Appreciate Aragon’s work on this and the collaboration on getting metrics and data aligned with the current financial reporting - I agree that the main conclusion here is that extra context / content on metrics, flow of funds, etc is due to the community and is something to work on.
On the final report, I would like to reinforce the fact that currently the DAO is generating FCF (e.g. is cash positive). As complexity in the protocol business grows, OPEX should be forecasted to grow as an investment phase is still needed to ensure the current roadmap (B2B focus, Solana, Decentralisation of the protocol) is achieved.
The proposed CAGR (yearly) for the scenarios are reasonable, even amidst a harsh bear market, it is expected that the protocol will continue to grow market share and monetisation and we should see 2026 revenue eclipse the 2025 numbers.
In my opinion:
- The improvement on the current buyback mechanism communication is a relevant point. Will jointly discuss some ideas to improve on that. Also, the proposed “separation” of the “extra buybacks” is worth considering. (recommendation #1 and #2)
- Putting a “reasses the model when FCF > $9m” (or $10m in the comms plan) I think is also a reasonable consideration; that will require better community reporting from the Foundation on the consolidated sphere.
On the implementation, I think the implementation suggestion to be a bit over complex, and would favour a simpler splitter contract that receives the value accrual buybacks and implements the votes mechanism, versus trying to migrate a significant chunk of the protocol flows to a single smart contract.
Overall feel the modelling exercise done with Aragon contributes to clearer information for the CoWmunity and will be great to hear other opinions (will share a different post on the teams’ views).