VIP 1: Opening YFV Staking Pool v2

SUMMARY:

YFValue team found out the Staking pool exploit and decided to close and burn the current YFV staking pool by Friday, August 28, 2020 2:00:38 PM GMT+0.

In effect, this will amount to a 14.7% supply burn (3,087,000 YFV).

We are working on a plan to migrate to a new staking pool as soon as possible.

MOTIVATION:

While YFV staking pool will close soon, there’s a need for a new YFV staking pool for YFV holders.

Since the governance key of YFV has been burnt, there is no way to add a new YFV minter. This Staking Pool v2 will reward stakers in vUSD and vETH instead.

On top of that, there will be a share from profit of the upcoming Value Vaults going directly to YFV Staking Pool v2 stakeholders.

Value Vaults is the next core feature of YFValue in order to achieve long-term profitability of the token. More technical details and concepts of Value Vaults will be introduced soon.

We would like to give the decision to the community, YFV Staking Pool v2 opening will be up to community votes. If Yes, the pool will be opened on Monday, August 31, 2020 2:00:00 PM (GMT+0) — one hour after Staking Pool v1 closes.

MECHANICS:

Community will vote for:

  • Open or not open the YFV Staking Pool v2
  • How many weeks should the pool be opened
  • Total rewards in amount of vUSD and vETH
  • Share percentage of profit made by Value Vaults to be shared
  • How long will un-staking frozen time be

Note that the new pool contract will only allow other staking pool addresses to stake on your behalf, so there is no malicious individual could do timer reset attack anymore.

The on-chain voting will be opened by Wednesday, August 26, 2020 4:00:00 AM (GMT+0) and will end at Friday, August 28, 2020 12:00:00 PM (GMT+0)

(For Voting, only top 50 highest voting-power farmers’ votes will be counted. If there’s already 50 votes and your voting-power is lower than those voted, you cannot vote anymore)

Current qualified voters and their voting power are people who have been staked in the current disable stake pool. You don’t have to stake now in order to vote.

Upon ending, the pool will be opened according to the parameters voted at Sunday, August 30, 2020 2:00:00 PM (GMT+0); or not open at all depends on the votes.

User Interface (to be launched before Wednesday, August 26, 2020 4:00:00 AM GMT+0):

FOR: open YFV Staking Pool v2 with duration and rewards up to community votes.

AGAINST: not open YFV Staking Pool v2

Bring True Value to DeFi — https://valuedefi.io