Yes — I want yearn to buy back some YFI.
Yes — I want to be able to reward contributors with YFI.
Yes — I want to continue distributing rewards to token-holders in a way that the majority of them are satisfied by.
Yes — there are great ideas in this proposal and the comments.
No — this proposal is not actionable yet nor grounded in actual numbers or on-the-ground operations insights.
I think there are a lot of good ideas in this proposal and in the comments, though I am strongly against approving this proposal as it is now. I would love to see more work done and can imagine a version of this I do support.
I am in favor of a mechanism allowing yearn to reward contributors with vesting YFI as another tool in our toolbox in addition to yUSD grants. But not at the expense of rewards distributions.
There are a lot of numbers flying around, and strong opinions on how we should do operations. This is all great ideation but ungrounded and not actionable. I’m sure there are other business owners here—would you make critical financial decisions without doing financials with budgeting and projections first?
To decide on changing numbers first we need to know the actual numbers. @franklin and @milkyklim are working on full financials now. After that to decide on something like redirecting funds I’d need to see projections: how much YFI does reducing rewards by 1% get us? 2%? Etc. And not back of the napkin numbers, a proper analysis. How much YFI do we think we actually need to compensate contributors? If people really believe in this proposal, take those projections and run some snapshot signaling votes (granular ones with multiple options, not just yes/no) to get a feel for what the yearn network wants. Then let’s put a complete plan together.
And for operations, any decisions there should be grounded in the actual reality of current operations and evolve from actual tensions not speculation. I would kindly suggest that before anyone lean into big opinions on yearn ops, they speak with the people actually doing them. I am easy to get in touch with! And although certain things may work in silicon valley, that doesn’t mean they will work here—nor does it mean we would want them to. Personally I’m not interested in working for an Amazon or Apple, so if yearn starts to become more corporate with a c-level and bureaucracy etc I’d probably split along with many other contributors I’d guess.
The reality is no one knows what real decentralized operations should be like. It’s new, immature (good!), evolving, experimental. We cannot shoehorn Yearn into some centralized model and expect it to work. But I don’t want to be too harsh on what’s come before, let’s learn from everywhere and everyone, and I love to see all the big brains chopping it up in this thread <3