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Melon Council acknowledges MIP#7 and outlines next steps

The Melon Council on MIP #7 and next steps…. Image from model backing MIP#7

On June 25th, Melon Improvement Proposal #7 (MIP #7) was authored and submitted by Tom Shaughnessy, Ceteris Paribus and Chris Manessis.

Summary of Proposal

In summary, the proposal takes a closer look at the Melon token economics (Melonomics) and lays out arguments to reconsider the value accrual mechanism. In particular, it argues for a value accrual mechanism that is directly linked to growth in the Assets Under Management in Melon Protocol funds vs. the number of individual Melon Protocol funds. Crucially, it also argues for a removal of any fee at fund “set up” in order to entirely remove any friction for new users entering the platform and deploying a Melon fund on the blockchain. Interesting to note is also a sub-proposal to give holders of MLN discount to fees on the protocol and the argumentation to commit towards reducing inflation in later years.

Including User Representatives

The Melon Council was originally formed to distribute control away from a single entity into the hands of technical experts and active users of the Melon Protocol.

Since the activity on the Melon Protocol was not significant enough to identify active users in the early days (shortly after going live on Ethereum mainnet), there was not much justification for building up the user-representative component of the Melon Council DAO.

With usage continuing to grow at a steady pace consistently over the last few months and interest in the Melon Protocol dynamics reaching through the whole DeFi ecosystem, the current Melon Council members feel it is the appropriate timing to add direct user representatives to the DAO as any changes towards fees and fee structures, impacting all current and future Melon fund managers, should not be done without user-representation.

A Call to Users to Join the Melon Council

There are currently two available spots on the Melon Council DAO f...

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