Welcome back to the “Meet the Delegates'' series! This series helps the dYdX community to get to know their delegates. Poppi and Aria, both endorsed delegates for the dYdX community in Japan, were featured in this episode. This episode was hosted in Japanese by Leomaru, the Japan Lead at the dYdX Foundation, and the conversation has been translated to English below, with the Japanese transcript included too.
Leomaru : Poppi was the first delegate from Japan, then ARIA followed shortly after. Why did you two (Poppi and ARIA) decide to become delegates?
Poppi : Of course I knew about the word “delegate” itself during last year's dYdX dissemination of various information, but Leomaru-san, Japan Lead at dYdX Foundation, was a big reason why I wanted to become a delegate.
At first, I didn't realize that I could become a delegate, and I had a belief that people with power such as voting power and financial power would do it. I was intrigued when I learned that an individual could be (a delegate).
When I actually dug into the delegate's job, I felt that it was similar to what I usually do as a community manager, such as disseminating information on Discord. I thought I could do it, and while working as a community manager, I decided to promote the idea of what I want to do for dYdX.
Leomaru : Since you're currently the community manager of dYdX, it seems like you have a lot in common.
Poppi : Yes. I have been listening to the opinions of actual users and their impressions of using the dYdX exchange, saying how they want to change stuff. I thought it would be exciting to be able to actually share the thoughts as a delegate, who has voting power.
Leomaru : What about you, ARIA? What made you want to start to become a delegate?
ARIA : I was impressed by Poppi's story of how he has high aspirations. I have experience in setting up a board of directors at a Japanese corporation such as preparing to go public and managing shareholders' meetings based on laws and regulations.
I personally invested in crypto for about 4-5 years, and although I knew that DAOs existed through MakerDAO. However, I didn't have the opportunity to participate. And then I was attracted by dYdX so I got some (DYDX) tokens. When I started wondering what I could do with DYDX tokens. And I learned that I could vote in a DAO, so I voted first.
I have continued voting for about a year and a half, but I gradually got tired of just voting, so I thought it wouldn't be bad to start sharing my thoughts, so I looked at information such as the Japanese community on dYdX and the endorsement delegate system. I thought I should try to become a delegate.
Personally, through this activity, I am working to create various promotional materials and advertisements and disseminate information to customers. I thought it would be possible to improve my personal skills as well.
Leomaru : It seems that you can utilize your past governance experience in your DAO delegate activities.
ARIA : There are a lot of overlapping parts. Poppi : That's great. It's very professional, isn't it? In fact, ARIA creates high quality presentation slides.
Leomaru : I think dYdX still has many areas where the governance system is under development, so I thought it would be great if someone with experience like ARIA could join.
It may overlap with what you have already said, but what is the potential of dYdX DAOs?
ARIA : When it comes to what DAOs are, I personally think that DAOs are getting a lot of attention lately. But at the same time, DAOs are just one structure of governance, and it is not that things will get better just because of DAOs. I don't think it's a story that DAOs can steadily push forward with new businesses.
Specifically, I think the potential of DAOs is a matter of matching the DAO and the business to be converted into a DAO. Looking at the potential of dYdX, personally, there were some security issues such as FTX, and DEX is gradually gaining recognition. First of all, the exchange is a basic function. Even if the crypto market goes down, dYdX itself will not go away.
Another thing, if you look at the exchange as a business, the profit margin is high. In Japan, there is the Tokyo Stock Exchange, and in the United States, there is the CBOE (Chicago Options Exchange) and NYSE (New York Stock Exchange), but I don't hear about them going bankrupt, so I see the potential of dYdX as a DAO.
Leomaru : Yes. We are proud that dYdX is the industry leader in DEXs, and the exchange business is the cornerstone of our activities in the crypto world.What about you, Poppi?
Poppi : I also think that the DEX is a big factor, and to add to Mr. ARIA, one of our biggest strengths is that Hedgies, which we use in our profile, plays a big role. Looking at the global Discord, there is a community with hedges and they are setting it on their profile, and it is strong that they have NFT in the dry environment of an exchange.
Leomaru : I see. Thanks. Could you tell us if any issues with dYdX DAO should be resolved immediately?
ARIA : It may not be a problem that can be solved immediately, but one of the important points of a DAO is that people can't see their faces and identities, so I think it's essential that the place where they gather is easy to use.
Currently, the discussion of the dYdX DAO is mainly on the website Commonwealth, where a bulletin board-like platform is lined up, but I think it is a little difficult to see, hindering the discussion.
Leomaru : Actually, I sometimes hear this opinion. Is it messy and hard to see?
ARIA : Even if you sort by latest, it isn’t sorted by it.I also looked at Maker's website, and I feel that it's a complete and sound system. Basically, I think that the part where the content is arranged to cover the information is a little small. Having a tree is fine, but the main topics are scattered everywhere. Maker is a little horizontally long, and it feels like it's divided by item, so I think it's easy to see.
Leomaru : Regarding this, if ARIA, the delegate, discusses and issues that it is difficult to use in some way, I think that people with the same idea will probably agree, so make a proposal to change the tool or add a new one when you think the moment is right.
Aria mentioned that Commonwealth is hard to use right now, but what about you, Mr. Poppi?
Poppi : It's hard to see. It's hard to keep track of where discussions are actually taking place. I think it's a global issue, as it was also raised on Discord.
Leomaru : Are voices being raised by English-speaking users?
Poppi : A lot of people on the delegate channel found it hard to use for questions. So, since Discord recently added a forum function, I think it would be good to complete discussions on a single platform such as Discord.
Leomaru : Poppi, do you have any other dYdX challenges?
Poppi : In Japan, I feel that the percentage of people interested in DAOs in the current community is small. I feel that dYdX has a higher ratio of traders with a certain amount of trading experience, so I would like to increase interest in DAOs.
Even from a global perspective, I feel that we still have a long way to go. If you look at the actual voter turnout, it's less than 100 addresses each time, so there's room for growth in the number of people voting.This is also reflected in the number of votes cast. The percentage of DYDX used for voting is still small compared to the total DYDX in circulation.
Leomaru : Mr. Poppi, you closely relate to the dYdX trader community. How do they feel about DAOs?
Poppi : This is also what I am aiming for as a delegate, but I think there are many opinions that DAO can be useful if it is beneficial for traders.
If the efforts and actual voting done in the DAO are as good an improvement as possible for traders, they will recommend it, and if it is bad, they will disagree with it. I think we still need to establish an argument as to why DAO is good for traders.
Leomaru : I think it would be great if we could convey in an easy-to-understand manner how the current proposals and votes actually lead to greater trading experiences.
Poppi : Yes. Recently, there were some things that were directly related to trading rewards, so there were opinions within the community about voting, but there were many cases where voting that was not related to trading was almost ignored, so I think there is a way to improve it.
Leomaru : I see. Next question, what do you expect from V4?
Now dYdX is in V3. The next upgrade phase is V4. There are many things that will change, but the big one is that the current Ethereum base will be changed to the Cosmos base.
Both of you, what would you like to see in this V4?
Poppi : If I had to pick one, it would be growth as an exchange. I am a trader and I also run a Discord for traders, so I would like to see a better environment for traders. Specifically, we will further increase the speed of currency listings and increase the liquidity of the trading board, which are often requested by traders. I think it will get better.
Leomaru : How about you, ARIA?
ARIA : Almost everything has been said (laughs). I agree. However, from my point of view, of course, traders are important, but I think that one of the real pleasures of being a DAO is having people other than traders can also participate in it. For example, $DYDX token can be used as an incentive to raise the voting rate, or there is a grant now, but in a way that the scope of this grant will steadily expand so it can commit to the Cosmos community.
Leomaru : Certainly. That's right. Traders are certainly important stakeholders of the entire dYdX ecosystem, but there are others, such as builders, validators and members of the Cosmos community.
ARIA : It would be nice if the stakeholders can interact with one another. Leomaru : You're right. By the way, I don't think you can imagine how the transition to Cosmos will change the experience of trading. To be honest, I don't have any details but I would like to know what traders can feel differently somehow even from now. So it would be nice if we could cooperate with people in the Cosmos community and connect with the trader community. We can educate the trader community together with the Cosmos community.
As for the next question, as I said at the beginning, you are probably Japan's first and second delegates. Right now, Twitter Space is in Japanese, but forum discussions, Discord interactions, and epoch reviews are also in English. Do you feel any big hurdles to participating in DAO as a Japanese person?
ARIA : Personally, I didn't feel any difficulty. However, I think that one of the missions of dYdX is the democratization of finance, but when it comes to democratization, people with various backgrounds must be involved. I feel that we need to strengthen the transmission of information localized to each language to some extent.
Poppi : The same opinion, and there is actually a language barrier, but when I look at DAO in Japan, the primary information is sent in English, and I can't find much communication about DAO in Japanese. I think that part should be localized so that information can be obtained even in Japanese, but I think the dYdX Japanese community is the largest in the world. I think it's important to let people know what this vast group is thinking and what kind of activities they are doing and to have them listen to Japan's voice a little more.
We want to act in such a way that our voices will be heard loudly, rather than just trying to keep up with the English side.
Leomaru : That's right. The Japanese market is one of the largest in the world.
Poppi : In that case, I think it's good that our voices are loud.
Leomaru : I think that the role of Poppi and ARIA will be more and more important.
Do you feel any resistance to discuss in English? It can be quite argumentative and aggressive sometimes.
Poppi : I don't think there is much resistance. Not so much on Discord or Commonwealth. Sometimes I think we discuss things like that, but there are a lot of things that I think are true, so it's a good learning experience, and I think it fits well with dYdX's culture.
Leomaru : How about you, ARIA?
Aria : I've always been in startup-like organizations where people in real life go about their business while exchanging discussions, so I have no resistance to that, but personally, I'm not very good at turning my head to match the rhythm of the conversation. So I personally like to summarize information in one summary or something and then discuss it thoroughly. I thought it would be good if it allowed for various styles.
Leomaru : Certainly. ARIA's Google slides are extremely high quality.
Poppi : It contains all the points, and is easy to understand.
Leomaru : Lastly, in what ways would you like to contribute to the dYdX DAO as a delegate?
ARIA : This may overlap with what I said earlier, but one of my missions as an endorsed delegate is to increase the number of users who participate in dYdX. There is a desire to acquire light users.
Of course, dYdX wants you to participate in trading, but I would like to promote that there are ways to enjoy other than just trading. I would like to tell you in an easy-to-understand manner what kind of voting will be done in the future.
If more and more people become interested in dYdX through these activities, more people will participate as traders, and more people will be interested in dYdX, not just traders. DYDX tokens, which are issued in the form of compensation for fees, will be used to delegate voting to increase the number of people who try different ways of enjoying crypto assets would be nice. I'm doing it to discover more ways to enjoy crypto.
Leomaru : It would be great to increase the number of ways to enjoy crypto.
ARIA: I think it's pretty important.
Leomaru : I like the idea. What do you think, Poppi?
Poppi : It's hard to talk about after Mr. ARIA's good talk, but I'm running a Discord for traders, so I'd like to pursue the part of the exchange that will be even better for traders.
dYdX is the world's largest DEX, but compared to other general CEXs, the trading volume is still only 1/10th or 1/20th so to improve UX and how quickly we can provide new features are the keys is a focus. Antonio is also looking at it, but in the next 5 years or 10 years, we would like to bring it up to a level where it can compete side by side with Binance. I would like to aim for a place where I can vote on behalf of others while listening to the voices of Japanese users.
Leomaru : Listening to what you two just said, I think you complement each other. From my point of view, both are important, so I want you to do your best.
Poppi : I think both are important. Listening to ARIA, I think it's not just for traders. As the number of users increases, I hope to improve the basic transaction part.
Leomaru : This was the first non-English-speaking Meet the delegates at the dYdX Foundation.
dYdX Foundation’s purpose is to support and grow the dYdX protocol ecosystem by enabling communities, developers, and decentralized governance.
Nothing in this post should be used or considered as legal, financial, tax, or any other advice, nor as an instruction or invitation to act by anyone. The dYdX community is sovereign to make decisions freely from time to time, in accordance with the governance rules, principles, and mechanisms adopted by the dYdX DAO. Community discussion and interaction on the contents of this post are encouraged. The dYdX Foundation does not directly participate in governance decisions to be made by the dYdX community, including, without limitation, by making and/or voting on governance proposals. The dYdX Foundation may change, update or complement its analysis or opinions expressed in this post in the future and assumes no obligation to publicly disclose any such change or update. This post is solely based on the information available to the dYdX Foundation at the time it is made and should only be read and taken into consideration at the time it is made and on the basis of the circumstances that surround it.
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