Proposal Discussion - Crypto's S&P 500, A Unit of Value for the Cryptoverse

Projects
1

We are creating a crypto-native community-managed algorithmic unit of account to replace “stable coins.”

We believe that a currency can never achieve the status of World Currency (Universal Currency), but a pure unit of value can. We are building that unit of value: The Unit.

Most defi projects use USD as the unit of value. However, USD is a fiat currency foreign to our space. Should central banks’ currencies continue to be advertised as a measure of value?

We ask Lido hodlers to back the creation of our algorithmic unit of value. It is an essential part of our industry. Right now, USD is the glue that brings all projects together. But should a closed source currency be the focus of our attention? We think it shouldn’t. An algorithmic unit of value that’s not a currency is needed to unite all networks.

Even though there will be a The Unit DAO aiding the development of The Unit, The Unit will be able to be replicated and maintained by everyone.

The Unit is an index including the most significant portion of the crypto market. The initial version of our paper can be found on our site, accessible through our two links below, and outlines how to choose the constituents of The Unit index.

We propose to use 200k LDO from Lido governance to fund the development of The Unit. Lido governance will then become a seed founder of the project and will own the corresponding allocation. Ultimately, we want defi protocols to adopt a unit of account that’s not pegged to any individual currency.

Benefits to Lido hodlers:

  1. LDO holders participating in this proposal will get rewarded with The Unit governance tokens.
  2. In addition, LDO governance will receive a reward proportional to the corresponding 200k LDO contribution to The Unit development.
  3. An IDO will launch The Unit in a few weeks.

Join The Unit Community:

Twitter: https://twitter.com/TheUnit_one

Discord: The Unit

2

Guys! How’s this governance community?! Are we ready to ditch bankers’ currencies?

3

There is no breakdown on use of funds. 200K LDO is not a small ask. Do you have a breakdown of fund use? Do you have a website? Whitepaper? Github or similar repo?

An ask for funds and a link to your discord is not really sufficient to engage with the LEGO committee imo.

4

Thank you, @jbeezy, for your thoughtful reply! This is our first post, and we will soon be adding more details. Our site is about to be updated likely this week at https://www.theunit.one. You can find our early version white paper at our Github here: GitHub - toknowwhy/the-unit-paper: This is the original white paper for the The Unit.