Andre is working on a project that would have YFI destroyed in exchange for wYFI tokens.
At the same time we’re looking for a way to allocate YFI to devs in order to compensate them for their efforts.
Why not use some of these YFI, at least a small amount, rather than destroying them?
There are several ongoing proposals suggesting more YFI should be minted for devs.
This is rather polemical as further minting has already been voted against, and many people seem to be in favor of preserving the supply “meme”.
Instead of minting new YFI why couldn’t we use a fraction of the YFI that are about to be otherwise burnt in exchange for wYFI?
Why it’s a good idea : no transgression of the 30 000 supply “meme”, and more importantly, an adequate solution to the issue of finding YFI to reward devs
The amount of 1000 YFI was mentioned several times.
I suggest we make it so that the first 1000 YFI swapped for wYFI are sequestered instead of burnt and then, the burning mechanism to resume as initially designed.
These 1000 YFI could go in a dev fund, whose distribution mechanisms could be discussed later if needed.
For : set the first 1000 YFI aside for devs, from the swap for wYFI, instead of just burning them.
Against: don’t do that.
It was discussed, but it potentially allows for double-dipping into wYFI, so was decided against.
Then I suggest the sequestered YFI stays locked until 1000 YFI has been raised and the sequestering stops. That way they can’t be used for double dipping, if technically feasible.
Hope I’m not being a problem here.
Double dipping could be ok, though, potentially? i.e. – if someone earns part of the allocation of some of the 1000 YFI (or whatever is decided as ideal amount) and wants to burn some of those YFI (now permanently) for wYFI, they could and should be able to? This would make the theoretical cap for wYFI = 31,000,000 (or whatever depending on number in program) instead of 30,000,000. Delays the deflationary benefits to YFI and slightly inflates wYFI (but not YFI). Or is there a concern about potential exploit of the code that would permit that for the sequestered YFI? I write all of this as someone who is fully supportive of and would vote for minting up to 10% new YFI. Just thinking that this could be a compromise to achieve the goals while maintaining what some feel are principles (although, one could also make the case that for long-term growth and success, it might be ideal to break the memes and creative limitations…).
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