[OLD] YFLINK Blackpaper

[THIS IS AN OLD DRAFT THAT WE PUBLISHED ON THE SITE IMMEDIATELY BEFORE DEPLOYING THE $YFI MINING]
[THE FINAL VERSION OF THE POST IS AVAILABLE AT: [LINK]]

What would happen if we could capture in a token, with a transparent market price, the value of the attention of a highly coordinated group of LINK marines? Let’s find out marines.

Display Adaptability

[WARNING: DETAILS MAY DIFFER FROM FINAL]

Marine Sergeant Robert “Bobby” Shaftoe is my absolute favourite character from Neal Stephenson’s classic novel Cryptonomicon.

Shaftoe is every bit as tough as you’d expect a marine veteran of Guadalcanal and Corregidor to be.

His life is a total mess. He has a wife in the Philippines, and a child he’s never met. He’s a junkie and can’t function without morphine.

He’s deadly, of course, but he’s also down to earth. He’s funny. He’s curious, fiercely loyal and duty bound.

When someone complains to him about all the hurt that stands between them and something that needs to get done, his inevitable response is to tell them to “display some fucking adaptability.”

And boy does he display adaptability himself.

At one point in the novel, a German U-boat crew discovers him shipwrecked while he’s carrying critical intelligence that can’t fall into enemy hands.

As he sees the U-boat approach, Shaftoe reaches into his pocket for his cyanide pill, only to find that it’s been dissolved into mush by the frigid salt water.

So he friggin adapts.

To the bewilderment of his would-be captors, he dives deep underwater in an attempt to drown himself. He would have succeeded too had the Germans not plucked him out of the water, unconscious, to resuscitate him.

Talk about hardcore adaptability!

THE IDEA FOR YFLINK IS BORN

Sometimes when I’m paralised by fear, doubt and uncertainty, I think of Shaftoe barking at me to display some adaptability.

This Friday I was joking around with a group of friends on Slack (I spend way too much time on Slack) about what seems to me like the beginning of a Cambrian explosion of YFI forks.

Whatever YFI holders might think of the phenomenon, it seems pretty clear to me that Andre Cronje himself, in true open-source spirit, is all for his work being forked, mutated and adapted.

[tweet]

Which got me thinking, what if we took Andre Cronje’s phenomenal work, forked it, and adapted it for marine use.

We’d get the party started by finally bringing some well deserved yield to LINK marines.

Then beyond that, where else might this experiment take us?

What might happen if marines poured some cryptoeconomics into the engine of LINK’s legendary meme machine?

What kind of influence might marines wield if they managed to form a 5%, 10%, heck maybe even 15% LINK block?

What started out as a joke amongst a group of friends suddenly started taking shape as an idea that got us excited.

I started toying with the idea of taking charge, somehow pulling a team together and bringing this idea to life over the course of the weekend.

And that’s when I felt it. That cold grip of fear and uncertainty and doubt wrapping itself around my gut.

What if I can’t pull a team together?

What if I pull a team together, but we can’t move fast enough?

What if we somehow move fast enough, but then LINK marines hate the idea?

What if marines get really excited about YFLink, but then governance led by marines turns out to be a terrible idea?

It was almost enough to make me abandon the thought and go back to my routine of staring at yieldfarmer.info and hitting refresh every few minutes to see my YF2 balance tick up.

Thankfully that’s when I thought of Shaftoe barking at me to display some fucking adaptability.

Do you think LINK marines shrank like violets the moment Vitalik tweeted no oracle was worth $32 million?

Do you think LINK marines ran for the hills when ZeusCapital put a 7 cent strong sell recommendation on LINK?

Do you think LINK marines curl up into the fetal position every time Chainlink TG admins say there is no timeline for releases, they occur when they’re ready?

Of course not! LINK wouldn’t be the $7 billion dollar juggernaut it is today if marines hadn’t pulled their socks up, adapted and soldiered on.

So I thought screw it. Gotta risk it for the biscuit. Let’s do this.

But to have a decent shot at this, I was going to need all the help I could get.

FIRE TEAM

I called my good friend Link_0x (not his real name). He knows everyone in crypto, has incredible ideas which have turned into big crypto projects.

Two minutes into the call he laughed out loud and said this was going to be huge.

He told me to reach out to MrPineapplePen (also not his real name). This was going to be a hectic weekend.

MrPineapplePen is one of the best smart contract developers I know and pretty soon after we got off the phone we were planning out how best to adapt Andre’s YFI contracts for marine use.

San, another long time friend of mine, you wouldn’t believe the legendary projects he’s led and is leading if I told you. He happened to be free this weekend and jumped at the chance to work on something fun.

And last but not least Ashitaka, by the time we jumped on our first Zoom call he had fired up the YFLink growth engine and recruited marines who started pumping out memes that made it very hard to focus on the launch of YFLink itself!

THE PLAN

With the team recruited, we came up with a plan.

Who knows if it’ll survive contact with reality, but here it is for whatever it’s worth.

We’ll start by forking Andre’s revolutionary Yearn contract and switching it to accept LINK instead of yCRV.

This contract, let’s call it Pool 0, will allow marines to mint the very first YFLink governance tokens.

[Soon after we’ll fire up Pool 1, which will involve marines putting a combination of LINK and YFLink into a Balancer pool, taking the resulting BPT tokens and stake them in the YFLink Pool 1, thus allowing marines to earn Balancer rewards while also minting YFLink tokens.

Assuming all goes well, we’ll open up Pool 2, which will allow rabid SNX fans to post their sLINK and YFlink in another balancer pool, again allowing them to earn both weekly balancer rewards and mint YFLink.][THESE MAY CHANGE]

Now, if you don’t know what any of this means, display some adaptability! :slight_smile:

Hop onto Discord[link] or Twitter[link] and ask a brother for help in figuring this out.

THE YFLINK TOKEN

At the end of all this merry go round, you’ll end up holding YFLink.

What does this YFLink token do? Well that’s up to you marines.

It’s a governance token. It allows a group of marines to vote and make decisions.

Decisions about what? Well, you tell us. Anyone can submit a proposal. Everyone can vote with their YFLink tokens.

FIRST PROPOSAL: MEME COMPETITION

We thought it would be cool to take YFLink’s governance mechanism out for a spin with a meme competition.

We’ll post more details later but it’ll be pretty simple.

If you hold even a tiny amount of YFLink, you can submit a meme as a proposal for the meme competition.

You can then tweet your meme proposal out to your network to gather votes.

The winner will have their meme hosted on the front page of the YFLINK site until the next meme competition, plus an award that we’ll announce soon, possibly YFLINK.

Personally, I’m quite excited about seeing what happens when we pour a little cryptoeconomic incentives into the engine of the legendary LINK meme machine!

OTHER PROPOSALS

We thought it would be a good idea to use YFLink to govern something other than memes.

Perhaps you agree, or perhaps you don’t, end of the day, your vote decides!

We have a few ideas ourselves, but have also heard some awesome ideas from a few marines we’ve been speaking to.

If you have any ideas, please do post them on [governance site]

A WORD ON TOKEN VALUE

We’re taking a page out of Andre’s book here and saying this token should be valued at ZERO.

NO PREMINE

[Make clear here team will mine [8%?] to ensure we have resources. Then marine influencers will get maybe an hour advance warning to incentivise them to get the word out to marines fast. We don’t want emission to be swamped by Defi killer whales]

INSTA KEY BURN

This is a bit of a tricky decision, because on the one hand, you want to give marines the ability to easily change YFLink’s emission schedule.

On the other hand though, giving one person or a small group of people the right to change emissions at will is way more risk than we want to take on.

So from the very start of YFLink, we are burning the contract keys.

Which means that no one, not even us, can change YFLink’s emission.

If at some point marines decide they want to change the emission schedule, it’s still doable, however it will require everyone to migrate onto another token.

POOLS AND EMISSION SCHEDULE

[INSERT CHART W FINAL EMISSION SCHEDULE]

[DESCRIBE POOLS AND EMISSION SCHEDULE]

RISKS

Where to begin haha. This is super risky.

For starters, for all of Andre’s and our great care, for all of the tens of thousands of dollars that Balancer and SNX have spent on audits, these contracts are liable to explode in a glorious fireball of bits at any moment and without warning.

Handle them like you would a jar of nitroglycerine.

Second, we the fire thing that started this crazy experiment all have day jobs, so at any time one or more or even all of us could decide to pull a Satoshi and “move on to other things”.

If that ever happens, it’ll be up to marines to display their adaptability.

Third, I’ll repeat this again, this token really should be valued at ZERO.

Fourth, if it’s not entirely clear already, this whole experiment could collapse into a heap.

And fifth, it’s actually something I personally worry about, some whale comes in and scoops up a disproportionate amount of the vote. That would be a bummer. We’ll do our best to mitigate that.

So there you have it marines. Consider yourselves briefed. Excited to see where this leads.

And please do join us on Discord and Twitter to start this experiment!

Let’s roll out!

Shaftoe

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