So I have pondered this thread and would like to pivot my position slightly.
I am still in favour, but I no longer think we should stop rewards.
The primary reason for this is simply that by stopping rewards, we violate the intention of this very proposal… That is to say that there are community members that ARE contributing both directly and indirectly AND who are NOT recognised AND therefore not compensated. And may never be…
Now, I happen to have talked to a few and in some ways I count myself amongst them. Yes, I have received a grant, but the grant was never my motivation and at the risk of sounding ungrateful, the grants don’t go very far. (I am very grateful and thankful btw) So why then am I here?
Besides the fact that I have great admiration for Andrea and team and I see great value in the future of the project, the selfish reason I am here and continue to contribute without the expectation of any further or future formal remuneration IS because of the rewards.
Sure, right now the rewards don’t go very far either, but the fact they continue makes them FAR more valuable than the ‘hope’ of a grant of any kind.
At the end of the day, I believe we are al here because we value the automation. We do NOT want any other human to have the power to decide IF a contribution was good enough to be rewarded or not. I want the system we are building to be Trustless.
Edit: Or as trustless as is possible.
Now, I know there are flaws in the above, hence my ‘slight’ pivot.
This conversation: Proposal: Revamping Fees calls out that Yearn is currently undervaluing itself by undervaluing its ability to charge higher performance fees.
In the above linked thread, I shared the following:
I also stated that I thought a 10% performance fee would be reasonable.
A proposed breakdown as follows:
- 10% of performance fee (1%) to go to recover gas and other day to day expenses.*
- 90% of performance fee (9%) to go to the treasure, where these funds will be split:
– 45% of treasury share to go to YFI holders,
– 45% of treasury share to go to Purchase of YFI on open market**
– 10% of treasury share to go to Strategists***
*It is know that the existing 0.5% fee does not cover all expenses, the above doubles this amount in an attempt to amend this problem.
**YFI purchased on open market may then be used as suggested in this proposal.
***This is in line with the voted 90:10 share between YFI holders and Strategists.