Our core developers are creating immense value for us (YFI holders). It’s incredibly extractive and naive to expect indentured servitude for any longer. The launch of YFI was the most selfless launch since Bitcoin–even more so because Andre couldn’t mine the coins solo for a prolonged period of time. Rewarding our core devs with YFI tokens does not go back on this selflessness. Rather, it shows that we too can be selfless as YFI holders.
I am proposing that we mint 1k YFI to a multi-sig controlled by our core developer team (identical to the current multisig). This would be one-time, unless in a few years we determined we had not done enough. 1k is a 3% supply increase, less so than Ethereum’s this year, which is already significantly less than any other DeFi project.
Capital allocators–those who store money in smart contracts–are mercenaries. They go where the highest yield is. This was the core insight that led to Yearn’s growth. However, our developers are not mercenaries. They are being treated as servants. But they don’t have to be here. These people could get jobs anywhere. If JP Morgan were smart, they would offer our developers a large chunk of JPM equity to build the future of yield under their umbrella. Thankfully, the traditional system is full of managerial greed. The longer we abuse our privilege, the more likely we are to lose our edge: our developers. Don’t be fooled. We are not what’s special. Our developers are.
This YIP is a small issuance for the YFI ecosystem, but will have a large impact on our developers’ lives. It’s as simple as that. Don’t get greedy over principles like immutability–look at Bitcoin versus Ethereum itself. Ethereum now generates over 2.5x more transaction fees than Bitcoin. In the long-run, this will cause Ethereum to trump Bitcoin. Let us not be the Bitcoin of Ethereum banking. Let us be the market winner.
For: A one-time issuance of 1k YFI for our core developers to distribute amongst themselves.
Against: YFI supply is meant to be immutable forever–like all successful startups (kidding–no successful startups are like this)