In regards to the Dolomite and Umami initiatives for STIP distributions, one cannot turn a blind eye to the blatant disregard for STIP regulations, a transgression seemingly endorsed by delegates without a hint of scrutiny. To shed light on the matter for those not privy to the intricacies at play, both projects shamelessly exploit the STIP for personal gain, camouflaging their maneuvers under the dubious guise of “oARB.” In a nutshell, these ventures permit the exercise of options for acquiring ARB at a discounted rate, with Dolomite boasting a max 25% discount and Umami slightly better envelope at max 40%. However, the distribution strategy reeks of opportunism as they merely dispense a fraction (25% and 40% for Dolomite and Umami, respectively) and siphon off the lion’s share – a whopping 75% and 60% (at minimum), respectively.
Allow me to elucidate the mechanics of this unscrupulous practice: Users are coerced into purchasing incentives at a reduced rate, funneling ETH or other blue-chip assets directly into their treasuries for personal enrichment. Take Dolomite, for instance, hailed as the trailblazer in this gross violation of ethical standards and STIP decorum. They permit the utilization of oARB at a paltry 5% discount after a week. Here’s the kicker: You cough up 95% of the ARB value in ETH directly to their treasury, and in return, they magnanimously bestow a 5% bonus in $ARB. In essence, a mere 5% of the STIP sees the light of day, while a staggering 95% is clandestinely pocketed for personal gains.
This isn’t a clandestine affair; it’s a disclosed exploitation, and the collective apathy towards it is confounding. It’s a preposterous and egregious act that warrants immediate intervention. Dolomite and Umami should be promptly blacklisted from all future incentive programs, as there’s no conceivable justification for such a deliberate and methodical affront to ethical standards.
Exhibit A: @Matt_StableLab directly addresses this, but when given a diversion, quickly backtracks.
Dolomite’s response falls woefully short and sidesteps the core issue of benefiting from ETH payments extracted from users seeking free incentives contributed by the DAO. This level of negligence on the part of the DAO, Dolomite, and by extension, Umami, is indefensible. There’s no logical rationale for harboring these bad actors within our community, and the malicious intent behind their actions demands an immediate severance of the funding stream by all STIP multisig members.