DRAFT - Proposal 17 - Establishment of the YFL Wounded Waffle Regiment

DRAFT-Proposal-Establishment of the YFL Wounded Waffle Regiment

Abstract/Executive Summary :

This proposal establishes and provides a funding mechanism for a YFL Wounded Waffle Regiment (the Regiment). The Regiment will be funded with revenue derived from interest distributed to the Linkswap YFL Staking Vault.

The passage of this proposal also establishes that all funds distributed by the Regiment solely be used for the purpose of helping compensate qualified YFL community members, who can demonstrate they have had their YFL unjustly and malicious taken by participants in cryptocurrency ecosystem.

The parameters regarding leadership, expenditure, and qualification of Regiment funds will be directed by YFL holders in other proposals.

Motivation :

This proposal should be implemented because it establishes and funds a unit in the YFL ecosystem to carry out the specialized mission of financial recompensation to qualified YFL Marines who fall victim to malicious cryptocurrency scams, and bad actors.

While this proposal does not establish compensation values, nor specifics on how and who qualifies for relief from this fund. It does take the first step of establishing such a unit, and paves the path for future proposals to provide detail and granularity to the development of the Regiment. (i.e. Prop 4, as defined by Prop 14).

Furthermore, the idea is to have the funding, and benefit gained by having the Regiment, work in harmony. For example, qualification criteria might require an applicant for Regiment relief compensation to have had, or have staked YFL in the Linkswap YFL Staking Vault for a period of time/certain amount.

Additionally, the broader aim with the passage of this proposal is to create further financial benefit to being a YFL holder and YFL community member. The Wounded Waffle Regiment serves to add a layer of safety and comfort to those in the cryptocurrency community who have invested their time, money, and attention as a YFL Marine.

Counter Argument
A potential alternative is to not create this unit because it forces the community to pull extra profit from other YFL holders and might disincentive YFL Vault Stakers by reducing their overall profits. However, with the right incentives and qualification criteria we can use this unit to incentive members to stake potentially larger amounts for longer in the Linkswap YFL Vault. Knowing this Regiment will help you adds a layer of support, safety, and loyalty to being a YFL member.

Finally, this proposal gives the YFL community an outstanding opportunity to demonstrate to the potential “DeFi Chads” that the YFL Marines are a band of brothers willing to put their combined resources into action to ensure our true community members do not die on the figurative battlefield.

Specification :

10% of all fees to be distributed to YFL Vault stakers will be directed to the Regiment address to maintain a $50,000 USD buffer. The accrual of the Regiment address funds will always be subordinate to the accrual of the Stablecoin Fund buffer.
These funds should be in the form of a USD pegged stablecoin to prevent issues around volatility, excluding Tether.

Funds are to be held in a multisig wallet, the keys of which will be granted to @Startale @Originality, and Cole for an initial period of 90 days following the approval date of this proposal, after which a new proposal will be generated to modify these holders (or not) as the community sees fit.

Please note that this proposal does not address the terms and conditions for disbursement, qualification, or amount of relief provided to qualifying YFL Marines from the Wounded Waffle Regiment funds. Those will be addressed by future proposal passage.

Voting Options

For :
Establish the Wounded Waffle Regiment.

Against :
Do not establish the Wounded Waffle Regiment.