Proposal: voting only with YFI tokens

I would also like to propose voting only with YFI tokens in order to increase the weight of the voice people who holding YFI tokens for a long term, and reduce the weight of the voice who are only interested in mining and provide their stablecoins/capital for take the profit.

  • A: vote with only YFI tokens
  • B: vote with both YFI and BPT tokens, where the YFI weight is much greater than the stablecoin weight (e.g. YFI 80% / BPT 20%)
  • С: vote by both YFI and BPT tokens, where the weight of YFI and the weight of stablecoins are approximately the sam (e.g. YFI 50% / BPT 50%)
  • D: vote by both YFI and BPT tokens, where the YFI weight is much less than the stablecoin weight (e.g. YFI 20% / BPT 80%)
  • E: vote with BPT tokens (stablecoins) only (status quo)

0 voters

By BPT I mean any basket of stablecoins that work for the project. It can be BPT, yCRV and any other stablecoin baskets.

5 Likes

The problem with this proposal is that only people holding BPT tokens from pool #3 can currently vote. This should be implemented directly because it was part of the initial proposition:


“Earning YFI is simple, provide liquidity to one of the platforms above, stake the output tokens in the distribution contracts (we will provide an interface for this), and you will earn a (governance controlled) amount per day.”

@cp287 can you update your post to match Proposals category structure? This drastically decreases number of duplicate posts.

2 Likes

I don’t think most people hold BPT tokens from pool # 3 because of voting.
And voting with governance token looks more straightforward than the LP token

2 Likes

Oh, I’m sure they don’t. But they are the only ones who can vote for now. I agree with you, we should be voting with YFI tokens, not BPT.

2 Likes

the usage of BPT tokens to vote at the early days is brilliant, since it makes people lock up their YFI for rewards instead of straightup dumping. however, the moment the FYI reward ends, i think that will be when i wonder what will happen.

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I would argue that it would have been better to enable any of the 3 pools to lock their YFI tokens. It was obviously a technical limitation and now we need to figure out how to move forward.

Did it. I deliberately did not add a category, because I wanted to first hear an opinion whether it makes sense for someone. But yes, for better search and no duplicates, it makes sense.

I kind of agree and disagree. I think that YFI holders should have more weight of the vote, but all of the liquidity providers should also have a smaller weight of the vote.

You had to provide liquidity in order to get YFI in the first place. If a person bought the tokens from the secondary market you could rationalize that they contributed by rewarding the person that provided liquidity first. So in that sense, everyone with a token, in some way or another helped the ecosystem.

I think voting with BPT tokens is really interesting. It’s not just about YFI tokens, you also need to have some money invested in ycurve. Also it provides some liquidity to YFI.

As we get more YFI supply, it could be interesting to increase YFI allocation to 5%.

Another thing to note, is that direct governance rewards are being phased out. It won’t be like the Fee rewards pool where you can stake YFI to earn rewards.

3 Likes

Problem with BPT voting is that people are effectively voting with stablecoins due to 98/2 pool ratio.
I would prefer people voting with pool 4 rather than pool 3.

5 Likes

Voting with YFI token sounds like a good idea, but can we come up with a solution that awards loyal LPs with more vote? It allows people to buy YFI tokens to vote, and loyal LPs still have a say.

1 Like

Offering your DAI in a liquidity pool to support YFI liquidity is being a loyal LP.

1 Like

Yeah but I mean voting wise can loyal LPs have more say?

The way I understand it, LP’s provide a service. They are paid for that service in fees. YFI token holders are looking to improve the protocol and the platform where LP’s can provide their service. The more useful the tools that YFI holders create, the more demand from liquidity will exist, this will in turn bring more LP’s which will then bring more fees. These fees can then be shared with YFI token holders to continue improving the tools… and so the cycle continues.

2 Likes

Incentivised voting with non-YFI tokens (e.g. LP tokens) is a great direct way to promote protocol-enhancing behaviours (e.g. LP), but if it is to be carried out, it should be carried out before any YFIs were airdroped as incentives.

YFI was debuted as the governance token of the protocol, period. If non-YFI tokens can be used for incentivised voting in the long term, there would be no point in exposing oneself to YFI.

The more practical approach, as YFIs were already being distributed into people’s hands, would be to pass Proposal 0 and transfer voting from Pool 3 to Pool 4 as @milkyklim suggested, in order to directly incentivised voting while indirectly promote protocol-enhancing behaviours.

3 Likes

This is a very good idea to reward loyalty. YFI * time staked would reward the true believers.

4 Likes

I’m a bit confused. I thought there were only 3 incentive pools. What is pool 4?

The ‘Fee Rewards’ pool on ygov.

Incentivised as in staking YFI for yCrv rewards.

1 Like