What started as a simple management proposal for a war fund for the Yearn.finance development team, has now developed into a broader conversation about motivation, sustainability and the fair launch of decentralized finance projects (DeFi).
On Wednesday, January 13, six members of the Yearn community, including several key contributors, proposed a Buyback and Build program that would shift the protocol fee toward strengthening the treasury – a proposal that would change the existing system that distributes dividends to board members. .. … The proposal has since been named “BABY”.
In an interview with Cointelegraph, Yearn’s semi-anonymous main contributor and co-author of the proposal, Tracheopteryx, said that BABY is committed to delivering superior sustainability in the current growth phase of Yearn.
“We propose to stop paying protocol fees as dividends to YFI’s management contractors, and instead use the proceeds to automatically buy out YFI and reinvest it in the growth year. Our main argument is very simple: 1) profits are illogical in the early stages of development, and 2) YFI has better returns elsewhere. ”
However, just the day before the BABY proposal was published, another proposal, written by a member of the community and also aimed at sustainability, triggered broader discussion in the Yearn management forums.
Under the heading “** [Suggestions] ** Incentives for Developers”, he asked for an additional 1,000 YFI tokens plus 30,000 original tokens to be distributed among the core team at his own discretion to stimulate further development.
Core Yearn developer Banteg posted a link to the proposal on Twitter on Thursday, unleashing a wave of enthusiastic controversy that spilled over into the wider crypto community:
Supporters and opponents of the extra coin both accused the other side of being greedy, with skeptics claiming that developers should stick to the original amount, and supporters claiming that incentives were more important than any potential dilution. Even Yearn founder André Cronier participated in the discussion:
The thread on the Yearn forums now has 209 replies, an estimated reading time of 40 minutes, and the Twitter thread continues until Sunday evenings.
Memes versus reality
The main argument of many opponents of the YFI increase is that it violates the principle of fair liberation, which especially made Yearn popular. In addition, skeptics claim that a preliminary vote was taken to burn coin keys to prevent the creation of YFI beyond the initial 30,000.
However, a comprehensive analysis shows that the management never made a final decision to burn the keys that allowed mint:
In addition, Tracheopteryx states that while it may act as an engine of undeniable value, memes should not be the main factor in a project.
“The stories are powerful, but they are also limited. Just as the word “table” can never convey the rich, multisensory experience of a handmade wooden table, so a meme or a story depresses reality into parts of meaning that can be easily conveyed.
In this case, the parts that are easy to convey are mostly focused on the myths built around the origins of YFI, rather than how the project continues to create value.
As a result, loyalty to the YFI fair start story – a form of publication that the founder has since called a bug – destroys the future. Due to the proliferation of YFI, developers do not have a large share of control code for platforms such as Synthetix and Aave, which may open up for developers who may be illegally interrupted by other lucrative projects or loss of interest due to lack of incentive. …
“Storytelling never corresponds to reality on the ground and reduces voluntariness. Storytelling has value for precisely this reason: they are simpler, easier to understand and easier to share, and thus they can become points of contact. They can also become mixed and incompatible in DeFi, ”added Tracheopteryx.
Over the past two days, the Twitter discussion has mostly shifted to memes and name tags, according to Tracheopteryx, but discussions about Yearn’s management forum and social media channels are encouraging in both their hobbies and development.
“This is incredible. I was very excited about the participation of society. I was just amazed at how many people care, how many want to help, how many actually jump up and start working from nothing. This is very important to me. , “he said.