[Temperature Check] HIP0: Hop Mission Statement & Success Framework
Summary: This proposal establishes a mission statement for Hop governance that emphasizes security, trustlessness, and community ownership, as well as a focus on market share of monthly volume as the primary indicator of protocol success.
Recommendation: Vote Yes. This is the first small step on a long journey for Hop governance. HIP0 will likely be amended or build upon over time, but it provides a needed push into a specific direction. We are very excited to be here at the beginning of Hop’s journey, and feel lucky to have the opportunity to contribute.
Recommendation: Vote Yes. While it’s unlikely HOP will have bridging needs for a while, no liquidity is needed to be sourced as it is Hop’s native token. We do caution, however, that it not be prioritized ahead of other technical work that could be accretive to the protocol. Additionally, the ability for the protocol to mint/burn HOP on any of the chains Hop supports presents additional security challenges, and should only be deployed when the highest level of confidence has been achieved.
[Temperature Check] HIP2: Explore Private Sale Legal Options
Summary: This proposal would authorize the Hop Foundation to explore what is required legally to perform private sales of HOP.
Recommendation: Vote Yes. Further sales of HOP are likely needed for the protocol to secure stable funding over the medium to long term. Note that this requires no budget and will not formally engage any legal representation. We would support pre-authorizing the Hop Foundation to perform this kind of activity without a vote in the future.
General Notes: These represent an important milestone in the nascent Hop governance. It will be important, however, for future proposals to include as many relevant details as possible so that every proposal is as clear as an “ELI5.” We would also encourage a pre-determined RFC period for proposals before they move on-chain, even if they are simple temperature checks. This will allow time for discussion and a chance for authors to reject or incorporate feedback into their proposals.
Congratulations, Hop governance!