YIP: Drop Treasure Vault Tax Rate to 1% from 10%

The question is who will provide the money to the Treasury, without reducing the number of tax points, without new money coming in, it will just suck in the money of the old users

The treasury isn’t taking money from anyone. The treasury is controlled by YAM holders, not by the founders. They money in the treasury is used by YAM holders to further the protocol

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Now the market value has been falling, the real money of the old users has been reduced.Negative base on the amount of deflationary currency users, the positive fund will be sold 10 percent, how to play.Whales don’t bring money into vaults

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Who dares to use real money to come in and earn unlikely COINS

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For the change, no code change involved.

The existing parameter is set to: rebaseMintPerc = 10**17 in YAMRebaser.so file which means 10%. The new parameter update need to call setRebaseMintPerc(uint256 rebaseMintPerc_) with parameter of 1**17.

The National Treasury has stopped growing. The current 10% tax rate is not accepted by people. Everyone hopes that the Treasury will continue to expand and bring benefits to people. Sustainable growth is easier to accept than rapid growth

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We just want to start a vote on the tax rate and let all community members decide

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At present, if the State Treasury has the ability to bring benefits to the people, if not, at present, once the Treasury loses money, it will be devastating to the project. It can vote to let the holder decide whether to support the change of tax rate

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I don’t see any strong reasoning for why adjustments need to be made.

But even if this idea were to be entertained when tuning parameters for optimization with very little data to go on you, don’t make drastic adjustments, you make slow adjustments.

AMPL already extract many of users from yam. If core team still think the 10% tax rate is a good idea, and immediately dump 10% tax into market to crash yam price in positive which is the most stupid idea I found in my years in crypto industry. Drop tax and say sorry to the community and try to bring our users back.

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We just want to start a vote on the tax rate and let all community members decide

1% is too low can we compromise at 5%

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The existence of the treasury has indeed affected the development of yam. If it is still maintained at 10%, then yam will soon be forgotten. At present, the treasury is defective, unless the treasury can continue to create wealth to compensate for the bubble caused by additional issuance

10% to 1% is a much too big of a decrease.

If you’re worried about market impact, I’d recommend adjusting the slippage %.

We will have a higher market value and a continuous positive foundation. A higher market value will increase our influence in the entire industry, and we will get more attention and cooperation

None of this can be given by a multi-million treasury. We have promoted a wave of defi bull market and developed a huge community. Only by reducing the proportion will our treasury gain a long-term and stable growth.

The reduction is not about considering the impact on the market, but to let people accept the treasury and let people reach a consensus.

@alex , can you try to combine all your posts into 1 longer one next time? You can quote people within messages and break them up to make different points. We would like to keep the conversation here longer form with more thought and any quick short messages happen on discord.

Also,
There is a new snapshot vote that you can vote on here:

I’m not sure you understand what the YAM protocol is about, Daddy Pig. It is not about “numba go up” whatsoever. YAM is literally about selling a portion of the rebase to increase the treasury. Then YAM holders can vote on what to do with that treasury. If you decrease the amount of the rebase sold from 10% to 1% you literally are killing the entire point of the project - which is to increase the Treasury that the YAM tokens govern. I honestly can’t believe that this vote is as close as it is. It just demonstrates how many people YOLO-ed into YAM during the summer who have no idea (and still have no idea) about the long term potential of the project. When YAM is above $1.05 (like it should be in a DeFi bull) that is huge monies that can flow into the treasury at the 10% rate. We can then have lots of fun and interesting debates over what to do with that treasury from a strategy & investment perspective. If you change that rate to 1% (by the way, calling it a tax proves you have no idea about the goal of the protocol - IT IS NOT A TAX) you are stifling those flows for no good reason whatsoever. Because, even if you do this, there is no guarantee that you will accomplish what you seem to be wantin’ - i.e. NUMBA GO UP. We just don’t know. Better to take advantage of good times to flow more value into the Treasury, so in bad times we can devise strategy to monetize that value.

I have spoken.

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