All good notes. Only thing I can nitpick is that if the perp exchange isn’t being used, it won’t have liquidations to feed back anywhere.
I also am more careful about declaring something as “should not vote because X.” That’s a slippery slope towards censorship.
On the perp user thing, this is valuable feedback to us. But one thing you have to understand is that there are reasons why a user stays with a product, but the perceived value they need to try a new product is higher. This is called Switching Costs. It means that we need a stronger value proposal than the incumbent product currently being used, because it costs users to switch (learning curve, time, mental energy, sense of security). If the new product’s feature-set is not crushing the competition, marketing to these users through incentives is the most common and most effective strategy. Without that, you are unlikely to attract the existing user base.
As market proof, I can point to dydx and GMX, because that’s exactly what they did. DYDX used airdrop, GMX used a referral program and influencers. The funding for both of those came from new tokens.
Thanks for the feedback.