Why DAOs?
This question may be one of the most profound of our time.
My answer led me to contribute to
@iearnfinance
two years ago, to co-found
@coordinape
, and to devote my life to this work.
I dive deep in this 45min talk.
ꜜ14
The wait is over.
DISRUPTORS episode 2 is out now feat.
@tracheopteryx
of
@iearnfinance
. This is a must-watch for anyone interested in the what, how, and why of DAOs.
Thank you for sharing your wisdom with
@Delphi_Digital
and now the world 🌎
Making the jump to working for a DAO can be a challenge.
I've helped dozens of newbies into the space over these past 18 months and the thing that is often most difficult for them is this simple question:
"What should I do?" 🤔
Here's a thread on how to figure that out:
LOOT is new.
This thread isn't to convince you it's valuable, blarg 🤢 . . . it's to ramble about why it's interesting.
And it starts with Marshall McLuhan.
1/ The $YFI community decided we needed better docs 📚, so a dozen unpaid volunteers self-organized, wrote, edited, and translated some.
👉
Help us Improve them: ,
#documentation
Credits:
@DeFiGod1
,
@DeFinnTheFarmer
, miguel567...
Project Y is a real project in stealth mode at
@iearnfinance
. We have not disclosed anything about it yet.
Please be aware there are active scams using the Project Y name.
If it does not come from
@iearnfinance
then it is not the authentic Project Y.
Really enjoyed talking to
@TrustlessState
on the
@BanklessHQ
podcast about
@coordinape
with
@fifthworldzach
We explained what's different about Coordinape's mechanics & vision, and went pretty deep into some big ideas.
So, here's a thread on DAOs
1/22
𝔹𝕦𝕪𝕓𝕒𝕔𝕜 & 𝔹𝕦𝕚𝕝𝕕
Our proposal to use staking rewards to buyback $YFI, grow yearn, and properly reward the team.
This proposal will be in discussion for at least 3 days and if there is support we will put forth a formal YIP for a binding vote.
Y'all know by now
@Uniswap
governance token-voted to award $20M to a group of VC-backed lawyers called Defi Education Fund, and CT is up in arms.
So talk about what went wrong, and more broadly about "decentralized governance" shall we?
🧵⤵️
It passed.
83.46% for.
~50% of staked YFI voted.
Thank you. Thank you for seeing through the fud and voting for our team and yearn's future.
Time to BUILD.
~41% of $YFI staked in governance has voted on YIP-57, with 95% in favor of minting 6,666 more YFI.
We haven't had engagement like this since the first yearn proposals in July.
An idea that was impossible just a few weeks ago now has overwhelming support. Simply astounding.
It's important to know that many forms of organization are valid. Decentralized structures are not inherently better than centralized — they are better for *some things* and worse for others.
It all depends on the *why* (and also the *who*).
So: why DAOs? 🧐
(cont.)
While many people have written about the tactical nature of “how to DAO,” one of the most overlooked topics from what I’ve seen is “why to DAO” (as well as why not) and how that shapes everything about the organization itself, not to mention the D&A.
One day while a farmer was working his fields his horse ran off.
His neighbors came to sympathize with him. “What horrible news!” They said.
The farmer replied “is it good? Is it bad? Who knows?”
Some confusion out there about the
@iearnfinance
&
@picklefinance
partnership we announced today.
Q: Should $YFI holders have voted on this?
A: Nope, nothing to vote on
I'll go through the announcement point by point to clarify 👇
2 new medium posts from
@AndreCronjeTech
today:
👉 Like AMPL but instead of targeting $1 it targets IL to keep LPs whole
👉 A way to make governance and liquidity easier for new projects
:swoon: 🚀🤘🧠
Simple off-chain coordination hack:
Let’s all just please use UTC only ok?
Learn your offsets (daylight and standard time) and do some quick mental math to translate your local time into the universal time constant.
DeFi is global, we need a common temporal language.
@xtokenmarket
very sorry to hear this. don't let the hate get to you, this happens to everyone sooner or later. take care of yourself. don't panic. do the work that's in front of you. handle the code first and comms second. breath. you'll make it through this and be stronger for it. ❤️
Yearn is looking to immediately hire the following senior-level roles for a ~2 week contract with long-term option. Help us complete the v2 site.
Please send portfolio and CV to .
(4) React devs
(1) UX designer
(1) UI designer
@iearnfinance
$YFI
Glad for the chance to share my long-form thoughts about
@iearnfinance
and the 6,666 $YFI mint in this
@Cointelegraph
OpEd.
Yearn’s decentralized governance and operations are the most fascinating things to me in the world. A new world forming before our eyes.
Love & coordination at the frontier of governance: core Yearn contributor
@tracheopteryx
gives an insider account of how the community minted $300 million $YFI tokens — a key part of what may be the most influential vote in the history of DAO governance.
“Did you hear about the rug pull yesterday? Someone looking for free money walked onto a clearly marked construction site for a new community bank and electrocuted themselves.”
“Wow, people should really stop building things. Scammers.”
@spacebrrd
@eth_is_more
@bigba_daboom
You're kidding, right?
- 90% of yield robots are yearn forks
- Our raw APY leads the sector
- Andre & banteg named top devs 2020
- v2 vaults just launched
- Our labs are unmatched: stablecredit, deriswap, iron bank, sil, wYFI
And we're about to finally have a warchest. 🚀
We are working hard on a public release of
@coordinape
so anyone can use it.
If you'd like to be added to the list for early access, please fill out this form:
Lots of people asking who makes the decisions on who
@iearnfinance
merges with.
🧠 Is it
@AndreCronjeTech
?
⚖️ No it should be $YFI vote!
🧛♂️ Or maybe it’s the shady cabal of overlords pumping their bags?
The answer will shock you!
👇
People don't realize what
@eigenlayer
is yet. I work there, and tbh it's still sinking in.
💡EigenLayer can bring anything offchain, onchain
It's not like a rollup, it's not an L1 -- it's more like *all possible L1s* 🤯
Watch the first 3 minutes of this recent talk,
🚀 Breaking news: All Chains Fit on EigenDA!
------------
@eigen_da
mainnet is now processing 15+ MB/second (120Mbps), and we are posting ALL raw block data from 15+ chains simultaneously.
------------
L1s: Bitcoin, Ethereum, Solana, Celo, Celestia, Avalanche, BNB chain,
We do not need to make any more FAANG behemoths. The world honestly can't survive that. DAOs can be something different.
Working can be a /joy/ not a burden. Compensation can be a gift, not a competition. And maybe 'corporations' could feel like forests, not industrial lots.
What’s up with the new yETH vault strategy you ask?
👉 It’s about flexibility and deleveraging protection.
This update can hand-off its debt position (the internal maker vault) to another strategy without unwinding debt first.
🤖 efficiency
🥽 safety
🧠 composability
$YFI
TVL isn't the most important thing for many reasons, but I can't help being psyched to see Yearn add another 300M since this milestone 2 days ago 🔥
We just passed
@synthetix_io
(👋 frens) on the leaderboard 😮
Yearn TVL has seen an explosive growth in recent months, and we are thrilled to announce we have exceeded $2b in TVL across all of our products. 🚀
You can view accurate TVL metrics at . 🧪
🚨 ᕲᓍᑢS ᕲᖇᓍᕵ 🚨
New docs page on yUSD:
Everything you wanted to know but were afraid to ask about
@iearnfinance
's second favorite token.
(We still love you $YFI, shhhhh)
Thanks to
@bluekirbyfi
for the pants-kick on this one.
After much discussion on the
@iearnfinance
forum we are rolling out a series of YIPs to give the community granular opportunities to update fees, compensation, and treasury management prior to the launch of vaults v2.
@lehnberg
@bantg
@milkyklim
Step 1:
The tool that emerged from the cauldron of
@iearnfinance
's contributor swarm is now available for all to use.
If you are a DAO figuring out how to do compensation, try
@coordinape
.
Coordinape decentralizes compensation, putting the power to reward and incentivize work directly into the hands of contributors themselves.
Rally your squad, your troop, your crew, your pod and your community. Start a circle. Thank your fellow apes with
Getting back to what to do, I created this diagram based on the Japanese concept of Ikigai, adapting it to be DAO-centric, though most of it is the same.
I'll walk through each circle.
Writers of
#DeFi
.
$YFI-hodling, pen-wielding, bit-sniffing degens we call on you.
yearn needs docs 📄 Will you heed the call? 🎺
✏️Write for and lay the foundation for how the future of global finance is understood. 🧠
FEW.
Loving the way the yearn community is bubbling ideas around how to properly incentivize our dev team. Opening every avenue of thought, buybacks, mint, you name it.
This independent proposal to crowdfund a dev pool is my favorite one yet. Blown away....
So finally: why DAOs?
Because I am sovereign
Because I do not force my will on others
Because I can't do the work I am called to alone
Because I trust my friends
Because I can't control outcomes
Because I don't have all the answers
Because I welcome a future bigger than me
Me too, I’m the president of the
@bantg
fan club. A poet, iconoclast, samaritan, freedom fighter, and true artist the likes of which few will ever understand.
It's not so hard to imagine if each of us only did the work that we loved, were best at, could get paid for, and that our DAOs needed.
If it's not that, why do it?
/end
yGift Family Portrait.
These people built
#yGift
. By suggesting ideas, UI/UX, making art, or writing the solidity contract—they made it happen.
None of them asked for a dime.
Thank you.
🙇♂️
@iearnfinance
BORING. So. Fucking. Boring.
I get back from 10 days offline and CT has become so BBOORRIINNGG
Humans are technicolor, hyper-dimensional, sexual, spiritual, flawed, perfect, mysteries! Fascinating beauties!!!
This cancelling and simping is shallow basic boring blech bye bye
Big day at Project Y today. This thing is getting so exciting.
There’s a certain moment that happens in the best creative projects—when things start to click and the core elements reach a coherency enabling new concepts to just start exploding into reality. Nothing better....
In a real DAO work happens differently.
It's like the difference between a robot and an amoeba — DAOs are like bowls of amino acids waiting for some ribosome to come and stack them into proteins, not like a carefully designed servomotor awaiting its preset electrical impulse.
In low bandwidth text-based comms platforms like X so much of the poor sense-making and polarized (actually manufactured) conflict is due to hidden context.
We become the blind debating the blind as PvP participants lack access or interest into the true worldview or value
Solana vs Ethereum
—————
This is the Solana take: “build a state machine that synchronizes with as low a latency as possible globally” to paraphrase
@aeyakovenko
It is a complex Pareto point that will neither
a) be as performant as nasdaq
b) nor as programmable as the cloud
No wonder we've seen the most explosive community participation in the history of crypto.
@dhof
stripped NFTs down to their core innovation: 𝕥𝕙𝕖 𝕣𝕖𝕚𝕗𝕚𝕔𝕒𝕥𝕚𝕠𝕟 𝕠𝕗 𝕔𝕠𝕟𝕔𝕖𝕡𝕥 𝕚𝕟 𝕥𝕙𝕖 𝕔𝕠𝕝𝕝𝕖𝕔𝕥𝕚𝕧𝕖 𝕔𝕠𝕟𝕤𝕔𝕚𝕠𝕦𝕤𝕟𝕖𝕤𝕤.
LOOT are pure concept.
We will bring all of ourselves into the metaverse, good, bad, new, old. And stories will be important there, too.
Like the story of having a crown made from LOOT. When I see yours, I'll know we share something.
That, or you're just a rich douchebag.
Both are fine.
Amazing and fast work from our favorite rabbit!! Thank you ser
@bantg
for driving this and thank you $YFI community for passing the minting vote with the flexibility enabling us to do this!!
yDAI vault restored!
Yearn has opened a Maker Vault with YFI from the Treasury to mint 9.7m DAI and make the yDAI vault whole.
It was done as a one-off celebration of going through this DeFi rite of passage. Don’t count on it happening again. Make sure to buy Cover next time.
@iearnfinance
@coordinape
Finding Yearn in July of 2020 changed my life forever. I had no idea where it would take me & could never have guessed how much I would learn & how many dear cartoon animal friends I would make.
I am deeply grateful for all of it — struggles and exaltations alike.
Thank you 🙇
Just listened, one of my fav podcasts I’ve done.
We went deep into the theory and operation of
@coordinape
and dreamed of the post-scarcity future we can build together.
Also great chat about how dope
@iearnfinance
is. Thanks
@humptycalderon
🔥
Episode 4 is out now! 🎧
@tracheopteryx
, core contributor at
@iearnfinance
@coordinape
, joins us for a high level discussion on rewarding
#DAO
contributors and creating thoughtful incentive programs.
In Understanding Media, McLuhan introduced the concept of hot and cool media.
The movie theater is an example of high definition, 'hot media' that fills your experience.
A comic book is low definition, 'cool media' that leaves space for the imagination.
LOOT is cool media.
Fascinating developments. The whole sushi forum thread is extremely entertaining and educational. It’s like a masters class in financing.
Big love to
@0xMaki
and Sushi fam, however this shakes out I know you’ll grow, learn, invent, thrive, and adapt 👊
Arca is vehemently against the value-destroying Phantom Trope proposal for $SUSHI.
Arca will backstop a new proposal with a first tranche bid price 31% above current TWAP price.
We have posted our proposal in the Sushi forum, and a summary is below 👇
That's it.
Nothing for $YFI to vote on.
The yearn community is amazing and decentralized governance is a powerful tool that helps enable the type of sovereign and permissionless contribution we see here in this partnership.
Yearn is for builders not bureaucrats.
<3
Karate Combat will be the first sports league to form a DAO 🚀
We're going to trust you all to help us run the league - lets see how this goes
Get your $Karate tokens for free by signing up at
#LFG
#KarateCombatDAO
This is not a "flat organization" that concept doesn't work. Hierarchy is an essential feature of our reality (the sun is bigger than the earth, get over it).
What is important is fluid hierarchy where the leader is the one who knows what to do next. (And process & structure.)
If you are using the same metrics to evaluate success criteria for DAOs as you would for C-Corps, would you use the same metrics for evaluating corps as you would for nation states?
The reason some DAOs look like corps is because we are so early. Most don’t know any better yet.
Where most visual art NFTs are skeuomorphic, LOOT is native.
Because blockchains make concepts real.
They are the Higgs Bosons of intersubjective space—they give memes mass.
What was ephemeral, now persists.
What was fragile is now robust.
Looking forward to speaking at
@MessariCrypto
's
#Mainnet2021
on Tuesday Sept 21 at 7:30pm UTC (3:30pm NYC time).
Will be on a panel with
@RyanWatkins_
and
@0xMaki
called "Decentralized from Day One: Lessons in Organizational Design!"
@iearnfinance
There are various reasons why I'm making this change, but the deepest one I can find is that my spirit is called elsewhere — to
@coordinape
, to the global future of DAOs, and primarily to surrendering into the mysteries of this strange life however they emerge.
What a wonderful interview. Rich says something so profound about the truth of consensus I had to transcribe the quote.
This perfectly describes what I mean when I repeatedly steal
@fifthworldzach
's quote that "we move at the speed of trust" — it's the fastest we can go.
I think this is the best interview I did this year
it's a bit more philosophical than usual, talking about how I see social change, polarisation, chaos, complexity, etc and why I'm optimistic thru it all
just published now
@intocryptoast
@ShadySlimFast
@bantg
Here’s who you’re defending: people who ignore all warnings, do no research, take massive risks, and blame others when they go bad.
Here’s who you’re attacking: the most talented developer in DeFi, who works for free, invented the fair launch, and gives away his code and money.
LOOT doesn't try to replicate meatspace, it's pure metaverse.
These items will be wrought by artists for decades over and over but what makes them truly special is that they were the first. The first time we glimpsed what the metaverse, blockchain, and NFTs could become.
McLuhan also wrote that all media (media = medium = technology) are containers for other media.
The book is a container of the written word which is a container of speech which is a container of shared concept.
NFTs are containers.
... in order to numb our instincts, tricking us into thinking our lives are best spent as wage slaves.
Most of us have been so divorced from the connection to our own internal needs and desires that it's almost impossible to answer the question of "what do I really want?"
This is what floored me when I started contributing at Yearn.
Before DeFi I worked in some rarified tech circles & we shipped /fast/. Months of sleepless nights in the lab w every resource available.
But that was nothing compared to this. It’s shocking what this team can do.
Last night I roused from sleep in one of those lazy, liminal states where I’d forgotten what I do. I feared I’d have to start a new tech company again, something so boring to me now. I was sad.
Then I remembered I work in
#DeFi
for
@iearnfinance
. Feels so good to do what I love.
FTX was not crypto
It was a centralized company
Imagine thinking AI was over if OpenAI were to be fraudulent and implode
FTX was built of the same corrupt legal and financial systems we are reinventing
Its failure is only more evidence for crypto’s value
Stay the path
After months of slow progress,
@lex_node
and I have finally published a new vision for decentralized governance.
This model, called 'constrained delegation', has emerged organically from within yearn. Read about it in our proposal on the
@iearnfinance
forum.
A new discussion is on our forum regarding a potential YIP establishing Governance 2.0.
This YIP aims to formalize Yearn's operational governance and creates new autonomous contributor teams ("yTeams")
Join the discussion using the link below.
~$500M worth of UNI has already vested to the Uniswap governance community treasury out of $4b total (based on current price)
What are some of the most impactful ways governance can allocate this UNI?
Dream big 🚀
I used to feel that labels like ‘Versace’ were garbage. I was above that.
But if we actually do step above (and not just judge other’s preferences) we can see that it’s not a label, it’s a story.
And stories bind us together.
And that is beautiful.
And, strange as it may seem, this is the question that DAOs need us to answer.
Because, like biology, DAOs rely on each of us following our own wisdom. Each component of a DAO needs to be able to decide for itself what to do though self-knowledge & realtime sensing of the whole.
And there are no college courses on how to be a DAO ribosome (yet).
You are in the soup and you need to figure out what to do with very little guidance. It's really like what Yoda said.
We've suffered hundreds of years of gaslighting to construct the idea of a "work ethic" ...
🚨The first Yearn Team ($YFI) AMA
🚀 Starting in 30 minutes @ 1pm UTC
👉HOW IT WORKS?
1️⃣ Ask questions & discuss here:
2️⃣ We'll select questions and forward them to our new updates channel:
3️⃣ Answers will be posted on both
It took a lot more time after gov 2 passed than I thought to get here but we have finally deployed the yTeams! The future of constrained delegation governance is upon us!
For real.
It’s not news that social media is distorting, but lately it seems a lot of smart people have forgotten basic media literacy. Or haven’t learned much about psychological projection…
It’s very easy to get praise for take-downs on X. Lotsa hubris from people assuming
I'm back after a week's rest for self-care. 🧖🛌☀️
I have 5,000 unread telegram messages and untold backlog across various other messaging platforms. Signaling here that it may take me time to respond on some threads.
So, what did I miss??
👉 What You Are 𝔹𝔼𝕊𝕋 𝔸𝕋
One of the great joys in the world is to work with brilliant colleagues. Imagine what it would be like if we each did what we were best at?
(I don't have to imagine, I contribute at
@iearnfinance
and
@coordinape
.)
Props to
@Zemm_NFT
for the meme, and massive thanks to the dozens of people who offered their support, consideration, critique, directness, ideas, assistance, feedback, and honesty with integrity through this process.
Time to read, to consider, to debate, and then to vote.
$YFI
Structures like ethereum, Teal Orgs, DAOs, coordinape, and gov 2.0 help me trust that the mind between minds will be there, and I can go wherever my interests take me, knowing the whole organism will thrive.
That's what we're building.
/end
👉 What the 𝔻𝔸𝕆 ℕ𝔼𝔼𝔻𝕊
Anything in this circle is valuable for the DAO. Check github issues, bounty boards, notion pages, discord channels, or whatever other resources the DAO has for surfacing needed work.
Find some work that calls to you, and do it.