members started raising the issue in Discord. Initially, the team didn’t acknowledge the mistake, but eventually they did top up the contract.
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The team promised U.S. listings back in May. According to the MiCA report, we can also see that 100k usd are paid for Kraken. In addition, a test transfer of tokens to Kraken took place on May 7.
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The trading volume appears to be inflated. At the moment, the highest volume is shown on HTX, yet according to Arkham, there are only 220,063.61 OBOL tokens held on the exchange.
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The OBOL token also appears to be quite illiquid on exchanges, the order books are thin. A $100k market order could move the price by as much as 10%.
So naturally, these things concern me. On one hand, this is a very serious and important project. But on the other hand, everything related to the token feels more like a one-month-old meme coin
1 Like
We want to clarify that this topic falls outside the scope of governance voting within the Obol Collective .
While discussion is welcome across the forum, this post does not meet the criteria for a valid proposal. It falls outside the bounds of actionable governance items as currently defined by the Collective which focus on protocol upgrades, Collective operations, and community-aligned development.
As such, this thread will now be closed.
If you’d like to better understand what qualifies as a valid proposal, please refer to the documentation here.
Let’s keep working together on meaningful improvements for the protocol and the broader Collective.
