public service announcement
There was never a binding vote to burn the YFI minting keys
There is a formal process for passing YIPs:
- discussion & non-binding signaling poll
- if enough support, then one may make a YIP with a binding vote
The most recent update to this process is here YIP-55: Formalize the YIP Introduction & Voting Process.
The proposal in quesiton, Burn YFI minting ability permanently, was at the first stage: signaling. That vote was for with 93%. But no one took the next step and made it a YIP. There was no binding vote.
I understand why this was confusing. At this time we had recently moved to snapshot for both signaling and binding votes, so people were confused about which was which. Previously we would do a forum poll and then an on-chain vote which made it more clear.
I don’t know why Andre didn’t take the next step, nor why no one else did. It is not automatic or required, but discretionary. Since that didn’t happen, it was never a YIP, and there was no binding vote, so yes we still have the minting keys and governance can still legitimately vote to mint more YFI.
The other case I see mentioned around how we don’t honor votes (this is provably false) is the SNX vault proposal YIP 34: Add Synthetix (SNX) to yVaults. This was a formal YIP and it did pass. So why don’t we have a SNX vault? It’s because no strategist has found an effective way to make one. Simple as that. We could vote to make a DAI vault with 1,000,000% APY but until a developer can figure out how to do that, we cannot implement it. We do not vet proposals for feasibility before they are posted, our system is permissionless. Once someone is able to write a good SNX strategy, we’ll be able to implement that YIP.
cc @silent_avenger1 @Kapemal @urizenus @captainobvious @Squid @gspoosi @Avie @pat