at the expense of community losing faith in developers?
I would have more faith in them if they had more equity in the system
Incentive alignment. Tokenecomics + building go hand in hand, at least in my mind.
I would have more faith in them if they had more equity in the system
There are better ways of achieving this instead of printing YFI and forcing devs to choose between hodling or dumping it to buy milk for their kid’s cereal bowl.
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I proposed an inflation target when YFI initially launched and failed. But, I think YFI having no inflation is entrenched in people’s minds and has more meme value.
I don’t think a one-time mint of 1,000 is ideal, you should at least suggest a vesting period before 1,000 YFI is unlocked. We don’t want another Kirby situation where a team member dumps it all.
We can reach a middle ground. We can mint YFI up to 1,000 for those who burn YFI for wYFI and those who have burnt YFI already. This will create incentives for Devs to burn YFI from existing holders. In addition, these burning mechanics will continue even after 1,000 YFI is burned.
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I have to say that I grow weary and not a little bit depressed that we constantly have to beat back these attempts to mint more coins. It seems every few months Andre vents some frustration and this is followed by people trying to start the money yfi printers.
Have we forgotten WHY we came into crypto to being with? For me it was an escape from Central Bank policies of turning on the money printers to solve problems. Now those problems are very serious, they are trying to address problems like poverty and health care, but the strategy of printing money DOES NOT WORK. That is why we are here. To ESCAPE that trap.
So please, can we just stop with the constant calls to print more yfi, even after we VOTED to BURN the keys already. Please, just stop it.
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YFI is not a commodity. It’s a company. Companies rely on share issuance to align incentives. YFI’s share issuance has thus far been 0, and I agree with all efforts to keep it as minimal as possible.
I’m a believer in the Ethereum mindset of minimal viable issuance. The Bitcoin hardcap mindset is just a meme for short term pumping. It’s the reason why Ethereum is blowing Bitcoin out of the water as we type. Short-term macro guys will buy Bitcoin today. Soon all of that money will be flowing to Ethereum simply because its long-term planning allowed for it to eventually have lower inflation than Bitcoin.
Why not both (revenue for growth + minting for their past contributions)
I would have less faith if they decide to dilute all holders just to pay themselves thirty four million dollars rather than using their development expertise to optimize treasury cash flows
What’s to stop them from doing it again in six months? How can you expect anyone to be comfortable with a team that establishes a track record of altering supply just to pay themselves more?
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We should explore all options of achieving incentive alignment for contributors.
But money printer go brrrr should be the last option.
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+1
Mint once, Mint again.
Ignore the first onchain vote means the onchain vote was meaningless.
Every month this conversation comes up and the arguments FOR are increasingly naive.
I won’t lie, I am losing confidence in the project seeing these debates keep coming up.
I suppose even if this goes to an on-chain vote, it too wont get implemented and that too will be a waste of time.
$34M is a huge sum of money for individuals btw. If we can’t pay them from YFI cashflows, then the whole project is non-viable.
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I agree, but what does the world look like when we’ve reached our last option?
It will be very hard for a decentralized organization to make a quick decision when the orgnanization is falling apart.
No it is NOT a meme. It is sound monetary policy, and it is not merely a property of yfi but it is the monetary policy of every sound crypto investment. Please stop asking us to debase the currency. If you want to reward devs then do it the honest way by charging fees so we can see exactly what is going on. But when you start charging those fees, please recall that the current return on staked YFI is 1.3448%. and yes the value of YFI may appreciate, but on the strength of what? At that rate of return YFI itself is basically a meme coin, except we have Andre instead of Doge as our mascot.
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Agreed. There should be vesting. Thank you for your critique.
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It would be vested. For normal executive/founder compensation packages in successful startups, $30mn of issuance at a $1bn market cap is the lowest they would go. Investors want the builders (the real heroes) to have skin in the game. Else, they’ll leave eventually, and the project will fall apart.
Think of the value captured shareholders versus that captured by builders. They just don’t align. Worse of all, the developers are the one actually creating a majority of the value.
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My proposal keeps YFI at 30k total supply. Devs needs to create incentive to burn YFI from existing holders to mint new YFI for the dev team.
It is the same monetary policy as the current system.
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I’m not here for the memes.
I’m here for long-term value creation.
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I am totally behind paying the devs a lump sum. But why does it have to be in yfi tokens?
We’re already doing buy backs. If you need more how about making 100% of the revenue go to the devs temporarily until the equivalent amount of $ has been generated?
That way yfi hardcap meme still lives and devs get their money.
After that we switch back to the regular 2 and 20, and buy back
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I am against making any changes total supply. Full stop.
I am willing to support the other proposal with 100% of current fees being provided into an operations fund and paying devs a mix of YFI and vesting YFI for the work. Is there reason to believe that this proposal alone is not sufficient to pay for dev or incentivize participation?
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What if… paid in minted wYFI? YFI unchanged.