We all want to limit YFI inflation and we all want YFI to thrive. I am certain this solution offers the best of both worlds by minting 1k YFI to be managed by YFI Treasury for dev payments.
Background
It seems from recent proposals that there is a keen interest in funding yearn devs as well as a keen interest in not diluting YFI with unpredictable minting.
Motivation
Fund the devs, allow yearn to thrive.
There are a couple lines of argument that I think are powerful and hard to rebut:
Consider all that has been achieved in the past year, imagine this could be funded for the next 5 years. It’s hard to argue that this would not create huge value for all the YFI-holders and the ecosystem.
This removes the ambiguous situation of the keys not having been burnt.
A 3% dilution will have negligible impact on price so YFI-holders won’t even feel any effect.
For: 1k YFI minted to treasury and YFI keys get burned immediately.
Against.
Mint 1 new YFI and everything changes : you make clear that previous community votes can be simply ignored, and basic principles, rewritten at will.
There’s no coming back from that.
Strongly resisting new minting proposals is the best way for yearn.finance to show it’s completely unique by how it stays true to its base principles (democratic process, enforcement of voted decisions and no compromises about that).
BTC would simply die if somehow the 21M limit was increased. Same with YFI. Mint and it becomes yet another defi project, losing what’s supposed to make it stand apart.
Opinions change, votes change. That’s what a democracy is.
What sets YFI apart from other projects is the quality of the contributors. The ‘base principles’ as you so call them are defined by the community, which is free to change them.
What makes Yearn stand apart is its governance and trust people can have in it. That’s why and how Andre created it from day one.
Sure, it’s always a possibility to kill a project mid-flight. Doesn’t mean it’s a good idea to do so just for the sake of it, and lack of better ideas (better ideas that have been proposed elsewhere).
Tons of untrustable projects despite great devs already : let’s not let Yearn become one of those.
And, btw, ignoring a previous vote is not what democracy is : that’s quite the opposite actually. It’s really unsettling that minting keys haven’t been destroyed yet despite the vote actually.
We’ve already voted on chain to burn the keys. It should have been executed already. That is the bigger problem imo. Community votes in favour for something and then nothing is executed