I wanted to discuss an idea for setting up a p-rep that would represent the Balanced DAO on the Icon network and add to the DAO Fund.
The idea is:
- Allocate DAO Funds to cover costs of setting up and registering a p-rep on the Icon network
- Choose a team of trusted DAO members to run the p-rep and represent the DAO’s interest in votes.
- Use all ICX stored on the platform to vote for this P-rep
- ICX earned by the p-rep would go directly to the DAO Fund, minus some reserved for costs related to maintaining the server
If I am not mistaken, there is around ~52,000,000 ICX currently on the platform (As Collateral, LPs, DAO Fund, Emergency Fund). This would make the Balanced DAO one of the top P-Reps on the Icon Network and provide over $200,000 a month for the DAO Fund (based on current numbers, which I understand will change later on in Icon 2.0).
To put this into perspective, we added an average of $650,000 a month to the DAO Fund over the last 3 months, so this would be a significant addition.
Any thoughts or comments?