Pay Andre the following from Future YFI Inflation:
- 33 YFI upon voter approval (See Reference below) and…
- An additional 33 YFI per month vested over the each of the following 36 months, contingent upon continued code contributions to Yearn project.
Reference https://decrypt.co/37995/exclusive-yfi-andre-cronje-broke-quitting-defi for Payment 1.
“Cronje, who doesn’t have a job, spent $42,467 building yEarn and double that on audits and hosting, he said. “I literally launched [YFI] to give up these controls and costs,” he said. To finance it all, he’s had to take out loans on his house and is in about $20,000 of debt.”
Yah, I just came here after the article. I hope someone can make a proposal similar to this and get it to vote. Just cover his costs and pay him as a reasonable dev. Too much work would be gone to waste.
hugz @ Andre
Let’s rally around the number 33 YFI per month. It is the number of the future and the past.
I have a strong feeling that these interview quotes were taken out of context in order to stir a narrative. I highly, highly doubt the picture they are trying to paint is the truth about how Andre feels. We can wait to hear from him directly.
I vote zero inflation w/ fees generated by the protocol re-directed to him to be used for operational expenses (including funding his time spent coding).
Agree - let’s not start inflation as the first go to point for raising capital when there is income we can use to redistribute.
Well keeping fees very low (the Amazon model of “your margin is our opportunity”) in concert with the best yield farming and other Defi products may be one of YFI’s competitve advantages.
So the protocol perhaps should not extract fees until much more extensive lock-in/adoption is achieved, and, in lieu of fees, inflation is a fair way to compensate Andre going forward as all YFI Holders are equally/pro-rata contributing via YFI dilution.
I am AGAINST. That said I’m glad you opened dialogue on the subject. My opinion has been for a while that to honor yip0 we can do a quick mint on yfi to repay Andre $42k plus another $84k for future work, plus $42k for founder fee or so he can hold. We dont need 33 YFI print weekly and keep in mind if the value goes up that 33 will really start to hurt investors, why not approve on a vote by vote basis? I am respect the concept of printing for specific uses such as audits, but i am against any arbitrary continual prints
By my math 10 YFI is about the amount we, the protocol YFI, owe Andre. Another 30 for good measure.
note i would also like to see a proposal on small prints set up as bounties so Andre or any dev could claim those. Such as print 40 YFI to put in escrow for a yborrow audit, etc. I am also for streaming money from aDAI supply to certain developers including Andre, but against printing YFI for this purpose
Edit: may want these bounties to apply retroactively too. Such as, if we find that adding a new platform, e.g. yborrow, deserves a bounty of 40 YFI printed, then we would retroactively award Andre that, clearly for yearn, yborrow, etc.
Edit2: i would also say they should be paid with value of YFI at the time. Such as yearn was created when YFI was say $200, so if we say each platform addition is worth $40k the YFI printed for adding the yearn platform would be paid out 200 YFI regardless of current YFI value because its not the devs fault we didn’t have a bounty system at the time and opportunity cost risk should be assumed by the dao, not the early devs making this thing work
Maybe it’s time for investors in a token with a value of 0 to either start working on a project, or sell the token?
My point is if yfi is worth a trillion dollars we are setting up to arbitrarily print 33 regardless, it’s bad policy
Edit: versus what i was saying which is still print but do it for a reason, not printing for printing sake.
Edit2: and always print based on usd value at the time. All bounties should have a representation “true” usd value
a portion of the fees generated should goes to Andre. but maybe not from inflation, as we do not have any solid plan for inflation yet.
Good point everything I said can be done without any inflation too. I do think early/retroactive bounties should be given out and at a higher amount still even if not in YFI token
It only gets to 1 Trillion if you pay the Man lol.
This proposal could be separate from another inflation proposal. This is just to print 33 YFI per month for the next 36 months to pay to Andre and LP inflation can be decided in another proposal.
Everyone is for that. I am against the inflationists sneaking in a 33 continual yfi print when we can set up bounties or pay on a case by case basis and was making a point about IF the price goes up, not THAT the price will go up, then it is arbitrary to print 33 yfi, so we’d essentially be setting up a printing curve that goes in an exponential scenario exponentially. It’s bad policy like I said.