No Filling the Gap - Emission Pause Post Week 1

General Chat
1

Now that Proposal 0 has passed and we are preparing various proposals in order to determine emission rates going forward, I would like to ask for assistance in clarifying what YFI (if any) will be paid out once the contracts holding tokens paid to the 3 pools empty.

As I understand it, no further tokens will be minted until the community has reached a decision on how to carry out further distribution. As this could take some time and would be something I assume would be ratified with a vote that would take 5 days, I am anticipating a pause on YFI distribution until that time.

I’d like to ask, are the signers of the multisig willing to confirm that no further tokens will be minted (keeping the supply at 30k) until a vote has passed that determines emission?

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2

As one of the signers I confirm that none of the tokens are minted as long as there is no corresponding proposal on-chain.

E.g. there is this on-going discussion: Proposal: yEarn Rewards Reserve.

Signed reply 
{
  "address": "0x0cec743b8ce4ef8802cac0e5df18a180ed8402a7",
  "msg": "As one of the signers I confirm that none of the tokens are minted as long as there is no corresponding proposal on-chain. \n\nE.g. there is this on-going discussion: http://gov.yearn.fi/t/proposal-yearn-rewards-reserve/136",
  "sig": "0x5661b3c5bae49558ef0d90a16d3e3db41a7518bbab65efce8fd51bfa5ae40a3f06128a32fbd36b43ea0ce88cd63c88323bbbec804cba1706313b09e6ff6503961b",
  "version": "3",
  "signer": "MEW"
}
3 Likes
3

YFI token’s governance is set to TimelockGovernance contract which is controlled by a community multisig. This contract doesn’t allow minting and it only has one feature: set a new governance contract with a 3-day delay.

As you can see in newTargetGovernance and newTargetGovernanceUpdateable, the clock isn’t ticking now. For new minting to happen, these things need to happen:

  1. Community votes a minting proposal in.
  2. A new governance contract is written and deployed.
  3. Multisig initiates the switch on TimelockGovernance via setTargetGovernance.
  4. Multisig finalizes the switch after three days via updateTargetGovernance.
  5. The new governance contracts assigns minting rights to itself or to the distribution contracts where the inflation schedule is codified and no person can alter it.
Signed message 
{
  "address": "0x7a1057e6e9093da9c1d4c1d049609b6889fc4c67",
  "msg": "no tokens are to be minted before the community decides on the future distribution of yfi.",
  "sig": "0xaa4f7182541b18041e4313b7502912c42ecf9703369b0f70871c812133aa5a0e652375c060ae1a97b1773a0df96c868743b4ebc19a9015d4bda4133cdb65e0b01b",
  "version": "2"
}
4 Likes