1"use strict";(self.webpackChunkyearn_devdocs=self.webpackChunkyearn_devdocs||[]).push([["3308"],{6759:function(e,t,i){i.r(t),i.d(t,{metadata:()=>n,default:()=>h,frontMatter:()=>l,contentTitle:()=>d,toc:()=>a,assets:()=>o});var n=JSON.parse('{"id":"governance/yips/yip-8","title":"YIP-8: Halving YFI weekly supply the same as bitcoin","description":"| Metadata | Details |","source":"@site/docs/contributing/governance/yips/yip-8.md","sourceDirName":"governance/yips","slug":"/governance/yips/yip-8","permalink":"/contributing/governance/yips/yip-8","draft":false,"unlisted":false,"tags":[],"version":"current","sidebarPosition":-8,"frontMatter":{"title":"YIP-8: Halving YFI weekly supply the same as bitcoin","hide_title":true,"sidebar_position":-8},"sidebar":"mySidebar","previous":{"title":"YIP-10: Transitionary YFI Only Voting","permalink":"/contributing/governance/yips/yip-10"},"next":{"title":"YIP-5: Reducing YFI weekly supply","permalink":"/contributing/governance/yips/yip-5"}}'),s=i(74848),r=i(28453);let l={title:"YIP-8: Halving YFI weekly supply the same as bitcoin",hide_title:!0,sidebar_position:-8},d="YIP-8: Halving YFI weekly supply the same as bitcoin",o={},a=[{value:"Simple Summary",id:"simple-summary",level:2},{value:"Metadata",id:"metadata",level:2}];function c(e){let t={a:"a",h1:"h1",h2:"h2",header:"header",img:"img",li:"li",ol:"ol",p:"p",strong:"strong",table:"table",tbody:"tbody",td:"td",th:"th",thead:"thead",tr:"tr",...(0,r.R)(),...e.components};return(0,s.jsxs)(s.Fragment,{children:[(0,s.jsx)(t.header,{children:(0,s.jsx)(t.h1,{id:"yip-8-halving-yfi-weekly-supply-the-same-as-bitcoin",children:"YIP-8: Halving YFI weekly supply the same as bitcoin"})}),"\n",(0,s.jsxs)(t.table,{children:[(0,s.jsx)(t.thead,{children:(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.th,{children:"Metadata"}),(0,s.jsx)(t.th,{children:"Details"})]})}),(0,s.jsxs)(t.tbody,{children:[(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"YIP"}),(0,s.jsx)(t.td,{children:"8"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Outcome"}),(0,s.jsx)(t.td,{children:(0,s.jsx)(t.strong,{children:"Rejected"})})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Authors"}),(0,s.jsx)(t.td,{children:"steamer.eth"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Created"}),(0,s.jsx)(t.td,{children:"2020-07-22"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Forum discussion"}),(0,s.jsx)(t.td,{children:(0,s.jsx)(t.a,{href:"https://gov.yearn.fi/t/proposal-8-halving-yfi-weekly-supply-the-same-as-bitcoin/263/",children:"View discussion"})})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Snapshot vote"}),(0,s.jsx)(t.td,{children:"Not recovered"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Vote result"}),(0,s.jsx)(t.td,{children:"No Snapshot vote recovered."})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Source"}),(0,s.jsx)(t.td,{children:(0,s.jsx)(t.a,{href:"https://github.com/yearn/YIPS/blob/master/YIPS/yip-8.md",children:"Source"})})]})]})]}),"\n",(0,s.jsx)(t.h2,{id:"simple-summary",children:"Simple Summary"}),"\n",(0,s.jsx)(t.p,{children:"Currently the weekly supply increase of YFI is 30,000 per week. Vote under proposal #0 is if more YFI tokens should be minted."}),"\n",(0,s.jsx)(t.p,{children:"I\u2019m voting \u201CFOR\u201D on proposal #0 16 as continuous incentivization of LPs is important for growth of the platform. Most of reasons are the same with proposal 5."}),"\n",(0,s.jsx)(t.p,{children:(0,s.jsx)(t.strong,{children:"More Reasons:"})}),"\n",(0,s.jsxs)(t.ol,{children:["\n",(0,s.jsx)(t.li,{children:"The YFI mining will be end in 3 days, while the whole crypto community needs more time to understand this complex mechanism. In such a short period of time, YFI cannot generate an effective market pricing."}),"\n",(0,s.jsx)(t.li,{children:"To stop the YFI mining will instantly result to a huge amount remove of the liquidity, this will be a huge negative to the YFI price because of the decreasing of fee rewards."}),"\n"]}),"\n",(0,s.jsx)(t.p,{children:"This is a proposal for reducing the weekly issuance rate with a model the same as BTC. Two months is enough to educate the crypto community while finishing the YFI generate event."}),"\n",(0,s.jsx)(t.p,{children:(0,s.jsx)(t.strong,{children:"The pros of the bitcoin halving model:"})}),"\n",(0,s.jsxs)(t.ol,{children:["\n",(0,s.jsx)(t.li,{children:"Halving every week is quite easy to be understood in the crypto community, and effective."}),"\n",(0,s.jsx)(t.li,{children:"Easy to make memes of YFI - \u201C YFI is the Bitcoin in Defi \u201D for virus spreading."}),"\n",(0,s.jsx)(t.li,{children:"Enough time for the markets to reach the equilibrium. (liquidity provider\u2019s YFI revenue is halved every week while taking the same risks, will result in a steady change in liquidity)"}),"\n"]}),"\n",(0,s.jsx)(t.p,{children:(0,s.jsx)(t.a,{href:"https://docs.google.com/spreadsheets/d/1ORG5UJUc2kKyjkemeskbpfpAfbDZ9Wk7GSEUc4RG2O0/edit?usp=sharing",children:"Modeling of 3 Pools"})}),"\n",(0,s.jsx)(t.p,{children:(0,s.jsx)(t.img,{alt:"Model",src:i(73793).A+"",width:"1482",height:"1472"})}),"\n",(0,s.jsx)(t.p,{children:"In summary. If proposal #0 passes the issuance model should be altered as described above."}),"\n",(0,s.jsxs)(t.p,{children:[(0,s.jsx)(t.strong,{children:"FOR"}),": Support the new issuance model."]}),"\n",(0,s.jsxs)(t.p,{children:[(0,s.jsx)(t.strong,{children:"AGAINST"}),": Do not support the new issuance model."]}),"\n",(0,s.jsx)(t.h2,{id:"metadata",children:"Metadata"}),"\n",(0,s.jsxs)(t.table,{children:[(0,s.jsx)(t.thead,{children:(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.th,{children:"Name"}),(0,s.jsx)(t.th,{children:"Value"})]})}),(0,s.jsxs)(t.tbody,{children:[(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Proposed by"}),(0,s.jsx)(t.td,{children:"0xe2ca7390e76c5A992749bB622087310d2e63ca29"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Total for votes"}),(0,s.jsx)(t.td,{children:"3527868.1621 (80.25%)"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Total against votes"}
1),(0,s.jsx)(t.td,{children:"867838.6309 (19.74%)"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Quorum"}),(0,s.jsx)(t.td,{children:"9.73% \u{10102}"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"Start block"}),(0,s.jsx)(t.td,{children:"10508388"})]}),(0,s.jsxs)(t.tr,{children:[(0,s.jsx)(t.td,{children:"End block"}),(0,s.jsx)(t.td,{children:"10525668"})]})]})]}),"\n",(0,s.jsxs)(t.p,{children:["Source: ",(0,s.jsx)(t.a,{href:"https://yieldfarming.info/yearn/vote/",children:"yieldfarming.info YFI Governance Information"})]})]})}function h(e={}){let{wrapper:t}={...(0,r.R)(),...e.components};return t?(0,s.jsx)(t,{...e,children:(0,s.jsx)(c,{...e})}):c(e)}},73793:function(e,t,i){i.d(t,{A:()=>n});let n=i.p+"assets/images/yip8-4e0aaa3c20b9e4707370148afe08fd02.png"},28453:function(e,t,i){i.d(t,{R:()=>l,x:()=>d});var n=i(96540);let s={},r=n.createContext(s);function l(e){let t=n.useContext(r);return n.useMemo(function(){return"function"==typeof e?e(t):{...t,...e}},[t,e])}function d(e){let t;return t=e.disableParentContext?"function"==typeof e.components?e.components(s):e.components||s:l(e.components),n.createElement(r.Provider,{value:t},e.children)}}}]);
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