The results of HIP-011 on APY were crystal clear. 94% voted in favor of reducing our APY to 10,000% over the coming 3 weeks. We explained that the current APY rates are damaging the health of the project and reducing the upside potential for when Hector becomes deflationary.
The feedback we received was incredibly positive. Many Hectorians appreciated the fact we continuously ask for governance votes on the future of Hector DAO. Our proposal to set APY at 10K was complimented and embraced.
We also received loads of messages about the 3 week period in which we would gradually reduce the APY rates to 10K. Our proposal was 3 weeks, but there seems to be a lot of desire for setting back APY quicker than over a 3 week period.
We see pros and we see cons. A gradual shift generally creates less stir/confusion, but at the other hand, we proposed to go to 10K for all the (right) reasons explained in this Medium article: https://medium.com/@HectorDAO/hip-011-apy-2022-and-the-growth-of-hector-acb85826bad7
So. The community is in charge! Let us know please what timeframe you prefer for (gradually) decreasing APY to 10,000 %.