DAO Stands for Developer Dictatorship
As YFI Operations Lead banteg says in reference to YFI governance token owners, “[YFI holders] know pretty well by now [DAO] stands for developer dictatorship.”
Around 7:00am EST yesterday morning, Andre Cronje tweeted to the world that Pickle would be merging with Yearn.
In the medium post written by Andre, he states how Pickle’s Jars and Yearn’s Vaults have merged. Additionally, he mentions that further integrations will be worked out in the future.
Many in the Pickle community were elated by the news, as they saw their PICKLE immediately rise by over 100%. Some in the YFI community were skeptical of the merger. Yet all were surprised.
There was no community vote that took place about the merger. The community was not consulted in any way. Besides a few insiders, both the Pickle and Yearn community were completely left in the dark. By noon yesterday, Yearn representatives confirmed with the community that Pickle devs had already been merged into yearn strategists groups.
Isn’t Yearn supposed to be a DAO, which stands for Decentralized Autonomous Organization? Isn’t decentralization supposed to be a cornerstone of crypto? Isn’t decentralization the crucial tenet regulatory agencies such as the SEC utilize when determining if a coin is a security or not? How was this decision made in a decentralized fashion at all?
Many community members were not pleased by what happened. One user, 0xD3F1, was censored in the Pickle Discord for questioning the decision making of Yearn’s Politburo. When asking for an explanation of this censorship, he was told in the most Orwellian manner that he was not “engaging productively and was attacking what the Pickle team and Yearn is doing.”
So, what were these messages that were “unproductive”? Our friend 0xd3f1 decided to call out the Yearn and Pickle team in the Pickle Discord for unilaterally merging the projects without asking for community input.
0xd3f1’s line of reasoning is completely reasonable, as even the centralized companies who we detest for being too authoritarian are required to get shareholder approval before going through with a merger.
Communities deserve to have a say in mergers. There are distinct risks when executing a merger. The technology of one entity could be faulty, or there might be questionable conflicting interests between various operators involved in the deal. Considering Pickle’s technology was exploited to the tune of nearly $20 million not three days ago, I would think that the Yearn DAO governance token holders would want to voice their opinion on this matter.
Yet banteg and Andre, who is the founder/dictator of Yearn, clearly didn’t think that a merger with a high-risk project was something that should be voted upon by community members. Heck, they must be thinking who even cares about the community?
According to banteg, the community is a “bunch of passive holders [who] are just free-riding on devs efforts and think that snapshot voting entitles them to anything.”
Yearn leaders deeply respect and appreciate their community.
Of course, banteg himself is currently paid a whopping $150,000 per annum by the Yearn community. So it begs to question, how was it decided to give banteg this incredibly large compensation package? He is entitled to this compensation because of a community Snapshot vote, of course!
Yearn and a wide swath of “De”Fi “ projects have zero respect for their communities. DeFi teams, who are literally paid by their communities, make unilateral decisions on the largest matters without the community’s input. They act more dictatorial than even the most centralized corporations.
When is the community going to step up and start demanding rights? When is enough, enough?
You are being taken for a ride by a bunch of anonymous developers who have no respect for you and just want your money. You are being shepherded like lamb to the slaughter.
Personally, we are sick of the censorship, centralization, and the exorbitant greed that exists in DeFi. We need to have places where community members can truly voice their opinions freely without being censored. We need all DeFi projects to be based on empowering the community rather than exploiting the community.
We built The Ether to be a space where communities can voice their opinions without fear of censorship. Join us if you agree. We will fight for your rights you.
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