To have a vote on locking the minting keys, phrased as “at this time the minting keys should be locked” to avoid confusion that a negative vote will not exclude future votes on the same exact proposal or topic. It is important for the governors to be able to vote for a breather and “living within their means” as often as they vote on new plans to mint.
Abstract:
Simply that a “yes” vote locks the minting keys. A “no” vote means no change and does not exclude future votes. This allows time to see, if YIP30 passes, how the implementation went through observation over 6-12 months at which time an educated decision may be made on whether to permanently burn the keys. Although not part of this YIP, it is the hope of the author to include after the 1 year hold a burn vote.
Motivation:
At the current time, a flood of people are figuring how to spend the tens of millions raised by the YFI platform in the form of equity currently held by the DAO simply in the value of their token such that if it is printed this value is then “used” (think like Ampleforth the total mcap stays the same). The system already rewards liquidity providers innately with a good annual return as well it has another mechanism in the aDAI pool to reward investors if future voted. Additionally, platforms of YFI may release their own incentive tokens, suggesting YFI wouldnt need to fill this role.
Specification:
No more minting keys means the only access to YFI is through investing. Everyone has a fair shot to buy in now at whatever price if theyre so convinced it will go up then that seems savvy. These prints are lobbyed on by the people who want the printed money, fine; and maybe they deserve some for being our backbone – but they are the liquidity, not the governors and most of them dont care but to sell the token for more cash, and regardless of whether we invent an incentive token moving forward, we should clearly say that our governance token is exactly not an incentive token.
Vote “YES”/“APPROVE”, 10 days after YIP30 voting and potential implementation concludes: time lock minting keys for 1 year with expected discussion to occur in 6 months at which time a burn vote proceeds
Vote “NO” / “AGAINST”: at the current time minting keys will stay in the hands of the multisig unlocked
I agree that waiting for YIP 30 and 31 is a good idea. But this new proposition could also be angled as, if people voted no to yip 30 and 31 is it because they want to burn the minting keys as is, and this lets them speak by vote.
So regardless of the outcome of YIP 30, you want to burn the minting keys. If so, then discussion could begin now on this question. YIP 30 will close in about a day and a half. Is this a question that needs a vote right away or are you thinking we should allow time for robust discussion?
YIP 30 fails, vote here would help figure out why. Maybe a complimentary idea to the YIP being discussed here would be:
upon the failure of YIP30, for burns the keys on a 1 YFI mint to honor yip0, against indicates wanting future inflation along the lines of yip30 but the parameters altered.
Upon success of yip30, as written in original post
I dont see any reason to avoid the burn scenario. Forcing a “living within our means” strategy to me guarantees the most robust growth and honesty of the DAO and strongest ecosystem. So yes Id like the vote to be soon, but no I dont think we need to rush and think robust discussion is much needed.
In my opinion, it is not time to discuss this. It feels premature. I want to see YIP 30, YIP 31 results, and robust followup discussions.
I could support a timelock on new minting. For example, we could propose to lock minting for 1 year (if YIP 30 passes), and leave an option to burn after 6 months. I think this would ease the fears of an inflationary slippery slope and allow for discussion.
I think most here are in favor of preserving YIP supply characteristics.
I can concede that. I edited the original post to add this is a vote 10 days after the entire yip30 ends and it should just be for locking minting for a year, agree.
No one seems to want this yet. So i guess no need to propose yet especially since yip 30 failed. If someone else took up this cause to lock or burn mint keys id join in but probably not pushing this as a leader/proposer unless there was a ton of positive sentiment, on that note hopefully someone else picks it up or cares about it. Maybe ill retry this same post next month.