Dovey here, and what's my motivation in helping YFII

since lots of community members question my motivation in helping YFII, was doing a Decrypt interview they brought up this again. Thought it’s helpful to be fully open here on the forum. This is only my own perspective, I can be totally biased. For anyone who’s new to the project, don’t trust, verify. Telegram, Wechat, Discourse this forum, Twitter are the channels where you can find more first-hand data. Given majority of the community are on Wechat speaking Chinese, so if you are none- native Chinese speakers you will need extra effort in verifying

I have been known as an active Defi critic for years. All my criticism are not blind troll/fud but rather rational concerns like 0_9-UeqQmddP2VREAo

you can find more by scrolling down on my twitter feed and many other public presentations etc. even now I’m still holding most of my concerns and reservations, especially on the contract security and being self-accountable of defi (how ppl can safely interact with all these tools without being scammed or hacked). I farm both YFI and YFII, more on YFI as i have better confidence in the smart contract security before the smart contract audit came out today for YFII. Throwing money on contract uncertainty it’s just dumb, this is what happened to whoever farm scams like YYFI which already exit scammed …

Being rationally critical on stuff means you actually care, total indifference is the ultimate “i don’t give a shit”.

Defi imo is not narrowly “defi product on ethereum” it’s the fundamental thesis of our industry, to get rid of middle man, avoid counterparty risk and eventually be self-custody and self-sovereign. Bitcoin is the biggest defi, and money is its biggest application. Ethereum is massively contributing to defi by making other applications possible with its versatility and vibrant dev community

Like many folks out there at first, I thought YFII is a full-on scam, like many other crypto scam in China

later i think it might be semi-legit when community vote to burn the owner key

then when balancer bans it arbitrarily without even warning, leaving the devs were very vulnerable with no choice but to fork balancer, i think I might be able to help

As human being, we build confidence by tracking patterns and collecting data. I knew the leading dev David for years (like I also have my faith in Andre for YFI), spending time in the Chinese community, hanging out with other folks who voluntarily help YFII bootstrapping, seeing how other defi big dogs not so defi …most importantly, knowing how big of the gap between the Chinese and Western community is in general, especially under current geopolitical tension and COVID19 chaos, everything adds up together to make me want to be a volunteer diplomat for YFII

I used to have little to no hope in the Chinese community when it comes to defi, dao, or community governance in general, which I’ve said it many times publicly. There is no even common sense of “what governance is” and how a community can manage themselves systematically from bottom up, stuff like separation of power is unimaginable for most ppl too. and rarely ppl know how to “own” a thing. Thousands of years of Feudalism and current political set up gravitate society into a big herd, and the baggage is heavy

My biggest motive now, maybe my recent tweet can summarize it “I sincerely hope this attempt, can be a good learning experience for the Chinese community to start an effective DAO, a bottom up governance, a real movement from the ppl that’s for the ppl” I have no idea where YFII is heading to, but it so far has largely exceeded my expectation, and i see a beam of hope for a real community-driven, bottom-up project, with the founding members are being super open-minded and with the passion to learn and experiment

Finally want to repeat what i shared with Andre earlier today why the fork is not a fork, but essentially a different gene expression of the yearn genome: Using the term “fork” in the context of Yearn is confusing. A better biological analogy here it’s the cell differentiation at the epigenetic level : Same genome but a different expression, eventually we are all planting the Yfi gene (Epigenetic means environmental factors can affect gene expression, hence resulting in different observed phenotypes)

Unlike a PoW fork like Bitcoin vs BCH (same hash) have to complete for the LIMITED ASIC capacity in a given time, YFI and YFII are not cannibalistic in the sense that the capital resources, for the current scale of defi, is relatively UNLIMITED if it can sucks in from left and the whole fiat money printing scheme from central bankers

True Defi has no border, it’s too early to be zero-sum, or trapped in idealistic exceptionalism/narcissistic of small difference

Long Defi, short Cefi


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“Like many folks out there at first, I thought YFII is a full-on scam, like many other crypto scams in China”


Thank you for what you are doing! There are lots of people who want to learn about the Chinese community and participate in the dao, please pass the message on. :slight_smile:

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I do propose that YFII team could issue a detailed comparison between YFI AND YFII, it’s helpful to let people understand YFII correctly. an article with comparison table(easy to identify) is better.

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An inspiring message that reaches beyond the yfii community :clap:

The importance of the work you’ve been doing to help bridge the gap between the yfii East and West community can not be underestimated. I have been following all of your updates with great enthusiasm.

Thank you @dovey!!

Yes, this is a common question in the telegram and discord groups

Thanks dovey messaged you on tele for the collab

As someone from middle regions residing in south-pole, I’ve seen this huge gap happening in east and west and more so recently due to the pandemic. As a decentralized Autonomous Organisation (DAO) it’s important to bridge the gaps and communicate affectively.

YFII initially emerged from china because it originated from Chinese wechat blockchain developer caves, which made YFII sit at a very fortunate position in the community and quickly gained adoption, and in the end blockchain, crypto and internet-based companies should not adhere to country politics and borders, it’s meant to bring boundries down, bridge the gap , connect and collaborate freely.

It is also true there are a lot of malicious contracts being set up out there just to funnel money in and exit scam, DYOR . :slight_smile:

Study-Understand, Risk Manage - Long DeFi ^


Dovey history

The risk profile of Chinese investors is much towards the “high risk high return” side so stuff like this, a localized crazy yield farming finally hit them And it’s funny to see how competitive the narrative is - 1YFII = 1YFI or YFII wil flippen YFI is the common narrative

CHINA SPEED Mobile version Balancer launched for YFII hahahahah

Why no mobile for us?

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Thanks Dovey, you’re great!
Guys, join in this cool community, you will not regret.
We’re trying to do some different, and we have this ability to achieve it.