YIP-50: First step to contributors stash

Proposals YIPs
, ,
1

Summary:

Seize ~8 YFI from treasury contract and use these funds as a first step to create contributors’ stash.

Rationale:

Normally, all tokens sitting in treasury contract are recycled – sold for yCRV and send as rewards to YFI stakers.

Proposal is to start a slow paced accumulation of YFI for future contributors – seize ~8.005026733686906244 YFI currently sitting in treasury.

For: Seize ~8 YFI from treasury contract.

Against: Leave funds for recycling.

Poll: snapshot

Note: 7-days voting poll is binding (live until Nov 12).

8 Likes
3

I am in favor. Per the fee restructuring proposal, we need to make sure we have adequate incentives for contributors. I assume this is a band-aid approach until a long term structure is set, but this is much needed and we should start this process now.

4

Is this true? Don’t we have a ton of idle tokens in the treasury contract that have never been converted to yCRV because there is no implementation for converting these to yCRV?

1 Like
5

Check how governance rewards are distributed – they are distributed in yCRV.

We can convert all idling treasury tokens to yCRV e.g. by calling .toGovernance, .swap, sendBack – all in one transaction if necessary.

UPD: There is also convert function in treasury contract itself.

4 Likes
9

Is there any chance that the proposal regarding contributor compensation structure will be posted before this YIP closes?

Since this YFI is theoretically going to be used to compensate contributors, it might be good to know how they will be compensated before we vote whether or not to leave the YFI as-is or convert it.

2 Likes
10

yes i also think we need an overview of all those proposals in order to make a choice. Very hard to decide without …

11

Voting has passed with 95.38% For.