Dear DReps and Founding Entities, The primary criterion for citizenship in this digital nation-state—whose countless constitutions and budgets we are drafting—is holding ADA. My impact on the chain is directly correlated to the wealth I have invested in ADA. Until the day I can pay my rent and global rates are set in ADA, the reality remains that it is a highly volatile asset. Therefore, I refuse to put my hard-earned capital at risk for the sake of building a better digital state simply by exercising my voting rights. If there were a way for me to retain my fiat value on-chain while transferring the equivalent ADA-denominated voting rights to that fiat value, I would gladly stay. Until then, I am only here as long as I make money. I promise you—the majority of people are here for that reason. I am just being vocal about it. All this to say: before we create budgets and constitutions, we need to increase stablecoin liquidity. This should be an all-hands-on-deck problem. If you cannot retain a reliable way to preserve value on-chain, there will be no chain to govern. I urge everyone to set everything else aside and focus on this. I am more than happy to discuss my solution with anyone interested. To clarify I do not mean a stablecoin solution, I know we have many. We need market agnostic stablecoin liquidity provision governing entity before anything else. Sincerely, A Chicken P.S. – We should also start allocating treasury funds based on the APR for capital invested. Being a developer, having a vision, and building a platform with users does not inherently constitute value. Monetizing an MVP with strong product-market fit and then translating that into a representation of project ownership does. Every treasury request should be accompanied by a financial projection outlining how the funds will be repaid over time. If repayment is not feasible, we need to establish a credit system that impacts a citizen’s ability to secure future funding. Until then, ADA holders will continue to experience dilution, interrupted only by hype cycles every few years that inject liquidity. My thoughts are my own. Please accept this in lieu of an article due to time constraints. @IOHK_Charles Happy to elaborate further, publish a full article, and provide solutions if this garners interest. I hope we can start a healthy conversation about this.