As we write this post $YFI is either at, near, or right below an all-time high in price.
This is great if you're a holder and like to constantly hit refresh to see how much more "paper" wealth you have accumulated in the seconds since you last hit refresh.
This is bad if you've been one of those on the sidelines just watching and saying "Oh when it gets below $3,000 I am definitely jumping in." You now have to struggle between FOMO'ing in now or waiting even longer and seeing the price go up higher and trying to make a decision while being sick to your stomach no matter which way you go. You have our thoughts and prayers.
While the price is great and hype is great, it's only just that.
Hype is like motivation. It's great when it's there, but if you need to rely on hype and motivation, then when things get tough you will crumble.
YEARN is so new and the most hype project in all of DeFi or maybe even crypto as a whole. We could bottle up the hype and make money selling it on the street.
But it's all about what comes next.
And that's why THIS is the most important thing in $YFI / YEARN and it has nothing to do with the all-time high in price or that other product Andre conjured out of the air and released on us with no warning.
The outsiders have always said there are "too many cooks in the kitchen" and that governance will lead to the failure of $YFI / YEARN.
They probably felt smart and smug when the vote for YIP-30 (minting more tokens) was flipped and failed in the last three hours (story here).
It didn't look good and twitter was blowing up with hot takes on how $YFI was going to collapse and even some mini whales were exiting their positions.
But then this happened...
Quick update now that we’re a few days from the YIP-30/31 vote:
I’d like to lead by applauding @rewkang for pulling the e-brake and flipping the YIP-30 vote. In retrospect, it was absolutely the right move. The extra time afforded is already proving fruitful.
As Andrew mentioned, Delphi 17 has been engaged to develop an economic model for YFI. There is another superb firm, Gauntlet 8, that has been brought into the loop as well. @anderson & @rewkang are getting them up to speed, and we’ll keep everyone posted as this develops.
The above could take a couple weeks, but will be well worth it. These two firms are the best in the space, and would be an appropriate match for yearn.finance.
In the meantime, there’s plenty to be done! Please check out the Call to Action 58 post and contribute where you can.
Onward & upward.
Substreight is a leader in the $YFI community. He was pissed when the vote failed.
For him to come out publicly and say it was the right decision, applaud Andrew Kang and MOVE FORWARD on creating new economic models with firms recognized as THE BEST IN THE WORLD...
It speaks to his leadership and character.
Leaders put the team first and when they miss, they don't dwell. They push forward. That's exactly what is happening here.
The $YFI community decided that it was too early to mint more $YFI and the community came together to evaluate new options using the best experts in the space.
This early vote could have left us in different factions torn and divided.
Given the amount of money involved here, it probably should have.
But it didn't.
While it's still so early, we view this as a clear indicator that the $YFI experiment can work.
We can come together and remake finance for everyone.
When you're playing a long-term game with long-term people, this is infinitely more important than a temporary boost in price.
Also 10k by end of August thx..