Codifying the mStable DAO's values

Introduction

Right now, the core contributor group is in the process of researching mStable v2. A basic premise that we’ve discovered needs clarity and confirmation from the community is: What values do we want the mStable DAO to embody? What do we believe in?

The purpose of this post is to get the community thinking about what values drive us, ultimately to codify them in a manifesto of sorts, something that each DAO member accepts, perhaps even actively (by signing a message before staking, for example).

These values will also be a criterion - along with user need - that informs what the mStable core contributors deliver as an MIP for our vision of mStable v2. Therefore it’s imperative that we lock this in and confidently agree on our the most fundamental values.

Bitcoin, Ethereum, DeFi

Bitcoin’s values are clear: decentralisation, security, immutability, capped supply. These traits, followers say, guarantee the security and value of Bitcoin. Similarly for Ethereum, decentralisation, security, community, deflation, openness and innovation, are often cited.

Further up the stack, in DeFi, the values are more mixed. Some protocols share the same values of Ethereum itself (say, Liquity) while some others don’t (say, USDT).

Where does mStable sit?

Core contributor thoughts

After meeting with the mStable core contributor group, we assembled a series of values that reflect our thinking on what the mStable DAO’s values are.

  • What does mStable stand for? Why are we here?
    • Security
    • Wealth preservation for everyone
    • Global access to trusted financial services for everyone
    • Promoting freedom
    • Meritocratic participation
    • Community inclusion and ownership
    • Sustainable wealth preservation
    • Sound economic finality / settlement assurances
    • Decentralised
    • Focused on long term impact

We also discussed as a group what kind of traits mStable’s products must display. This was a summary:

  • Non-custodial
  • Trustless
  • Global
  • Censorship resistant
  • Internet native
  • Fun/gamified
  • Public
  • Community owned
  • Treasury as key element of the project, empowering token holders. Integrating token holders, treasury and the protocol
  • Easy of use (UX, DX)

Why we thought these traits are important

As we progress into the 21st Century, it has become clear that human lives will be lived increasingly online. Primitive online experiences in Web 1.0, such as forums and blogs, proceeded the richer experience of the social web. Email and blogs were built on open, community-run protocols. Anyone who adhered to community standards could establish an email or domain name. The social web is different and controlled by companies such as Twitter and Facebook. The enormous power of these platforms has caused wide-spread debate and tension over their ability to promote fake-news, arbitrarily ban users, enable election fraud, and challenge privacy laws.

How will people relate to the internet over the next century? Will the relationship be defined by earlier themes of open-source contributions and community ownership or by more recent corporatised Walled Gardens? Getting this relationship right is a high-stakes game and will affect people in every corner of the globe. mStable has a real opportunity to contribute meaningfully to a more positive, hopeful and free web.

Ask & Next Steps

The core contributor group are requesting that the community offer their thoughts on our values in this forum post. Ideally we’d be able to summarise the DAO values as one mission statement and 3 core values. Separately, we can list the traits of mStable’s products.

Next steps will be a written 1 page summary of the agreed DAO values, followed by a formal vote by Meta Governors that codifies this for the DAO.

5 Likes

I stand by these values, and look forward to building future products that reflect them.

2 Likes

Strongly agree with the values depicted here and the subsequent analysis.
As you put it well here

I think there is a real opportunity=

  • to become a more value-oriented protocol translated into a value-oriented product line
  • to pioneer this new Web3 era with a user-oriented value stack

Looking forward to reading this one-pager

2 Likes

This is a wonderful idea. I think that once this gets more solidified that it should be something that can be easily found on the main pages for the app or site. It should stand out IMHO.

My traditional relationship with Cefi is based on trust. I have used some of the same Cefi entities for a decade based on that trust. Making the values of this community known, easily accessible, and verifiable through this community’s actions would go a long way to building a brand based on positive, common human values and goals.

Side Note: As it pertains to the first point on what mStable stands for: Security, I think it would be great if there is somewhere an explanation of what makes mStable secure compared to other protocols or communities. It seems everyday I read about smart contract hacks. I have seen our audit reports, but I more stumbled across those and would love to know if things change in the future.