Disclaimer: I am submitting this proposal in my name only. It is not intended to represent the views of the Aragon Association.
The following is my final draft proposal for Stage 2 of the new governance process, to help decide the future of ANJ and Aragon Court.
If approved, this proposal will void the results of the vote to Deploy Aragon Protocol and maintain the status quo, which is to keep Aragon Court with ANJ as the staking token, to keep ANJ connected to ANT via the ANJ bonding curve, and to keep the Aragon Network as the governor of Aragon Court.
Some ANJ holders have expressed a desire to have more input into the decision to deploy Aragon Protocol and deprecate Aragon Court. ANJ holders were not given a chance to signal their preference on the upgrade, and the decision to upgrade was made separately from the decision about what would happen with ANJ and Aragon Court if the proposal to deploy Aragon Protocol with ANT as the staking token was approved.
By putting this proposal on the ballot alongside other proposals to decide the future of ANJ and Aragon Court, both ANJ and ANT holders will have a chance during the upcoming poll and binding vote, respectively, to choose between all of the potential paths forward: merging ANJ and ANT, giving ANJ holders and Aragon Court greater independence, keeping the status quo, and various versions of each of these options that end up on the ballot. All of these options will be available on the same ballot, on equal footing, so we can get a full picture of the community’s preferences with all potential paths forward side by side.
Several arguments have been put forward in favor of the status quo:
- The bonding curve relationship between ANT and ANJ ensures long-term incentive alignment while preserving short-term incentive isolation between Aragon Network and Aragon Court that cannot be replicated in a single-token system.
- Related to the first point, with court jurors having a distinct set of incentives from ANT holders there is a better separation of powers that could lead to a fairer treatment of any disputes involving the Aragon Network.
- ANJ’s lower market cap can in some ways be seen as a liability (due to lower security in the short term) but in other ways can be seen as an asset (due to the relative ease of building a position and becoming significantly invested in the court’s success).
- Void the results of the vote to Deploy Aragon Protocol: https://gov.aragon.org/#/aragon/proposal/QmcLGPwfJtbB1Bt384iyXaK65sxYTERSJuwqRDqLs5Chca
- The Aragon Association will continue to fund development, marketing, and distribution efforts for ANJ and Aragon Court.
- The Aragon Association will advise the Governor Council to vote to un-pause the ANJ bonding curve and hand off control of bonding curve and Aragon Court governance to the Aragon Network DAO once the DAO votes to accept this responsibility.