I don’t agree that "decision making is moving too slowly and unable to keep up with development. "
Alot of daos have been proposed in past by many communities. Already we see that the one we have and use ( ie voting structure) is working.
If you want easier approvals make a proposal to reduce qorum or make better ideas that most ppl agree with and vote for.
Just make a YIP for each of the bullet points and put it to a community vote. 250k max per month is too high for 5 ppl.
Great suggestion. There’s a need for two spheres of governance. A quickly adaptive inner ring … Usually synchronous. And a transparent, scaled outer ring that is asynchronous.
This seems like a strong adaptation towards fixing the tension between the need for community driven decisions and market response.
Proposal to implement both an inner council and an outer DAO and link them as this evolves.
I enthusiastically support a foundation structure, and I’ll be voting for this proposal. Part of good governance is knowing when to move quickly and it would be wise to trust and empower the team that got us here.
6 months seems like a reasonable time frame too. Additionally, I’d like us to set aside some resources to support communication and reporting between the operational team and the broader community.
Thanks for this proposal @Substreight and to everyone that contributed.
I was at first against this but reading the comments I feel more comfortable now leaning into this model.
Only thing that disturbs me is that 6 months its like years in defi terms.
3 months seems more appealing to me, thoughts?
I am thrilled that something of this nature exists.
Although I am all for progress, my biggest concern is the design of the council being selected to govern this operation. I understand that we are at a key growth point in history but being that the community had seemingly no say in multisig members I find it viable that the community should have the ability to vote to add more if they so choose. Further, with this being an emerging new project, there will most definitely be new forum members on the daily. At what point should an outsiders opinion not matter?
Good idea but I’ll vote for this only if we can still vote to dismantle it any time during the six month. The language to dissolve the council/commitee/multisig needs to be in the spec. Also needs to be in the spec that the operational council, apart from what they deem to do, must also execute the decisions made when YIP proposals are approved in the regular ygov governance process.
I also think 250k per month is too much.
So what happens at the end of this 6 month cycle? Obviously we are aiming for February 1 but if things are not done by then how is the council going to adjust? Can Multisig members somehow be voted on in terms month by month or does that drastically complicate things? Once this authoritative act is set into motion and all these decisions have to be made how much say will the community have in making them? This is all food for thought.
Could we make it a percentage of the monthly revenue?
We should have some estimates for revenue before determining the budget.
I would honestly vote for giving Andre 10 million dollars. We don’t need to sensationalize this.
This is a great idea. I am for it. A foundation making operational decisions will be very efficient.
It should be added to the lottery and requires smart people to come up with a strategy.Voting only creates an oligarchy.
If we want mass adoption by the community, this must be more than a back-end with a basic UI. I agree we need to push forward with a group that can respond to community feedback quickly on the UX side.
If we want to keep it clean - set a budget, and empower some people to make decisions independently.
Decentralization is great as a base layer, but this is a great product and we need to spread the gospel.
I would like to contribute to the Foundation and help out in additional ways. I have experience in M&A for a top-multinational for many years, coupled with a CPA designation and have been educated at some of the finest institutions in the U.S. This work experience and educational background, along with my heavy personal financial investment in YFI I think makes me very well suited for assisting the Foundation particularly in a Finance/Operational or budgeting role. Additionally, I have a very deep understanding of DeFi and the composability of it all along with all of yearn’s current products. Won’t need to be updated on the business model, I already know it.
What is left to be done to push this through for a YIP?
I think ultimately we would all like to have full governance with holders voting and making the decisions but it just doesn’t feel like we are there yet. You can tell joe wants this as well. The 6 month hard rule is good enough to give us time to learn from the best DAOs around and implement the best parts with advising. Hopefully by February we can transition to more of a full DAO.
Once upon a time I filled a role as ‘implementation leader’ for Holocracy transition at a couple companies. Quite familiar 
Very interested in any specific feedback points you have as this moves along!
This seems crazy to me. One of the very few projects that have been launched in a decentralized grassroots way, now being proposed to turn into a legal entity??
Many projects that have started as foundations have really struggled to transition to a fully decentralized project.
Stay decentralized, struggle through the challenges, it will make us stronger.
-Eric
As a follow up:
I’ve heavily involved in at least a half dozen DAOs.
THEY ARE ALL CHAOTIC.
We need people to step up, and we need to learn how to coordinate as a group. I would be happy to coordinate calls with DXdao for example, who have learned how to coordinate in a decentralized way.
Moving to a foundation is short sighted, and will be a drug that is hard to come off of. Don’t go down this path.
I fully understand the desire to do this from people who have not lived and breathed decentralized organizations. But I also think we need to fight to resist that urge.
Also: Decentralized networks have certain benefits vs. Legal entities regarding securities, etc… which could get some people in trouble and restrict what we do as a network.
Appreciate the feedback. To clarify, this is not proposing the creation of a legal foundation or entity.
And yes, definitely interested in learning from others who have studied and practiced decentralized governance.
Legal advice is very important at this stage.
Lets suppose $YFI gets big. No.3 after BTC and ETH. Possible.
And all those earnings effectively in dollars being distributed to YFI holders.
Starts to look very much like a security.
Should be very careful.
Agreed. Has been added as proposed budget item.