“i am once again asking you to consider a yfi split”
i love everything about woofy (the brand, the experiment, the elegance, the immaculate conception), and i think it was the best a/b test yearn could ever run in favor of a yfi split. i’d argue the extraordinary market reception to woofy was as good of evidence as we will ever get that unit bias artificially limits the size of the yearn community. unfortunately woofy doesn’t and probably can’t go far enough on its own, at least not in a reasonable time frame in a competitive market for mindshare/talent.
a split has been discussed before and voted down at least once, but i’d like to relitigate in light of vany’s tweet yesterday:
the evidence for the correlation between tokenomics & trading ratios is speculative at best. but the evidence around unit bias is multi-decade (multi-century?) and undeniable. the research spans crypto, stocks, and the pricing of every day goods. do any of us deny its importance?
as one of the least giga-brain people here i feel like it’s my duty to point out when the community might be unnecessarily shooting itself in the foot with normies. and like the (now sunset) 30k cap, yfi’s high token price is a near sacred meme here. on that basis alone it probably deserves to be seriously reconsidered.
like a fish in water, the real king memes are the ones nobody even notices. i’d argue the high nominal price is not a meme that binds the community together, but one that artificially limits the size of the community. this i believe is critical - not because of the eth trading ratio, which will eventually take care of itself - but because the size of the yearn community is the top of the builder funnel. lets not let humans’ subconscious biases steer them away from yearn towards lesser projects. they need yearn and we need all the bodies we can get sers!
do you support a yfi split?
I came in not wanting to support this, as you mentioned it’s kind of a scared cow meme that 1 YFI ~= 1 BTC (although, BTC is ripping lately, leaving us behind). All sacred cows must be sacrificed for the good of the community in times of need. Your post convinced me to vote yes! It is time to woofy all the YFI!
Split it up, flip it, rub it down, oh, no!
anti attachment to arbitrary numbers
nice proposal @onlylarping !
Isn’t woofy already a split?
It’s back and forth convertible, I think the intent of this proposal is to make the split permanent (e.g. “upgrade the token” 1:1m or similar)
Was also conflicted about this, but i think human psychology is very strong against YFI growth based on the unit bias.
Any proposal that grows the community is great in my mind and we should give it a try, yearn is a huge experiment in human coordination, nothing should be sacred.
I will agree that there’s a strong unit bias. But, I’m not particularly fond of splits because they feel like gimmicky trad-fi tricks.
But if we want to play the game, let’s play the game.
Let’s do a 1/36,666 split takes us to ~$0.90 and then say we’ll be splitting 3/1 every time we get to $3.66. (or a more memeable number) That will give us built in memes, and keep us near that low unit cost indefinitely.
Disclaimer I’ve posted against the split in other threads so consider this my official mind change.
YFI supply to
3,666^2 = 1,344,395,556? you madlad
No. Just bad at math.
I was trying to say Get YFI under $1
Current market cap is $1,154,052,060 so that would be
$1,154,052,060 / 1,344,395,556 = $0.8584... with that split
That’s what I was aiming for
Isn’t this just trying to pump the price by making it look better to buy? I would rather fix up YFI tokenomics, if we can, than do a split it’s a waste of everyone’s time imo.
totally understand where you’re coming from. it’s 1000% where i was when i a bit younger. if most people were rational it would be a complete fcking waste of time.
my experience tho is that sales/marketing is super, super important. and for yearn there’s probably no bigger billboard in normies’ minds than yfi.
i feel pretty strongly that making yfi more psychologically accessible to most people could meaningfully increase the size of the top of our builder funnel.
now that i’ve gathered so many of you here i can expose the depth of my illiteracy!
does anyone know which tokens have pulled off a split to date? dot & lend/aave? anything else?
just guessing but i imagine the old token contract is usually voluntarily but irreversibly exchangeable into the new one to avoid breaking composability, lending platforms, etc? is that correct? this makes intuitive sense to me, but are there any other good paths to a permanent token split?
in the event a voluntary exchange is required as opposed to a clean break, i wonder what the naming conventions would look like between new and old yfi.
BCHA, after split, changed to eCash (XEC), up 8x…
would i get chased out of here if i thought out loud about a “yearn” token?
if i’m still alive, what about consolidating “woofy” into “yearn”?
Among an ocean of tokens- YFI Still has the ability to stick out and be noticed due to the $USD price per token.
Whether or not it looks like BTC, YFI is noticeable without spending anything on marketing or other one-time efforts that look like, or are pump and dump strategies.
A USD value under $1 attracts price speculators, which is fine, but they are also likely to buy with leverage and then puke when they get in trouble. This increased volatility is a risk to institutional investors who are interested in the long-term value of our model.
Please use WOOFY as the channel to attract small retail and futures speculators.
i’d argue that for every person that takes notice of yearn because of the high yfi price, there are 10 that ignore it for the same reason.
according to nansen woofy has about 3,500 unique holders. that’s roughly the same amount there has been since the week after it launched. as far as i know, woofy is not available to buy on any major centralized exchanges. i believe it has roughly a $5mm market cap. i think woofy is one of the most original things i’ve seen happen in defi. but i feel strongly that it doesn’t go far enough.
frankly i’m worried it’s too quiet in here. in my opinion yearn is by far the most interesting defi project, but other forums feel a lot more active. other eth defi blue chips have ongoing liquidity mining and arguably a greater consumer mandate. but i do think the below table of unique holder growth since the beginning of the year is interesting to consider.
i recognize that a token split would consume a good deal of effort. but won’t all important marketing initiatives?
I like the idea of pushing woofy more, and trying to build up a brand behind it. I say let’s do it!