Significant changes to the NEAR Protocol’s economic design may be risky and take time to implement correctly, as well as requiring careful research and analysis. It is important to consider short-term solutions that can be quickly implemented and adjusted over time, instead of drastic changes to the protocol’s economy.
The hypothesis that I raise is a similar approach to Bitfinex’s 2016 hack, more details of this episode here. Briefly, Bitfinex created a “BFX” token for users who suffered losses, designed in a way that the company could buy it back from the users later.
The creation of a second token to reward the costs of Chunk-only producers may be a viable solution to the financial losses in this sector.
Following this hypothesis, we could create a second token that would present the advantages of trading and repurchasing them when the market condition improves. Let’s say that in this hypothesis the buyer is NF, this option may be interesting for two main reasons: 1) No need to get rid of amounts in $NEAR in a low market. 2) No need to analyze a near core redesign.
I understand the comments about centralization concerns of decision-making, whether the idea of UBI or second token, but the issuer of the tokens does not need to be the same buyer, in this hypothesis NF. The issuer of the token can be a DAO that has the technical and legal ability to issue these tokens, is autonomous and independent from NF and has sufficient neutrality to execute the best repurchase agreement possible.
If this hypothesis is acceptable, I have some suggestions for candidates who can play an active role in it and initiate these discussions.
Recently, we also had the case of $USN where there were significant losses for NEAR, perhaps this instrument that I am suggesting could also be an alternative to address other challenges.
The creation of a second token can have an impact on users’ trust in the NEAR Protocol, depending on how it is implemented and communicated. If carried out in a clear and transparent manner, it can increase users’ confidence in NEAR Protocol’s ability to deal with challenges and protect the interests of its participants.