Proposal for Yearn Ecosystem Token Index (YETI) - a PowerPool index consisting of YFI, SUSHI, CREAM, AKRO, COVER, K3PR, CVP, PICKLE

YETI will create a simple vehicle to invest in Yearn’s ecosystem, while also coordinating governance among its protocols through meta-governance.
The index will serve two purposes.

For investors it would create a passive vehicle for broad exposure to the Yearn ecosystem - like an index on the Yearn conglomerate of protocols.
For Yearn it would be a way of formalizing its recent mergers, aligning the treasuries and governance systems of the protocols in its ecosystem.
PowerPool is uniquely equipped to build such an index.

With PowerPool tokens in the index will not just sit idly.

Tokens will be put to work in Vault strategies as well as used to vote on governance proposals in the Yearn ecosystem using PowerPool’s meta-governance approach.
Token holding is an active game - it’s often how you receive incremental yield from your tokens.

YETI will provide investors both passive investment exposure and passive participation exposure (let PowerPool make productive use of your tokens).
Look forward to hearing the community’s feedback on this proposal.

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with Ryan Watkins

Ryan Watkins Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @RyanWatkins_

3 Dec
Ethereum often gets criticized for its “loose” monetary policy.

However after Phase 1.5 (ETH 1.x merge into ETH 2), it is likely ETH’s annual inflation rate will drop well below 1% if not 𝗻𝗲𝗴𝗮𝘁𝗶𝘃𝗲.

At this point ETH’s inflation rate would be far lower than BTC’s.

1/ Image
If you’re an Ethereum skeptic you’re probably thinking “how is this possible?”

It all starts with Ethereum’s shift to Proof of Stake (PoS).
One of the core value propositions of PoS is that stakers are theoretically more willing to pay significantly higher capital costs per a dollar of rewards.

This is because they only face an opportunity cost on their investment and don’t experience any depreciation (like ASICs).
Read 14 tweets
2 Dec
ETH 2.0 transforms Ethereum the blockchain, but what about ETH the asset?

In ETH 1.x ETH is used as a money and commodity.

In ETH 2.0 ETH will also be used to produce income through staking.

The combination of the 3 will make ETH one of the most unique assets in crypto.

1/
Let’s start with ETH’s properties in ETH 1.x.

In ETH 1.x ETH possesses store of value properties through its use as collateral in DeFi and use as Ethereum’s native currency.
In ETH 1.x ETH possesses commodity properties through its use as “digital oil”, being used to pay for block space.

This analogy to oil will be especially powerful once EIP-1559 is implemented and the majority of tx fees are burned - literally converting ETH into block space.
Read 15 tweets
1 Dec
ETH 2.0 is finally here and will transform Ethereum as we know it.

But what is the philosophy underpinning ETH 2.0? And what is Ethereum building towards?

It all starts with the idea that Ethereum is the foundation of a social contract for the global economy.

1/
Ethereum is a global public good that is open, borderless, neutral, transparent, and censorship-resistant.

Ethereum provides a system of property rights, rules, and economic opportunity for anyone in the world with an internet connection.
With Ethereum users and builders are sovereign and able to determine their own economic destinies.

This is important in an age of declining trust in institutions where many people don’t have access to stable systems of property rights or economic opportunity.
Read 14 tweets
24 Nov
When I think of why so many people can't get comfortable with ETH as an asset, I think of Taleb's concept of a Procrustean Bed.

ETH doesn't fit into reductive categories or cookie cutter narratives - it's just different.

And that's fine, it highlights how unique ETH truly is.
Often times when people discuss what money is on here, they attempt to jam cryptocurrencies into some preconceived notion of what money is.

Isn't the whole point of all this that we're reinventing money, not simply digitizing it?

What money is, is changing.
Btw none of this is to say that we should throw all history and analytical models out the window.

This isn't a "Bubbles are mathematically impossible in this new paradigm" tweet.

Its just that old models may not be perfect for understanding what's going on here.
Read 4 tweets
9 Nov
On November 18, Zcash will undergo its first halving which will drop its inflation rate from 25% to 12.5%.

But will it matter?

And where does Zcash fit into the crypto monetary stores of value anyways?

1/
The problem with Bitcoin, and nearly every other cryptocurrency, is that they’re completely transparent.

Even just making a simple payment to a counterparty may reveal your entire financial history on Bitcoin - a status quo that is unacceptable to many.
messari.io/article/zcash-…
Storing your assets in transparent addresses and attempting to “anonymize” them through technologies like mixers only to return to transparent addresses doesn’t solve this issue.

Read 13 tweets
2 Nov
The idea that token holders can passively extract rent without providing equal value to a protocol is unsustainable.

In the long-run, token holders will likely need to be active network participants or assume some of the risk of the system to be viable.

1/
Projects like Maker are at the more ideal end of the spectrum.

MKR holders backstop the entire MakerDAO system.

For assuming this risk they are rewarded with the systems’ income.

This risk also incentivizes MKR holders to be active managing the protocol’s risk.
At the opposite end of the spectrum are tokens that simply extract fees from owning the property everyone uses.

They need not assume any of the systems’ risk.

In many cases they just vote on proposals that protocol politicians create, who so far are just unpaid labor.
Read 9 tweets

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!