Open letter to Autonomys
I respect this project and had great faith in things until yesterday. There is still hope here so let’s be real.
It has been 24 hours since Mainnet Phase 1 launch. I have a 500TB farm sitting in blissful silence. I am not plotting and I turned it off yesterday, waiting. I am waiting to see what you do next. The reason I am waiting is not because of the 600PiB target but because of the dreadful tokenomics that were announced at the same time.
The massive 65% prefarm goes against all principles of fair participation, early adoption benefits and general respect for the public farming community. The remaining 35% of fairly distributed public rewards by farming will never equal the prefarm even after 40 YEARS, let alone surpass it. This is not a blockchain economy that I can endorse. I will find something else to use my SSDs on.
Something to consider, is that this is still a testnet. Transfers will only be enabled at best, sometime in Q1 2025. The basic function of a blockchain is transferring the currency. Without this most basic feature, this is still a testnet in everyone’s eyes. There can be no price associated with a coin that cannot be transferred. With no coin price, it’s a testnet. We are farming speculatively in this testnet. The mainnet rewards are totally dwarfed by the testnet rewards. Testnet farmers have 6.87% of the total. Mainnet farmers will only reach this proportion in an estimated 5-6 years.
The rewards are low and the target is very high. The incentives are not there in this testnet environment to get more than you had in Gemini 3H. Even if you turn on rewards now, you will not get the peak netspace of Gemini 3H. The incentives will come by either giving more (or same as) the reward proportion that was given in testnets, while the coin has no exchange price prior to Phase 2. The netspace will stay low in line with the meager mainnet rewards.
You have an opportunity to correct these mistakes and get back on the incredible path that you were on up until recently.
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Adjust the tokenomics. Go back to the drawing board. Throw out everything that blockscience did. Allocate yourselves and investors something less than 30% of the total rewards. Even that is pushing it.
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Look at a lockup for testnet farmers. There are heavy bags sitting in the testnet wallets and they will depress the price and demoralise the mainnet farmers when they hit exchanges.
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Put a reasonable space race target now that you have more data. THe first guess was wrong. That is okay. Let’s try again. A relaunch is acceptable if it is done early enough and with due lessons learned.
Sincerely,
500TB of farmland