10-20 YFI for Dev pool from me

General Chat Ideas
1

Inflation is easy. But it destroys the 30k meme. Memes rule the world.

Let’s show the world what real community is. Crowdfund this shit.

I will match 1 YFI for the Dev Pool for every 9 raised from the community, up to a max of 10 from myself.

And I will match another 1 YFI for every 99 raised from the community thereafter, up to another 10 from myself.

20 total max if we can raise 980 from the community. No bullshit, who else is in?

Happy to set up the match today in a trustless manner if that’s possible. Or I’m willing to trust the core contributors to hold the match temporarily if that’s a lot easier and speeds things up.

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2

This sounds like a simpler and less controversial idea than 3% inflation

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3

Not all heroes wear capes.

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4

If a few other big holders are willing to match as well, I’d think things could move quite quickly. :eyes:

I love buyback and build too @RyanWatkins . But if we get a price run this year, devs won’t have time to participate as much as they are due. It will take some time for earnings/buybacks to accrue.

I view this as a near-term community-led stopgap until buyback and build can work its magic.

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5

The problem is that altruism is just hard. Where are Polychain, Framework, and the other whales??

A system-wide tax (like inflation) stops you from being a saint and prevents these funds from free-riding on your good heart.

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6

have you reached out to them ?

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Let’s push them into matching as well. The 30k cap is just a meme, but a strong one.

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8

I don’t know how to get to them, unfortunately.

I totally agree, but we could change the meme to: Ethereum of DeFi instead of Bitcoin of DeFi. Ethereum’s minimal viable issuance is a better approach than hard capping, at least in my opinion.

That said, if we can get enough whales to the table, we’ve solved the problem (really you–thank you). I feel like those whales are surfing in New Zealand right now though, ironically.

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9

according to their website here is the contact
Contact: info@polychain.capital

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10

Will send them an email directing them to this forum.

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11

Best thing to do would be to send all YFI to the multisig at ychad.eth – they are trusted with the treasury and can be trusted to hold this for a dev pool.

Amazing proposal ser, you have my deepest gratitude. This kind of spirit is why I’m here. :bowing_man:

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Machi donated 100 YFI back in summer to Andre that distributed it between klim, Kirby, banteg and Trach. Whales aren’t rich because they go around giving away the money, but a correct incentivation of the devs could be seem as an investment and not as just a simple gift. Personally I’m going to dump my digg and combo airdrops for YFI and donate it to the devs, treasury fill via fees ( with priority over any staking rewards to holders) + clear description of how much money will the devs need to operate should be the way to go to avoid the easy solution ( minting more YFI).

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13

I will send the first 11 (10+1) YFI to the multisig in a few hours and the next 10 once we get 80% through the first 10.

Can a couple of you please confirm publicly that any unmatched funds (on the terms above/below) will be returned to my address on Feb 14th, 2021? 1 month from now & Valentines Day :smiling_face_with_three_hearts:

To clarify the terms, I will match .1111111 YFI for every 1 donated by the community, up to 10 total from me. And another .01010101 for every 1 donated up to another 10 total from me.

I will also jumpstart things with a 1 YFI donation from me today. So we’re already at 1.11111111

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14

We could also mint a quick yGift to ychad and make it easy for people to add tips and track the deposits.

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15

Confirm, just make sure you don’t send them from exchange, otherwise, we won’t be able to send them back to you.

Signature 
{
  "address": "0x0cec743b8ce4ef8802cac0e5df18a180ed8402a7",
  "msg": "2021-01-14-20-10-25: Confirm, unmatched yfi will be returned to you on Feb 13-14th.",
  "sig": "0xc747b051266a668c65cbb5e019de55b660fab71ba983756fb8f019e8c6c563d4199745b80b564c4de28c9129b5cd25e23890ea72f85968043a070e55600dc5c61c",
  "version": "2"
}
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16

An alternative idea that might be more sustainable and long term. What if we create a yAltruism vault with a unique fee structure such that 50% (or some higher than the usual fee percentage) goes to a specific dev reward fund that buys YFI and distributes it to devs somehow.

Maybe this vault could also reward depositors with a new Yearn social clout token that only people that use the yAltruism vault receive. So it becomes like a scoreboard for who is the most generous.

At least this way people that want to give back can do so whilst still benefiting themselves. They’re just giving up some of their yield to support the project. Also not everyone can afford to donate YFI but donating your yield is a win win.

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17

Unreal idea. 20 characters.

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18

How do we know what is the minimum viable issuance? Is 1000 new YFI going to be enough? What was the reasoning for this number besides the meme aspect of it?
If we are going for minimum viable issuance, why not just mint YFI in perpetuity like Ethereum and have a burn mechanism from fees? If there is good adoption the fees will be higher than the issuance and we have a deflationary token. EIP1559 anyone?

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19

Fantastic idea @onlylarping. This would really be the ideal mechanism

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20

I would be a hard No on messing with the 30K cap. That has become legendary – like the 21M cap of BTC.

Without that intact, the idea of YFi is greatly weakened. And the idea, the meme, MATTERS.

I would be all for emitting a NEW coin of some kind related to YFi, a ‘YFi junior’ of some sort.

But do NOT mess with the cap.

7 Likes