[PROPOSAL][DRAFT] Disband the ICF - Buy and burn ATOM with all-non ATOM assets, Burn ATOM holdings

The objective of this thread is to solicit feedback, which is to disband the Interchain Foundation (ICF) and re-purpose all funds to buying and burning ATOM on the open market, burning ATOM, and an education campaign regarding the volunteer-only effort to maintain the Interchain stack going forward. Specifically, voting yes on this proposal entails:

  • Complete dissolution of ICF
  • Utilizing all non-ATOM denominated assets post-dissolution to buy and burn ATOM on the open market
  • Burning all ATOM assets
  • Re-assignment of all Core Cosmos Hub development and maintenance to the Cosmos Hub Community Pool
  • Education campaign of the new Volunteer-only basis of all Interchain software

As of the latest transparency report from 2022 located here: ICF_AnnualReport_2022.pdf - Google Drive , the ICF had $304M USD in total assets, of which:

  • 38% Fiat
  • 4% BTC
  • 15% ETH
  • 43% ATOM

Of the $48.1M spent in 2022, the breakdown of expenditures is as follows:

  • 16.2% Cosmos Hub
  • 23.9% Cross Product Work
  • 9.6% Consensus
  • 26.2% Interoperability
  • 24.3% Apps & Framework

Therefore ~7.8M USD should be budgeted for as support for Cosmos Hub on an-ongoing basis and all Cross Product Work, Consensus Work, Interoperability, Apps & Framework to be discontinued in 2025 and managed on a volunteer basis.

The ICF has failed the Cosmos Hub community and ATOM in providing the expected value accrual to ATOM at a current price of $8.20. We believe ATOM investors are providing free services to the users of the Interchain stack without the return on investment that we expect.

We believe the best course of action is to buy and burn approximately $150M USD of ATOM on the open market, and to burn the existing ICF ATOM to create massive buy pressure and increase scarcity of the ATOM token for the benefit of the security of the network, and increased returns to ATOM holders.

Please provide any comments and feedback on this draft proposal.

5 Likes

I would rather support the idea of ​​redirecting everything to the community pool and creating a second Dao, with payment by Daodao and therefore an incentive to make a financial return through the use of the cosmos stack at the cosmos hub by new projects entering the aez .

Even though we value every community input and everyone’s point of view, this one seems pretty extreme to us. We definitely agree to say that the ICF has lot’s of issues to resolve, potentially skeletons in the closet. But dismantling seems like an easy solution to an infinitely more complex situation. At Govmos, we value simple solutions to simple problems, but calling the ICF a simple problem couldn’t be further from the truth.

Nevertheless, we agree that a community input is more than appropriate, and necessary to define what the ICF should be in the future. The most urgent concern appears to be a lack of transparency. Clarifying the situation may be our best opportunity to pursue a successful restructuring. At present, we also want express our full support to this historic institution within the Cosmos Ecosystem.
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