YFLINK Post Launch Update

Wow, what a ride $LINK marines!

Huge thanks to every marine who has joined this crazy experiment.

We haven’t even gotten started yet :)

So far we have about $5.6 million worth of LINK in Pool 0 and nearly $1.5m worth of assets in Pool 1.

As far as yield farming goes, that’s actually not that big.

And I’m very happy about that because ultimately our job is to get this governance token into the hands of LINK marines.

My main concern was that the defi yield farming whale crowd was going to get in the way of getting this token into the hands of the LINK marine community.

So far it looks like we’re avoiding that pitfall which is great.

I think governance tokens are kicking off a revolution in how we build online communities.

Communities that are effective, organised and can work together to achieve whatever objectives they decide to set for themselves.

Now imagine trying to build these communities using the VC model.

You’d raise capital, hire a PR agency, launch a marketing campaign etc., and as soon as you know it you have investors breathing down your neck to throw the community under the bus so that they can make a return on their capital.

I’m not hating on them, by and large they are fantastic and for all their faults I think they have made a huge contribution.

But you’d be dead in the water if you tried to use that model to build a sustainable, cohesive and purposeful community.

It’s still an experiment, but our suspicion is that a liquidity mining program works much better for this end.

No one has to buy a token, you basically ask people to signal with their existing assets whether they are interested in exploring an idea together, and once they have the governance tokens, you give them their money back (still huge contract risk guys, don’t forget).

As we’ve been working on this project for 7 days with no sleep, we are starting to develop a vision that we want to share and explore with you guys.

At the end of the day, even I and the other creators only have about 1% — 1.4% each, and no one else received more than 1% individually (I’m pretty sure, I need to check but I’m pretty sure) during the early mining program.

That is to say, we are all just one voice amongst many.

But I think with the help of a governance token, there are a ton of things that we can do that have never been attempted before.

But first we need to learn how to use this governance mechanism so that we can get used to working with it, start small and work our way up, and then explore the edges of its capabilities.

Coming up over the coming days we will have (in no particular order):

1. More details on Proposal #1 (or #0 I think it appears as) re the $LINK meme competition
2. A blog post responding to a question we get often about how this is different to YFI and _in particular_ yVault. TLDR it’s a completely different animal
3. More discussion on the specific types of initiatives that we could work our way up to achieving
4. A blog post with some details as to what happened before launch during the early mining period. We weren’t able to provide live updates so we decided to just circle back once it was done to explain what happened . . .it was a wild ride xD
5. I’d like to turn our attention to gov.yflink.io and flesh it out, start capturing some of the communities ideas
6. An AMA with Ashitaka and myself, I think that’ll save us a lot of typing 😂

The core team needs some rest, we’ve been on 2 hours sleep for 7 days straight.

I need to see my family again xD . . . I’ll still be checking in but less than over the past 7 days . . . and then on Monday (it’s Friday eve for me), I’m super pumped about coming back fresh at this, there is so much to do I can’t wait.

Before I go though, I want to emphasise that this liquidity mining thing goes on for 4 weeks.

Four weeks. Guys really there is no rush, there is plenty of room for anyone who wants to join us on this crazy journey, the more the merrier.

Also been getting questions on lock ups. There are NO LOCKUPs for liquidity providers or influencers. None.

There are some lockups for myself and Ash (50% now, 50% on delivery of first product) and Link_0x / San / MrP (I think 85% now, 15% on delivery of first product, from memory).

I have been investing prolifically in crypto for over 3 years and I see this dynamic of grandstanding about “oh we’re locking these investors up because isn’t it the right thing to do”, “oh if you don’t lock them up they’re going to spook investors”, or my favourite “oh, they’re all gonna dump it’s going to kill the project” ra ra ra.

I can tell you having been on the investor side dozens and dozens of times, and seen this movie so many times, my view is it has nothing to do with the health of the project and everything to do with investors wanting to secure a lucrative effort.

Often by restricting near term supply, in order to maintain unsustainable prices that suck in retail demand who aren’t thinking of the wall of tokens that’s going to be shoved at them at unsustainable prices, or “distributed” to them as the euphemistic technical trading term is.

That’s the true motivation, in my experience. Just one (anonymous) guys’ view.

And I hate it.

How many times has Bitcoin collapsed 60+% in the blink of any eye? I’ve lost count. Sure it’s scary, but so far it hasn’t killed Bitcoin.

Pick any surviving alt, like SNX just to take one example. Look at their chart, it’s like a 90% implosion back from the peak of their Havven days.

And look at them now. Absolutely killing it.

So I’m calling bull on that.

Price drops don’t kill projects. Price drops kill investors who haven’t thought through how much pain they’re willing to bear for a risky endeavour.

Fortunately, we didn’t raise any capital 😄

So we have the luxury of doing this a little differently, and we don’t have to play this meaningless game of chicken with market participants.

When you look at this thing, YFL I mean, it has 85,000 tokens.

ASSUME IT WILL ALL BE MINED AND RELEASED BY THE END OF THE MINING PROGRAM.

And then your market cap is what ever you think the fair price x 85,000.

Done. Problem solved. Let’s move on.

I’m happy to tell the market our plans and let the market price do its thing.

None of this circulating vs total smoke and mirrors.

Let the market do its job on an informed basis.

So that we can focus on the more important job of building out this community to its full potential.

And with that, I wish you all a great weekend and looking forward to jumping back into this refreshed.

Shaftoe out!

P.S. per our blog post, since about 6 hours after launch, the embargo on team mining lifted.

We are only allowed to mine on Pool 1 for this week. Then any pool after that. I am mining.

My current intention, if I can pull it off, is to build up a stake up to about 5%.