First and foremost, I would like to say that I am incredibly grateful to all the community members who have been instrumental in helping myself and others conceptualize this incredible ecosystem.
Now on to my thoughts, and hopefully your feedback …
Many of us enjoy donating to charities of our choice. A theme that has played out for centuries, and one that gives many of us that fulfilling feeling of giving back to causes that we truly care for. I mean, at the end of the day - what’s all this for? Our forms of contribution can be our time, or more often - a % of the income we generate on an annual basis.
What if we came up with a charity vault, that was sustainable? As the old adage goes: “Give a man a fish, and you feed him for a day. Teach a man to fish, and you feed him for a lifetime”.
The premise of the idea is quite simple.
Users would have the ability to allocate a certain % of the interest they earn in YFI’s vaults to the Charity Vault of their choice (we could start with charities most people fundamentally believe in / aren’t partisan - world famine, clean water, doctors without borders.
Those proceeds would then flow to the vault, where that currency (could be DAI, ETH, WBTC, USDC) flows back into the corresponding vault. Effectively, 0 sum game (not sure of the technicals to make that frictionless to avoid gas costs). Users would also have the optionality of sending straight fiat, as they would with any donation. We can call these proceeds “the principal”.
The principal would generate interest, of which a majority would be sent to a verified wallet of the charity of choice. We could always tinker around with limiting the initial interest being sent out to exponentially garner more compounding interest, but that is the essence of the idea.
…a sustainable and ever growing stream of cash flow that starts paying out Day 1.
Users would ideally be able to write off those contributions, and regardless it would truly be a beautiful way of bringing DeFi and it’s use cases to the “real world” in a very positive way.
YFI wins. Charity wins. User wins.
Curious to hear your thoughts, and if anyone on the technical side would like to work with me in drafting a proposal for consideration.