Omnibus Proposal Rationale

Thoughts expressed are my own, and not that of any other individuals.

There has been some pushback on the team’s decision to put forth an omnibus proposal that answers many pivotal questions in one fell swoop. The below is my own personal rationale for why a grouped proposal made sense.

YIP-2: https://snapshot.page/#/yam/proposal/Qmc1GpiLaPXRLsXw31R1RznKrMTnzmonbSn2kCXVwxUWTV

In my mind, it was essential to quickly and effectively lay out the most critical issues for V3’s launch and do so in a way that focused attention and engagement. I believe the proposal has been effective to this end.

The topics in the proposal included V3 supply, delegator rewards, incentives, protocol updates, and V2 to V3 migration. Without defined answers to these questions going into V3 launch, I think the protocol would be significantly weaker. If YIP-2 is passed, even if you don’t agree with a specific element, the Yam protocol will have the chance to be a successful DeFi protocol, with on-chain governance updating as needed.

The beauty (and chaos) of the current governance process is that YIP-2 does not have to be final law, even if it is passed. If there are elements that the community disagrees with, those elements can be changed. There is clearly strong community support for eliminating the community fund, for instance.

Additionally, there are elements not included in the omnibus that will likely be added as well: a proposal to add the sync() call to YAMv3/ETH is also seeing strong support.

So while in the weeds, this governance process can seem chaotic (it is), it also seems to be working. When you see something you disagree with, clearly and respectfully make your case. The community is clearly engaged and open to discussion, as am I.

4 Likes