![]() Here’s stats from the week of February 2 to February 8. I’d think we reallocate these token rewards to the Uniswap RLY/ETH pool, as we consistently overindex on Uniswap volume relative to its 35% rewards allocation. Currently, that stands as 13% of LM rewards, and is the 6th LM pool. One other related topic would be what to do about the current Liquidity Mining rewards for the Curve 3pool YDV. I don’t have a formal proposal in mind at this time but I’m thinking that an outcome of this thread, if others feel the same way I do about YDVs, would be a subsequent proposal specifying how we’d like to reallocate the $RLY currently associated with YDVs. With all of the above in mind, I’d like to start a discussion around retiring YDVs and reallocating the remainder of the $RLY previously reserved for YDVs to other distribution possibilities that support creators and Ethereum community members. Community Treasury Fundraise Update… and Next Steps Perhaps most importantly, we no longer need to continue funding the treasury through YDVs as we conclude the first part of the Rally community fundraise. YFI (Yearn Finance) holders, massive potential (322) coming YFI /USDT Update: YFI currently trading at 10527 Our CTT (Coinlion Trend Trader) told us to enter YFI at 6223 right after it crosses the falling wedge we had since January 2022. And this is all exacerbated by the fact that one of the seemingly minor modifications supporting the v2 transition (temporarily dropping withdrawal fees from v1 vaults) opened the door to an exploit of one of Yearn’s v1 vaults. However, they all also increase the risk profile of Yearn vaults in a way that makes them less compatible with the motivations behind the introduction of YDVs. All of these are fantastic ideas and should continue to position Yearn as a leader in the DeFi space. The Yearn v2 design allows for more rapid iteration on strategies, dynamic rebalancing within a single vault in order to support multiple strategies simultaneously, and a general move towards capital efficiency and leverage possibilities. As Yearn builds forward on their vaults and starts migrating to their v2 design, this risk profile starts to change substantially. We chose Yearn vaults for the yield delegation and $RLY distribution strategy because of the quality of their engineering team, the stability of their protocol, and our understanding of the level of risk associated with their yield generating strategies. I think they’ve largely performed as expected to date but the risk profile seems to be changing. Create a sustainable way in which contributors could support building a community treasury without taking on significant capital risk.Satisfy legal and regulatory concerns by enabling users to earn $RLY without buying them eventually resulting in $RLY satisfying Coinbase Custody’s regulatory review for supporting the governance token.Provide a fair distribution mechanism to start getting $RLY in the hands of contributing community members.Introduce the Rally project to the Ethereum DeFi community. ![]() ![]() The YDVs were the first feature Rally launched to Ethereum mainnet and have been an important part of early plans to distribute $RLY to supportive community members and start building a community treasury that could fund ongoing growth and development of the Rally Network. ![]()
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