Put the percentage of rebase sale up for voting

Vote on the percentage of treasury share

Basic Summary
Put the percentage of how much is sold on every rebase up for voting. With options : Keep, 8%, 5%, 2%, 1%, 0.1%

We have the 10% sale on every positive rebase. But at 2 rebases per day, this can quickly cause a very large sell pressure on the supply. It might even send us to negative within the first 10- rebases. I am greatly in favor to putting this number up for voting in the nearest delays. I would be very happy if you put an off-chain vote for this to be community-decided.

10% is a very high number. I do not know how you decided on it, but it is abnormal for the treasury to have tens of millions of yUSD at the first ever rebase (assuming 31$ price & 3.7mil yamv3). Treasuries are great, but they are supposed to be slow growing systems. There is already still a massive negative sentiment IMO surrounding Yams, which is currently reflected in price. In its current state I am terrified of what could happen at the first few rebases.

I’m assuming it is a simple variable change within the rebaser contract. Assuming the vote goes through, this should theoretically be feasible in an afternoon.

Poll to Measure Sentiment
What percentage per rebase would you like to give the treasury?

  1. Keep 10%
  2. 8%
  3. 5%
  4. 2%
  5. 1%
  6. 0.1%
1 Like

Hi @zee!

I personally like the idea of holding a vote on the ideal rebasing percentage.

I do want to correct a couple of misconceptions about the rebase / treasury purchase process, though.

The treasury will not have tens of millions in it after the first rebase, more like low six figures.

The size of the rebase scales with the price deviation from the peg. This means that the first rebase will be the largest, and later rebases become much smaller very quickly, assuming no additional demand-driven price spikes.

I would recommend holding a vote on Snapshot.page, and if there is consensus, we can move to the on-chain proposal process.


I think so, even if the 10% is high, the Treasury needs funds in the early stage, and it can be reduced by% after the amount of funds stored in the Treasury

Thanks for your response, I will put up a vote later today on snapshot.page.

As for the maths, maybe you could give me a concrete example on how I might be wrong?

Lets assume that the price is 31$ on rebase, and that only 3 million migrated so far.

30 / 10 = 3xsupply + supply = 12million Yams. These yams should be worth 7-8$ each.

10% of the change would be 900.000 x 7-8 is well in the millions.

Id like to know where my maths is wrong

EDIT: I don’t see how to make a snapshot.page vote. Isn’t snapshot.page/#/yam outdated?

I’d echo Skelectric’s comments in the discord https://discordapp.com/channels/743654257642700911/753441531444330537/757274127194390528 primarily around needing some more systematic quantitative analysis here. Simply intuiting that 10% seems too high, and asking people to vote with their own intuition will not lead to an optimal outcome.

This is something that can be modeled out, and specific conclusions drawn based on various rebase purchase levels and price action.

You’re correct that the first rebase could be quite large - though there is a limit of 10% slippage, so it’s unlikely that the full potential rebase purchase based on the raw price/supply numbers will take place.

In general, I do think this is a really important system parameter to analyze and optimize, and I’m happy you’ve brought it up, but I would highly recommend waiting for additional analysis to create a snapshot proposal. In it’s current state, because of the lack of fine-tuned awareness for implications, I think this proposal could have negative effects.


I think the treasury or investment fund is one of the core value drivers for YAM.

It makes sense to have a portion going to the treasury during supply expansion.

Personally, I don’t think the treasury share should be lowered from 10%.