Proposal: voting only with YFI tokens

Everyone that participates (offers liquidity) to the system already should (in theory) have the right to governance.

Let’s not forget that the YFI token was introduced as the governance token.

The only way to acquire the token in the beginning was from pool#1, by staking yCRV tokens, this means you had to provide liquidity first.

Pool#2 was introduced right after as a way to offer YFI liquidity. Now, this is the first time a person could actually buy the token. But let’s not forget, for you to be able to put liquidity into pool#2 you must had mined by providing liquidity to pool#1

This is the first time individuals were able to buy YFI, and they were buying from liquidity providers that were giving up on their governance rights, because they are now selling these tokens in this pool.

Finally we had pool#3 that was created in order for people to vote in the first two proposals that were up. This was needed because of a technical limitation on the first two smart contracts that were distributing YFI.

In other words, YFI was always meant to be the governance token, liquidity providers were the only ones that ever created YFI. Everyone that participates in the system has the right to governance.

You participate to mine governance tokens so you can gain that right. It is up to each individual to decide if they want to keep that right or not.

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@Mr_Sadim you can say that YFI is governance tokens, YFI value isn’t just about governance, it’s more about ownership of the yearn ecosystem.

But clearly the current governance token is 98%ycrv/2% YFI. For that to shift, those voters would need to approve it.

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I like reading this proposal, as it’s straightforward enough for voters to get behind. A glance at the polls says there is a favorable pattern (for those on the fence, poll closes in ~2 days); and like other proposals pending more discussion.

For when the poll ends, would like @criptodee / mods to amend the stances with the following suggestion

Then next steps should be to begin a draft for submission to get this moved along on the YIPS framework:
https://iearn-finance.github.io/YIPS

And, review the following:
YIP 0: YIP Purpose and Guidelines

propose > discuss > codify (draft YIPS) > vote > conclude > execute
@banteg

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I totally agree that we most likely have three positions that have some support, as you wrote. I still do not understand how we can make such a vote on-chain (since any vote with two options will be irrelevant, since it will combine two positions in one option), but we can definitely change the poll for three options at least here, on forum.

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I created a new poll (in the first post) where I tried to display all positions.

I think the most popular positions at the moment should be “vote only YFI”, “vote 80% YFI / 20% BPT” and “leave it as is”, but let’s vote together and two positions that get more votes in two days will be voted onchain.

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This thread is summarized and moved to on-chain voting:

Keep your votes incoming!

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