Yearn Finance reveals ‘Coordinape’ decentralized grant distribution platform

Yield vault protocol Yearn Finance has revealed today the details of “Coordinape,” a new platform for distributing the $40,000-per-month Yearn DAO community grants budget — just one initiative in a wider effort to further decentralize Yearn’s governance. 

Yearn founder Andre Cronje — who said in an interview with Cointelegraph that he no longer takes part in Yearn’s “day to day” development — revealed the program in a blog post this morning.

Each Coordinape member will have a set quantity of “allocation points” which they can distribute to other members who they worked with during a given month. Members with the most interactions and allocations will receive weighted portions of the grants budget.

While there are other tools for programmatically distributing rewards, such as Colony, a recently re-released DAO platform, core Yearn operations member Tracheopteryx said that a in-house solution was necessary for Yearn’s unique needs.

“We have a monthly grants budget of $40,000 and dozens of active contributors. How do you decide how much to give each person? You could use a DAO to decide on the allocation for each person one by one, but that doesn’t scale,” he Title: Yearn Finance reveals ‘Coordinape’ decentralized grant distribution platform
Sourced From: cointelegraph.com/news/yearn-finance-reveals-coordinape-decentralized-grant-distribution-platform
Published Date: Thu, 01 Apr 2021 00:29:01 +0100

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