Can we start giving the team some money to work with? And then worry about everything else? Focus on the big picture. Let the team gain some momentum and we can dial it back later.
Someone draft a YIP. Let’s get it done.
5 Likes
One suggestion by @vsh_p2p was to give ~$10K grants to active community members to allocate at their discretion (e.g. @andre.cronje @michwill @banteg @Daryllautk samczsun). It would be low risk to trial this approach with capped expenditures (maybe ~$50-100K?) and would enable stuff to start moving a bit faster, like getting new yVaults properly audited ASAP:
https://twitter.com/AndreCronjeTech/status/1291252150635560960
6 Likes
I like this. Simple and elegant.
No need to fuff around with this one guys.
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Let’s roll out a YIP. This is a no brainer to get the ball rolling.
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Happy to vote FOR to get this moving quickly. I’d want it followed by a discussion around how the funds are being spent. For V2 I would like to vote on overall budget where certain line items can be pushed to a vote if needed.
This sounds ok so long as they say what is it being used for, paycheck, audit, ui, website, research, ect ect. And also give an update once a month about how it’s going.
1 Like
I’ve been giving this proposal some more thought. I think we should absolutely pay for all operational expenses out of system rewards.
I also think that we should agree to pay Andre some fixed percentage of rewards moving forward, for as long as he remains the active lead developer of the platform. A fixed percentage of the fees helps align his incentives with those of YFI governance token holders.
I don’t know what the right percentage is, but I think we could figure this out. Note that this would be in addition to any expenses paid out of this fund for other operational expenses (i.e., deployment and audit expenses, other staff expenses, etc.).
5 Likes
The vote is overwhelmingly in favor. Let’s draft a YIP and give Andre some resources. Also, Andre needs to get paid.
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Good idea and agreed.
Lets make this happen quick.
2 Likes
Make it happen. 
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FOR, could someone please make a YIP to make it happen?
Has been discussed for a bit. Hasn’t been enacted as a result of lack of clarity // has always been part of a larger plan. Can draft something.
If anyone else wants to self-nominate and take lead on this please let me know.
make it happen already?
Fine to set aside some percentage of system rewards as operational capital. Would be good to define exactly how much this is and who is in charge of disbursement and low level budgeting decisions.
10 Likes
Here is a start
Summary:
Assign system rewards as operational capital for expenditures instead of streaming it to governance.
Abstract:
The YFI community is currently working with Delphi and Gauntlet to develop an economic model and inflation schedule. Until this process is complete, the multisig lacks the funds for any operational expenses including, but not exclusive to, security audits, deployment costs, consulting expenses, and compensation for Andre.
But with the state of the market, the system rewards are adequately sufficient to cover operational expenses. As a temporary measure, the YIP proposes that the system rewards are directed to the multisig instead of streamed to governance stakers. This allows the multisig to cover operational expenses without minting additional YFI.
The multisig will provide an operational budget which shall be voted on by governance. And any spending beyond the approved operational budget must also be approved by governance.
Motivation:
No immediate issuance of YFI required. Cover operational expenses.
Specification:
- System rewards are sent to multisig instead of streamed to to governance stakers
- Governance will approve an operational budget proposed by mutisig
- Any overflow will remain unspent with the multisig until further direction is provided.
For: Use system rewards for operational expenses instead of minting more YFI
Against: Keep streaming rewards to governance stakers
5 Likes
Death by committee - BLEH
FOR this proposal, stay agile and stay IN THE GAME
1 Like
Promoted to YIP 36
2 Likes