The Lobby (LBY) token and Lobby DAO are an attempt to decentralize politics and decision making through the blockchain.
To explain, the Lobby Decentralized Autonomous Organization (DAO) allows holders of the $LBY governance token to participate in global discussions about DeFi regulations and policies. My guess is that DAO members will decide on decentralized finance regulation and policies. I imagine the Lobby DAO will lobby governments to implement those regulations.
Lobbying is Big Business
To explain, lobbying is an active effort to influence the decisions of government officials. The term comes from the 19th Century when people waited in the lobbies of legislative bodies to lobby lawmakers. The term lobbyist refers to a professional who lobbies for a living.
Lobbying is big business. For example, corporations and other entities paid 11,722 lobbyists $2.74 billion to lobby the US federal government in 2021, Open Secrets estimates. Spending on lobbying in Washington DC grew from $2.66 billion in 2020.
I think one goal of Lobby is to create DAOs that will allow individuals to engage in the same lobbying as Big Business and foreign governments. For example, thousands of environmentalists or cryptocurrency enthusiasts could form a DAO raise funds by selling tokens and hire lobbyists to promote their cause in Washington, London, or Brussels.
How Lobby (LBY) aims to decentralize Lobbying
The Lobby DAO is an application that runs on the Ethereum (ETH) blockchain. Holders of the Lobby Governance Token get the right to manage the Lobby DAO and its code.
For example, $LBY governance token holders can vote on what policies Lobby promotes. Currently, Lobby wants to fight what it calls “heavy-handed regulation of DeFi, decentralized exchanges (DEXs) and stablecoins.” Hence, I think Lobby will promote a libertarian or neoliberal agenda of light regulation.
Tokenholders can participate in Lobby in three ways. First as De-Lobbyists who actively promote Lobby’s agenda. Second, as De-Lawmakers. I imagine the De-Lawmakers propose laws and regulations for Lobby to promote. Third, as Tokenholders to vote on DeFi proposals.
Cryptocurrency is a Political Project
An entity such as Lobby could be necessary because government attacks on cryptocurrency and decentralized finance are increasing.
For example, writer Matt Stoller tells Hill.TV’s Rising that “cryptocurrency is a political project” and an attack on the state. To explain, Stoller thinks cryptocurrency is an effort by ordinary people to evade government regulation and sidestep traditional financial markets. Hence, Stoller thinks cryptocurrency and DeFi are a revolt against the financial system and government regulation.
“Fundamentally, this is an attack on the state and the idea of America as a nation-state itself,” Stoller says of DeFi. Stoller, the Director of Research at the American Liberties Project, believes cryptocurrency and DeFi are a reaction to the financial crisis of 2008. To elaborate, he thinks people are investing in DeFi because they’ve lost faith in government’s ability to control the economy.
Hence, I view Lobby as an effort to organize the cryptocurrency revolt. IE they intend DAOs such as Lobby to function like Lenin’s Communist Party, an elite that organizes, leads, and directs the revolution.
What is Lobby?
Lobby will function as a foundation or think tank that devises new regulations and policies. Unlike a traditional think tank, Lobby is a decentralized organization anybody can participate in.
Once they’ve settle on policies, Lobby’s members will determine how to lobby for them. An obvious purpose of Lobby is to try and use traditional lobbying to fight for ordinary people rather than Big Business or Big Finance.
They formed Lobby in the fourth quarter of 2021. Currently, they are establishing the community, getting legal advice, building an advisory and management team, onboarding strategic partners, building the DAO, developing voting strategies, setting up a Gnosis Safe, and organizing a Discourse.
In first quarter 2022, Lobby will start working with Lobbyists, create on-ramps for fiat currency and smart contracts, ask for donations, and begin lobbying. In Second Quarter 2022, they plan to seek news coverage, launch a nationwide publicity campaign, rent a Lobby Tour Bus, and seek more donations.
The Lobby Token
The $LBY is an Ethereum governance token. A smart contract in $LBY allows holders to participate in the Lobby DAO. They claim the $LBY combines a DAO, auto-liquidity, and donations.
$LBY token holders can implement voting strategies. The strategies are functions that return scores for sets of addresses. The strategies create proposals that Lobby tokenholders can vote on. Lobby Strategies include $LBY Balance, $LBY Balance of Delegate, and $LBY POAP (Proof of Attendance Protocol).
The Lobby Token (LBY) is an Ethereum Request for Comment (ERC-20) cryptocurrency that finances the Lobby DAO. Holders of Lobby receive $LBY, which allows them to participate in the Lobby DAO. There will be a Circulating Supply of 10 billion LBY, a Total Supply of 10 billion LBY, and a Maximum Supply billion LBY.
What Value Does Lobby Have?
Mr. Market thinks Lobby (LBY) has some value. For example, CoinMarketCap gave Lobby a $20.770 million Market Cap, a Fully Diluted Market Cap of $20.776million, and a 24-Hour Market Volume of $97,068 on 17 December 2021.
They based those numbers on a $0.002079 Coin Price and a 10 billion BLY Self-Reported Circulating Supply. Lobby was CoinMarketCap’s 4434th largest cryptocurrency on 17 December 2021.
In contrast, Coinbase gave Lobby a $0.0023 Coin Price, and a 24-Hour Market Volume of $18,000 on 16 December 2021. Coinbase estimates Lobby had an all-time high Coin Price of 1₵.
Coinbase Spends millions on Lobbying
Interestingly, Coinbase (COIN) is spending heavily on lobbying. For instance, TheBlockCrypto estimates Coinbase spent $625,000 lobbying the US Congress in the third quarter of 2021. In addition, Coinbase spent $725,000 on lobbying in the third quarter of 2021.
Coinbase is trying to avoid regulation by the US Securities and Exchange Commission (SEC), TheBlockCrypto speculates. SEC Chairman Gary Gensler wants the SEC to regulate cryptocurrency and DeFi. However, Coinbase CEO Brian Armstrong is afraid of SEC DeFi regulation.
Hence, DeFi regulation and DeFi lobbying spending is growing which is good for Lobby.
In conclusion, I think Lobby is an interesting cryptocurrency that meets a legitimate need. I predict there will be a high demand for Lobby (LBY). Hence, Lobby is a cryptocurrency that speculators and political junkies need to investigate.
Originally published at https://marketmadhouse.com on December 16, 2021.
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