Our primary goal now is to build good products that bring value to Hive.
Awesome.
It's part of our long term vision to create a token for powering DAO activities and running higher level governance on the network.
Here is perhaps an alternative approach. The L1 tokens can be used for L2 governance. The L2 rules can specify any arbitrary rules for what an account has to do with its L1 tokens in order to participate in the L2 governance. Just like you did with HBD for gas - no need to create another gas token, simply define the rules for what to do with your HBD in order to get gas. Same concept can be applied to governance. Any arbitrary locking period, burning penalties, whatever you want. If multiple projects did this instead of making their own L2 tokens, it would create a huge use case for the L1 token, and the ecosystem and each of these projects would be in an enormously stronger position because of it. What do you think?
This is exactly what we already do with Hive staking for consensus. This feature is live and implemented part of our long term plan. Part of Magi's structure is designed to generate a strong buy pressure for Hive / HBD by generating fee revenue to incentive more Hive and HBD being locked up in collateral providers (Magi witnesses) and liquidity pools respectively. You can see the screenshot below of the active Hive staked within Magi of about 120K Hive. While it is not much right now, it'll grow significantly as rewards are paid out to witnesses and liquidity providers.
What I was referring to above was specifically in regards to DAO activities such as a development fund or other forms of incentives long term. Any kind of future token will only compliment the staking of Hive/HBD and will not directly replace or remove it.
Great, this is how I understood it and so was not sure what the purpose of a new token would be. From what you are saying, it sounds like the purpose would be for funding development. But if the Magi network already has a sustainable model due to fees and is locking up HIVE/HBD, then it would make total sense for the Hive DAO to keep funding Magi development on a long-term basis. If lots is getting locked up, then the Hive DAO gets a positive return on what it invests in Magi. A clear win-win. And finally a meaningful business model that others can follow.
Whereas by creating a new token, it dilutes the value. Instead of having 10-20 projects that use HIVE/HBD for 100% of their needs, thus greatly increasing the use case and demand, it all becomes diluted into 10-20 different tokens, and everyone wants to push investments into their token, so in the end we have a bunch of weak tokens instead of one very strong one. Fundamentally a very bad economy design.
The model we built directly incentivizes more HBD and Hive purchase. It doesnt act as value dilution. It directly incentivizes more Hive and HBD purchase on top of established APR via pools.
A lot of assumptions are being made here when we haven't even formalized the design yet of such a thing.