Appreciate the thoughtful response, Sam. A few follow up notes:
- I can’t speak to how the market will view ARB Staking, but I will say that I personally disagree with the framing you outlined re: valuation. I think of ARB Staking as a valuable starting point for ARB utility. I anticipate additional use cases and utility for ARB in BoLD and Time Boost. Also, ARB Staking in and of itself should open up new use cases and utility that drive demand (e.g. restaking).
- I personally disagree with your framing re: delegates and fees optimization. I think delegates are just as likely to see the long term benefits of market share for Arbitrum as they are to optimize for short-term yield maximization up to a point that drives excessive price elasticity for users.
- I would say that DAO treasury diversification is a separate problem and should be addressed on its own merits. I don’t think accumulating a ton of ETH via fees in the treasury without a fee distribution mechanism is good for the DAO. In fact, it has shown to be quite dangerous.
- I’m going to share a more detailed spec of the Karma implementation per @fred’s comment. I personally think it is robust, but look forward to further examination with you and others.