I think I follow your train of thought. So you think we are better off reflecting value in YFI through a direct link the size of the Treasury - rather than a share of the revenue destined for the Treasury?
For my simple brain it sort of seems a bit like an Amazon vs Microsoft decision. Do we re-invest all earnings into the Treasury, and use every available resource to grow the size of the business and the business balance sheet. Or do we pay a healthy and consistent “yividend” to YFI holders. Both are fairly proven ways of improving value.
One thing I am wondering is to me it feels like we are already the Amazon approach, and so prospective future YFI owners likely already see this as the way of valuing YFI. That YFI is valued according to the health of the protocol, TVL, Treasury, cash on hand etc etc. I wonder whether we are less attractive to the other type of investor, like the Warren Buffett type who wants to “own” a piece of a great business that pays them a consistent dividend year on year.
Do shut ourselves off to a different type of investor if YFI doesn’t earn a share of the business’ profit?
I glad we both agree on veYFI - this I think ticks all the boxes.