[HMX] LTIPP Application - FINAL

I appreciate the response, but you are muddying the waters.

For DAO contributions, you pointed to one single post. Is that all you have done?

Many DAO participants have been in a variety of LTIPP meetings and helped build the LTIPP to what it is today, but nobody has seen you on the calls or participating beyond the single post you added.

Were you at Gov Hack? No. You were sponsoring a party with Metis while not contributing to any of the three days of Gov Hack. This speaks volumes about where your focus is.

Regarding the Wash Trading discussion. You conveniently leave out the fact that a substantial amount of volume is being driven by speculation about your Metis project and a possible airdrop for participants on your Arbitrum DEX.

Does it add temporary network activity. Yes. Are you advertising and encouraging an eventual migration of users to Metis? Yes.

Don’t be fooled by this team. They are not Arbitrum aligned and you will likely see them deploying on 6-7 chains this year while pursuing heavy grants on each network.

The concerns from the STIP still carry as well. I encourage all council members, delegates, and DAO members to review their STIP proposal and the feedback that led to a failed vote: [HMX][FINAL][STIP-Round1] - #9 by HMX

Key points:

  • Asked for almost $2m in incentives with less than 4 months of being on Arbitrum
  • GMX rehypothecation and forking comments (it’s very obvious that the entire go-to-market had a massive vampire attack on GMX)
  • @CastleCapital pointed out that the proposal was egregiously high but also that rewards were not equitable and that the incentives heavily outweighed actual fee generation