We cannot change the cards dealt to our hands, but we can change our play.
Players who are proficient enough to roll the number of dice they want are equivalent to rewriting the rules of the game, while others can use chance cards and hope that they will not be eliminated.
In the struggle for decentralization, there are often controversial moves in the process of actively gaining market share.
The industry is still small, and for teams with common goals, it makes sense to choose to merge with other projects instead of reinventing the wheel. For example, yearn.finance recently merged Pickle, Cream, Cover, and today’s Akropolis.
But where is the red line of this conglomeration?
Pickle, CREAM, COVER, now Akropolis. (Now it’s sushi)
Yearn is building an empire.
When YFI was introduced, its identity tag was a “token” that could be used to manage Year’s “control mechanism, configurable fees, maintenance control and modifiable rules.”
In the article “DeFi Field Mergers, Acquisitions, Alliances, and Cooperation” published by Yearn founder Andre Cronje, he suggested that the role of governance token holders can be compared with the role of Ethereum miners-they can both decide whether the agreement is upgrade.
Since the recent merger does not involve any fundamental changes to the YFI agreement, this means that governance token holders have no say in any merger or acquisition.
This has caused some YFI holders to doubt their identities.
Yearn Finance governance voting is non-binding, which makes voting more symbolic, rather than inherent in the operation of the agreement.
Although the secretly announced partnerships and private transactions are not in line with the usual governance control or decentralized value, most YFI holders are not concerned about the seeming reduction of their responsibilities, but are more concerned about “price increases.”
” Ivangbi : If you put one product on top of another product… and everyone charges a fee, how far can you extend this model so that everyone involved gets “sufficient” fees? Think about it. The merger of yearn.
Larry Cermak : As long as the price goes up, why should you care”
The developers at Yearn are obviously smart and can make their own decisions, and anyone who spends a lot of time and energy to develop the product will have the greatest benefit.
However, do these interests conflict with the interests of the entire industry?
Apart from the unlikely selfless dedication, Yearn has little reason not to continue to buy market share and provide more services to its users.
This may result in a strong financial monopoly, even more centralized than our current system, so it is understandable that this kind of acquisition frenzy may make others feel uneasy.
We have been working hard for decentralization, but the yearn merger seems to be going in the opposite direction, and we seem to be encouraging this behavior.
However, we all know that many of the “decentralization” and governance “controls” adopted by many projects are just to avoid legal problems.
For now, as long as this protocol control is feasible, it is good.
Yearn has provided power for the new era of DeFi Lego, creating something that is not just a protocol. Yearn can become a powerful resource. All DeFi projects can be used and reused and created on a solid foundation while maintaining the highest safety.
We are beginning to understand that this new protocol control method is most suitable for use as a hub rather than a switch.
In fact, these actions by Year are not so much a “merger”, but more of a “partnership”. There may be nothing to worry about, but it does clearly show how much power Yearn has in such a small industry.
Most of the recent hacking incidents have come from Yearn v1 because people have copied it. If Year intends to become a safety standard, will v2 be more resilient?
Yearn is forked>people make mistakes>forked project is abandoned, acquired by Yearn>Yearn grows.
The builders of DeFi have begun to collaborate behind the scenes, and our recent white hat rescue mission has proven this. It seems that the only difference is that these teamwork is made public, and the agreement is reborn through Yearn’s reputation.
Anyone who wants to decentralize the production process of DeFi can do so without permission.
