Looks like we are going to miss quorum on this. Not good… As soon as we can get any vote passed that creates a model that allows governance votes to be passed, we need to think very carefully about how to handle this in future.
For instance, an approach similar to MakerDAO could be taken whereby one governance vote takes place at a time and anyone who previously voted is automatically voted in favour of the status quo unless they change their vote.
This deals with the quorum issue whilst also preventing a quick whale attack.
Everyone who wants this to pass should be voting both for and against it. The system allows you to do so and counts both towards meeting quorum. The danger here is if we can’t meet Quorum as we are only at 20% and need 33%.
So please vote both for and against Prop 10 to help reach quorum!
My thoughts on YIP 10: YFI only voting: it is a good first step, towards being able to usher in voting BPTs with YFI constituent later on. This would entail governance led by YFI holders and makes it portfolio-agnostic.
Since earlier flagging a proposal as duplicate might be a slight on my part, didn’t mean to squelch discussion on that end.
I share @888FX concerns, Also like to point out:
Some might have missed the point, but now that YFI rewards are stopping in less than 24 hours, liquidity in yGov BPT might start to look elsewhere, and governance starts to grind to a halt
This proposal opens up the ability for the other half of the circulating YFI to also have a voice in governance; which is important in passing quorum on proposals (also YIP 12).
Currently only YFI staked in yGov stable pools BPT can vote. By holding small amounts of YFI in the yGov pool exacerbates the situation of skewed concentration of voting power ie., under-representation of YFI holders
1 BPT/ 1 vote
= [0.00003097 YFI, 4.58032715 yCRV]
Almost half of Total YFI supply are in BPT staking pools, of which 16% reside in yGov pools. However, the onus now lies with YFI currently in BPT Pool #4, which can readily be called upon to stake onto the new voting contract.
See figures: (based on previous post above, data might be outdated)
Pool #4 YFI yGov fee rewards pool 7,579 YFI
Pool #3 yCrv-YFI yGov pool 1,668 YFI
Pool #2 DAI-YFI BPT pool 1,046 YFI
Note that it’s possible to meet the quorum if people who have not voted yet exits the pool. I believe there is 1 hour window between End of pool 3 rewards and end of YIP 10 (unfortunate coincidence…)
Well done everyone and thanks @yfi_whale for the support of your group in getting this through. This may not be an optimal/permanent solution but hopefully this will allow us to reach quorum and get other, more important, votes through now. Onwards and upwards!