It is true that in bad times, the good teams keep building, that is what they are incentivized to do and they should get our full support unless they do something bad or stupid. We’ve seen several attestations by Klima’s team over the past days with Medium posts and tweets that ensure us they intend to do just that, which is laudable.
On my end, personally, I would like to express my massive gratitude to the community for funding the DAO so far and continuing to do so.
Here is my tribute as a Klimate to all the other 60,000.
These 15mn tons in treasury did not fall from the sky. The first 3mn were financed by the pre-seed investors and the IDO/LBP crowd. The majority (80% of all) have been funded by everyday investors (myself including) who believe in the vision and voted with their money.
We (myself included) always point out the great achievements of the DAO and effect on the legacy carbon market. All the 15mn tons accumulated across the treasury and Liquidity Pools and 2–3X increase in carbon prices. However, lets not kid ourselves as to who got the better end of that deal. It simply means that whoever sold 15mn credits to Klima’s holders, made 2–3x.
We all paid for this, not as charity, but knowingly, as an investment that hopefully will work out well if Klima succeeds. It has given the DAO time and the clock is ticking.
But we got well remunerated by the APY?
Yes, but the reality is that in contrast to the sellers of tokenized carbon, Klima holders are currently down 90% since launch (even on an APY adjusted basis!), including some of the LBP participants. So far only the IDO holders are still up.
Let’s keep high hopes and assume that Klima will emerge from this crypto winter and Klima Infinity will achieve product market fit. We should not forget the financial sacrifice, especially by those who bought after the launch.
- Buying when the price was $3000+ and all the way down to the current $50. Remember, the money didn’t just change hands (which would be zero-sum), the $ actually bought BCT and bonded all these millions carbon credits into the treasury enabling the high APY to work out (5x inflation since 18 Oct).
- Buying some crappy credits, included in BCT along the way.
- Continuing to buy despite the price drop which even the very high APY did little to protect from.
- Buying quantities which in BCT terms often exceed a lifetime or more in a person’s footprint.
- Buying despite not knowing who the people behind Klima really are.
- Buying without much understanding of carbon markets.
- Buying even when knowing that carbon price arbitrageurs are making all the money.
- Buying when the largest and most profitable companies in the world are still not buying.
- Holding despite all of the above and buying more when others are selling.
- Buying based on belief in the team, vision and, of course, the hope to make money by fixing the planet.
To me, if there are any giants that Klima is standing on the shoulders of, it is the tens of thousands of early believers.
Whatever happens, you all are giving the DAO a shot at achieving its vision. I hope the Team never forgets the crucial role the Klimates played and shows them great respect.
Respect, you are all aces in my book.