Dear mStable community,
I’m writing to signal that I will be leaving my core-contributor role, ideally at the end of March, subject to discussions that I’ll have here and with other core-contributors. Currently, I manage the Strategy and Operations leads of the builder subDAO, so a discussion will need to be had about filling that role. For those that don’t know, I was a co-founder of mStable.
mStable is dear to me and have put a huge amount of myself into it over the past several years. It’s been a remarkable journey and I have learned so much. There have been times of victory and times of loss; each have come with its own lessons.
mStable was one of the first protocols to market and we were backed by some great investors and some that turned out to be less good and went bust. The DAO is one of the most decentralised and built a governance structure early on. The protocol initially had a huge amount of traction and was a serious competitor to Curve.
Certainly, mStable has been hit hard by its fair share of challenges: after the project getting a decent amount of traction, a growth ceiling was reached quite rapidly. The mStable community felt that a v2 protocol had to be built. When this was decided, a lot of the previous core contributors left and many new core contributors were hired. The Meta Vault product was then spec’d and built last year. It only recently launched.
Team and product were the two main challenges at the start of 2022. Personally, I am very proud to see the DAO rebuild the team and build an entirely new product; core contributors faced into these challenges head-on. Unfortunately, however, these efforts haven’t improved the situation for MTA holders or the DAO’s sustainability. The DAO’s structural issues (stemming from the MTA token) just got worse and worse last year. Of course, our sustainability wasn’t helped by three of our major investors going bust. We believe their liquidators had to sell all of their MTA tokens into a weakening and illiquid market.
So the first reason I have decided to leave is because I think there are some pretty serious structural issues in the DAO. To summarise, I think: the project will find it very difficult raise with the current token given its value; the protocol isn’t earning enough from its products to self-sustain; and the DAO’s runway is continuing to decrease each month and will be depleted at current burn within 12 or so months.
Secondly, I am seriously burned out from my many years in crypto. Burn out is real and I’m feeling severely tired and need some time for myself. I know I’m not in the best place personally to fulfil my duties in the Builder subDAO and it’s in the best interest of the project that I communicate this transparently and find a replacement.
As an MTA holder, however, I want to speak up and describe what I think are the three ways forward for this DAO before I leave. I would love us to decide on a route forward before I leave but I also understand if the community just want to keep building for 6 or so months and give Meta Vaults more time to succeed.
Despite that, I still think that the community should discuss these options:
An acquisition from a DeFi project
This could give MTA holders either a potential premium on the face value of Treasury Assets and a potential upside in case of a native token swap.
A full shutdown of the project
Should an acquisition not work, a shutdown could be considered by the community.
Continuing on with a very slim team to extend the runway
To extend the runway until the next bull market, this option should definitely be considered.
Thanks everyone for everything while I’ve been at the project. Looking forward to feedback.