DRAFT - YF Link Node

Abstract/Executive Summary :
YF Link shall become a Chainlink node operator.
YF Link shall run a Chanlink Node (the Waffel Node); staking YFL shall enable stakers to provide LINK in a non-custodial way in order to be used as collateral for the node as soon as STAKING is realeased by the Chainlink team.

Motivation :
YF Link has the objective to support and coordinates marines to form a solid LINK block, to do that, the goal is to attract a community of builders, holders, and contributors specific to Chainlink and its aims. YF Link ultimate goal is to help support the Chainlink ecosystem. One of the best way to do so, is to actively participate to the Chainlink network with a node.
YF Link shall allow and prioritize YFL holders who stake YFL to provide LINKs to be staked through the node and share the revenue generated with both the LINK providers, the goverance stakers and tresaury.
Running a Chainlink node will help realize one of the YF Link goals, at the same time the revenue sharing mechanics will also benefit YFL and increase the interest in locking YFL. Tresaury will also benefit from a share of the revenue which might also be diverted in the others YF Link products (e.g. LINKPAD).

Specification :
The node will be run by a YF Link Team which will be responsible of:

  • managing the infrastructure
  • constantly work to increase the number of request fullfilled by the node
  • constantly work to gain access to exclusive API to be serve through the node
  • keeing the node visible & reputable (e.g.: register the node: market.link, reputation.link, etc)

The first 3 months of node operation costs shall be financed by the tresury; this includes infrastructure costs, operation costs (ETH gas) but does not include the efforts from the YF Link Team (the team will initially work “for free”).
After 3 months (according to the expectations) the node shall be capable of produce revenue to finance itself; in this case revenue from the node will cover the complete node operation costs: infrastructure costs, operation costs (ETH Gas), and YF Link Team compensation for the time invested in the tasks. Every expense shall be clearly documented.

There will be 2 phases:

  • Phase 1) before Chainlink staking becomes available
  • Phase 2) after Chainlink staking has become available

Phase 1)
Aim of the node is to serve as many subsidized feeds and requests as possible. LINK revenue shall be used to cover the node operation costs of the past month, ETH required to cover the costs shall be obtained through LinkSwap. The remaining amount of LINK shall be converted to YFL via LinkSwap and it shall be subdivided as follows:

  • 80% Governance Vault Rewards
  • 10% Tresaury
  • 10% LINKPAD

Phase 2)
Aim of the node is to serve as many subsidized feeds and requests as possible, in addition to that the node shall use staked LINK as collateral for high value requests. A smart-contract shall allow YFL holder to trustlessy stake YFL in order to obtain the permission to provide LINK collateral to be staked. 1 YFL shall allow to provide 2000 LINK as collateral.
LINK revenue shall be used to cover the node operation costs of the past month, ETH required to cover the costs shall be obtained through LinkSwap. The remaining amount of LINK shall be converted to YFL via LinkSwap and be divided as follows:

  • 75% LINK collateral Providers
  • 15% Governance Vault Rewards
  • 5% Tresaury
  • 5% LINKPAD

The mechanics and the values provided are an initial proposal. This vote is made in order to find if interest in pursuing this objective is present. If the vote passes, efforts will be made to:

  • Build a team with the required capabilities (infrastructure management, API providers or enablers, etc)
  • The team shall execute a “make or buy” decision for the node (managed by the YF Link Team, or managed by an external entity e.g. Linkpool.io)
  • The team shall provide an estimation for the monthly node operation costs
  • The team shall finalize the mechanics and the parameters provisionally provided in this proposal.
  • The team shall present the decisions to the goverance

Voting Options

For

Build a team to run a YF Link Chainlink node initially financed through treasury.

Against

There is no interest in running a YF Link Chainlink node.

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