- taking your argument to the extreme, it would not hurt gnosis dao if gno price went to $1 right now. that is simply not true. once again - i agree with you that making more profitable investments or making good investments into gnosis ecosystem is more important, but you cannot rule out creating value for gno holders at some point, otherwise there won’t be many gno holders left (like why would you hold the token longterm if the token doesn’t hold any value?).
Ofc you talk about the extremes, but this is actually the case for me atm. It doesn’t make a huge difference for me if the GNO price is 400$ or 250$ atm.
What is the current GNO utility?
- You can validate the Chain → you earn more with a higher GNO price
- You can use Defi (amms) → You pool GNO with other assets and have IL
- Lending markets → The current lending markets have isolated markets and bad LTV
As someone who doesn’t want to sell his GNO because I think it is undervalued, only the first option is attractive right now.
If we compare ETH with GNO, a reason why the ETH price is so stable, is because they have efficient lending markets for ETH. ETH maxis don’t have to sell their ETH, they can just borrow against it.
In my opinion we have to improve the utility of the GNO token to maximize the benefits of buybacks.