YIP 37: Participate in CRV governance and 2.5x CRV reward boost

Proposals YIPs
85

There are two tweets. Neither tweet promises them to non-YFI holders.

provide a direct quote with source that states CRV will be provided to non-CRV holders. Thanks!

86

–After review and approval of the strategies will be included Historic
– will also be made claimable after review and approval.

After review and approval CRV is distributed. thats what this YIP is for right ?

1 Like
87

I believe the operative words are “will be”. There is only one way a judge and/or jury and any other neutral person are going to interpret that.

88

Besides CRV rewards boost, YFI holders will be able to vote for Curve pool weights.

The Curve DAO is now enabled for Gauge weight voting. You can now use your locked CRV tokens to vote to change each pool gauge weight. Gauge weights are used to determine how much CRV each pool receives. You need to have locked CRV for at least a week in order to be able to vote for the gauge weights. If you wish to vote, select the pool of your choice, select your BPS value (10,000 = 100%) and click submit. You can vote on the weights once every 10 days and can select multiple pools.

2 Likes
89

Nope its to keep the crv for the governance. So if you were a preCRV LP you just lost your crv.

1 Like
90

No CRV was promised to anyone staking in the yCRV vault. Only yCRV is rewarded.
x token in —> x token out

If you, along with many others, feel so strongly against the YIP because you feel like you are somehow entitled to the vested CRV that no one guaranteed you then you can use your YFI to vote against the proposal. Hinting or even threatening that lawyers will get involved to sue the DAO is subversive and immature.

1 Like
91

There is a lot of tweet and discussion already showing that the first idea was to give the CRV.
Now the YFI governance want to keep them to try to boost and maybe change gauge %. That’s an idea but not great for the preCRV LP. We will see the impact in the future. I accept the governance vote. Just show that with 1000 YFI you can change the full protocol.

1 Like
92

I don’t disagree that people were talking about potentially being rewarded CRV by staking in the yCRV vault but nothing was official. I’ll just say that YFI is in good hands, imagine if option 2 was put up for a vote, then all that CRV would be liquidated and be distributed straight to the YFI governance pool, but everyone came to a middle ground and decided that locking up all of that vested CRV would be better use to benefit everyone in the yCRV vault. Pre-yCRV LPs are probably going to be getting more rewards than if they chose to claim their share. This YIP is about sustainability and what’s best for the yearn project to grow.

93

This is your opinion. Some preCRV LP would like to liquidate their CRV and do whatever they want with it. There is others options that are not even in the pool, like give the CRV to the owner of them.

2 Likes
94

Majority opinion is always considered than minority.

95

Ok, despite my sarcasm, I am genuinely curious, who will be sued? Are we going to sue the largest YFI holders? Sue Andre? I guess I’m not saying its impossible, but it doesn’t seem easy. What if they aren’t in America?

96

“Who will be sued?” This is a really good question, and I don’t know the answer. It may not be this project, but if there is enough money floating in these protocols, someone will find a way to sue. Who has jurisdiction? Who knows? If I was in law school this is the area I would be looking to get into. It is wide open and completely fascinating. Maybe there is a lawyer here that is in a better position to speculate than I am.

97

If a US court rules they have jurisdiction, then it won’t matter that the defendant is not in the US. Enforcing monetary penalties is also straightforward: since centralized stablecoins like USDC can be blacklisted on a court order, simply being globally dispersed is not as unassailable a defence against legal threats as some seem to think.

To be maximally clear, since it seems to be necessary in this thread, I’m not making a “threat”. I’m simply pointing out that legal action is a real risk that should be managed.

1 Like
98

Exactly. Please don’t shit-talk the messengers! People seem to have constructed a fantasy that because a DAO isn’t actually located anywhere it is immune to or inaccessible to the reach of nation states. This is dangerous thinking, and to put that another way, thinking otherwise is far more dangerous than farming YAMs or Spaghetti or any other unaudited contract.

99

Ok, it’s pointless for a sheep to argue with the wolves about what’s for dinner. Thanks for those who tried to be a voice of reason. See ya.

100

Proposal is approved with 91.11% votes for, 8.88% votes against and 48.26% quorum.

2 Likes
101

So if you hold 7.7% of yfi you can decide what ever you want for the protocol :wink:

2 Likes
102

That’s how plutocracy works for ya.

1 Like
104

Preliminary YIP 37 implementation findings

  • Vested CRV can be claimed by any account to the Strategy addresses using CurveVesting.claim(address)
  • Strategies have Strategy.withdraw(address) function which can send any airdropped token to the controller
  • The problem is controller doesn’t have any function that just claims the tokens for further processing, the only function interacting with Strategy.withdraw(address) is Controller.yearn(address _strategy, address _token, uint parts) which recycles the received token for Controller.want(), in this case for yCRV.
  • Luckily for us, we can use Strategy.set_controller(address) to replace the controller for a new one
  • The new controller will be able to call
    • CurveVesting.claim(address) to claim the vested tokens
    • Strategy.withdraw(address) to withdraw them to the controller
    • Call create_lock , deposit_for , increase_amount , increase_unlock_time on CurveVotingEscrow
    • deposit_for might actually be interesting if we want to manage this outside of controller since Curve DAO may evolve over the years.
  • CurveVotingEscrow doesn’t allow deposits from non-whitelisted smart contracts . Curve DAO needs to create a smart wallet registry contract, commit_smart_wallet_checker and apply_smart_wallet_checker on the voting escrow and we need to vote our controller to the whitelist. We need to work with Curve community to do this.
  • Boosting the rewards: still not clear how it works and if it can be delegated, TBD
  • Delegating Curve DAO voting rights to YFI holders: TBD
8 Likes
105

So with the actual situation at Curve, it proof that keeping the crv from the LP was a bad idea. Now our crv are useless and they are stock there. That was a really bad YIP