YIP 35: Distribute Donations vs Purchase YFI

Summary:

Allow donors who donated to claim back donations or leave them to be used to purchase YFI

Abstract:

While I am very appreciative of the donations, the article was a gross misrepresentation of our discussion. I am not in financial detriment, I do have debt, but I have assets in crypto to offset my fiat debt. I am simply not interested to swap my crypto to fiat, since I value my crypto more than fiat.

As such, I propose a small system, whereby donors can claim back their donations, should they wish. If however they do not claim it back by x date, then the funds (currently $150,000) will be used to market buy YFI. I wish to use this YFI as a governance vote and we can also use it to incentivize other events or requirements.

Motivation:

Having spoken to donors, its a mix of “use it for the protocol” vs “it is an insult to return it”, so I wanted to come up with a new solution that benefits all participants.

Specification:

I will implement a simplistic contract that allows donors to reclaim, should they not wish to do so, after maturity date, YFI will be purchased and staked in governance.

For: Build the claim back and purchase system

Against: Just return the donations

Poll:

  • For
  • Against

0 voters

8 Likes

If you will be holding the YFI that’s going to be purchased, then yes :slight_smile:

3 Likes

You are an inspiration to us all @andre.cronje
We are behind you all the way.

And I think you should hold and benefits from some YFI. I know you’re views on YFI having any value at all. But there are two sides to every coin and we ought to embrace both.

Best.

4 Likes

All donations should be yieldfarming for your own benefit already. Nothing to debate here.

P.S.: i didn’t vote as both choices look bad to me

3 Likes

Ez for Vote. Go crazy @andre

3 Likes

Do you know how much happier we all would be if you just took the money and said thank you?

Give the option for people to claim it back, buy YFI with the rest of it, and keep it for yourself. You deserve it.

2 Likes

Or does it make sense to channel half the amount towards audit/security/development costs? And maybe the rest for yfi buyback?

Why you gotta go and do something like this. Now i have to go on the open market and by more YFI.

I have no issues with this. Great look from the community to step up, regardless if it was needed!

I chose not to vote here because I didn’t donate (no gitcoin account). Personally I think this should be up to the people that donated/yourself and I don’t really see how it relates to me?
Obviously market buying helps the ecosystem out but I don’t particularly see why the ecosystem should be a primary benefactor here when the money was given to you.

Imo leaving the optionality to reclaim and yield farming with the rest seems like the best option, with the idea that it can be used in the case of any unforeseen events.

Supported. Voted FOR

I like this idea and am for it on the condition that whoever does the buying keeps the slippage low, below 5%. If many trades are needed or limit orders that is fine.

Proposal has passed with 93.59% for, 6.40% against and 37.43% quorum.

3 Likes