I suspect there will be many people who will continue to do it themselves. But it will take time to find your own strategies and pay gas fees. The real-world financial analogy is to buy ETFs or index mutual funds vs DIY.
Brian I am specifically talking about pre CRV yVault participants. Maybe future customers wonāt give a shit why the returns in yVault are juiced up, but this could be firepower for a fud campaign that highlights using previous customers funds to payout future customers, Their is a name for thatā¦
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I am both an early yVault participant and YFI holder, so I do sympathize with your points. Have you taken a look at my first post above of variable split in the vested CRV between vote locking and distributing back to original LPs?
Last thing Iāll say on this thread, but the moral arguments have no ground to stand on.
These are self-custodied solutions. No one is forcing anyone to park their funds into yVaults, they do so because itās in their best interests economically. Everyone has agency and can make their own decisions. If you make the decision to use yVaults based on speculation and assumptions, rather than verifying the contracts and the current yVault framework, then you need to live with that decision. I personally didnāt assume I would receive $CRV rewards, because it was never part of the framework for yVaults (getting interest distributed back via the asset you deposited). Weāve known about this preCRV distribution for a very long time (in DeFi time), and yet no one thought to mention it before?
The motives seem very suspect to me.
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Agreed. Letās vote to keep it that way.
The CRV is being reinvested for the long term growth of the ecosystem. Isnāt that the right decision if approved by the governance?
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I did read your post and it was well thought out. I didnāt understand the portion that talked about distributing back to original pre CRV LP providers. Does YIP 37 have a mechanism in place to do that? I was under the impression that the proposal sent it to all current yVault participants.
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Thereās not within YIP 37. It is definitely possible by taking a snapshot of the pre CRV LPs, but would require a governance vote and some coding manpower to figure it out. Unfortunately, I donāt have those skills.
So are you against YIP 37 in its current form? āAll vested CRV tokens earned by StrategyYfii will be vote-locked to give YFI holders voting rights in Curve DAO and to boost the rewards earned by yCRV pool.ā
Yes, Iām against due to the inelastic nature of how the vested CRV will be distributed.
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Arenāt LPs attracked by the APY/ROI? So how was the preCRV ROI being calculated? With or without $CRV returns?
Without. There would be no way to calculate it since the value of a CRV token isnāt known until after the initial distribution.
So one thing I found that might need confirmation, reward boost might be segmented by guage.
So with 10% of voting weight, instead of getting a 2.5x reward boost on 10% of Curve TVL, you get a 2.5x reward boost on 10% of liquidity per guage. Important distinction.
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this is not a bad idea honestly
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i tend to agree with this. after hearing the arguments i think i will vote against this YIP
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Tweets absolutely ARE binding in the real world. No judge is going to buy this line of reasoning because no judge is going to buy the idea that the only valid governance is on chain. Ask Philip Rosedale about what the judge said when someone took him to court over social media hype about Second Life. You have to own your promises, whether YOU intended to keep them or not.
So the takeaway is, need a yBTC vault too.
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bro, anyone can tweet anything. just because someone tweets something that does not entitle anyone to anything. If so i am going to tweet that elon musk owes me two teslas
i own tesla stock, i am entitled to those teslas
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I have no complaint with doing things for the long term growth of the ecosystem, but that very worthy goal does not supersede promises made and obligations assumed in getting us to this point. It is a genius plan, Iām just saying we canāt go back on the promise to release CRV to those who went in because of that promise.
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No one is forcing anyone to invest in anything, but we are all investing based on the word of people in yfi. This is not one of the moments when we can simply ātrust the codeā. The code does not tell us what vault policy will be tomorrow. So, for example, there is nothing in the code that says your holdings canāt be completely liquidated and distributed to everyone else. If we back out on a promise here, what reason is there to think that all promises made and expectations created on this platform are meaningless. A promise was made. If we canāt keep it, what are we?
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