PASSED - PROPOSAL 24 - LINKSWAP Release Reconciliation Bill

Abstract/Executive Summary: This proposal fixes various incompatibilities in proposal rules as written, as well as modifies some pre-existing rules to ensure consistency and prevent abuse.

Motivation:

The YFL Gov Vault v2 introduces a brand voting mechanism wherein different smartcontract (SC) parameters can be modified in an automated fashion by the voting contract itself. However, this new voting functionality (hereafter called SC voting ) is fundamentally incompatible with various aspects of previously written proposal and voting rules which requires the following amendments.

This proposal also modifies the handling of new funds deposited into the multisig treasury to ensure that the Stablecoin Fund receives funds as a hedge against YFL price volatility, as well as elimination of the vote to re-evaluate multisig holders due to breaking of Snapshot functionality.

Additionally, I propose a few minor modifications to some existing rules to prevent abuse and ensure clarity.

Specification:

  • Generally applicable changes & clarifications

    • All proposals now calculate quorum threshold at time of submission, instead of at vote end.

      • Explanation: Previously, this was calculated at the time of vote end. This change is to make the requirements for SC Voting and non-SC voting consistent.
    • SC Voting is subject to the same 3 day notice & comment rule as normal proposals.

    • SC proposals must include the exact text of the parameter inputs intended for submission to the SC.

  • PRP Clarifications

    • Individuals may exempt themselves from any or all PRP rewards for a particular proposal.
    • Individuals who submit proposals requesting Treasury funds shall not be eligible for PRP rewards unless they receive no direct compensation from the proposal itself.
      • e.g. An individual requesting 10 YFL from the treasury, of which 2 YFL is to be paid to him for his work is not eligible for PRP rewards. An individual requesting 10 YFL, of which he will receive 0 YFL for his efforts is eligible
    • Individuals requesting funding from the Treasury simply to cover project expenses (e.g. payment of an invoice) shall not be eligible for PRP rewards unless the drafter can demonstrate substantial additional efforts regarding proposal drafting/editing.
      • The determination of what activities satisfy “substantial additional efforts” is left to the discretion of the Treasurers.
  • Modifications to Expedited Voting

    • Expedited designations can now only be designated upon first publishing of a proposal.
      • Explanation: This is to prevent manipulation of expedited voting, where an individual posts a proposal and then changes the designation retroactively to force early voting .
    • SC Voting will still be able to utilize the reduced notice & comment periods of the Accelerated and Critical designations, but shall not be subject to the increased quorum & voting threshold requirements, nor the reduced on-chain voting times.
  • Treasury Modifications

    • Voting to determine whether or not the Treasurers (i.e. multisig keyholders) should be re-elected will be suspended until such a time as Snapshot compatibility with yYFL can be established.
      • Explanation: 90-days post-approval, a vote was set on Snapshot to determine if new elections should be held for the Treasurers. However, Snapshot is currently not compatible with yYFL and a fix will need to be implemented to allow for stakers to participate in off-chain voting
    • When the Stablecoin Fund is below the fund target ($100k USD), YFL shall no longer be exempt from conversion to stablecoins.
      • Explanation: When Prop14 was written, it was anticipated that incoming revenue from LINKSWAP would be in multiple different forms, and so YFL was exempted from conversion to stablecoins. However, it turns out that incoming funds will instead exclusively be paid in YFL. This change prevents the Stablecoin Fund from receiving $0 in effective funding, ensuring that its purpose as a hedge against YFL volatility is maintained.
    • Any incoming stablecoins shall considered to be part of the Stablecoin Fund and shall contribute towards the Fund’s fund-target.

Voting Options

For: Approve the above changes

Against: Reject the above changes

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