YIP-87: Convert ychad.eth into a BORG

Summary

This is a proposal by MetaLeX 1, prepared in informal consultation with ychad.eth signers and other Yearn contributors, to convert ychad.eth into a cybernetic organization (BORG 2) by:

• “wrapping” ychad.eth’s multisignature smart contract and signers into an ownerless Cayman Islands Foundation Company to create legal personhood for ychad.eth, achieve jurisdictional clarity for purposes of taxes and regulations, and achieve limited liability for ychad.eth signers;
• adding BORGs OS smart contracts to ychad.eth and connecting them to Yearn DAO in order to create clear onchain checks/balances between ychad.eth and Yearn DAO; and
• creating a bespoke web application for managing information flows and relationships between Yearn DAO and ychad.eth and conveniently executing onchain check/balance dynamics.

The BORGification project would be managed by MetaLeX, and Initial fees/costs would be covered out of Yearn’s prior contribution to the LeXpunK Builder Defense initiative in 2021 (see https://snapshot.box/#/ybaby.eth/proposal/QmPK9AqeoV6v5xeuiTeFcj9Px7y87KMQ1gGhvHft2GMtqE) .

Full Proposal

Note: due to the length of this YIP, it cannot be displayed fully in Snapshot (10,000 character limit). Thus, instead please read the full (locked) proposal on the Yearn governance forums, posted separately from the discussion for the YIP.

Part 1: https://gov.yearn.fi/t/yip-87-convert-ychad-eth-into-a-borg/14540 Part 2: https://gov.yearn.fi/t/yip-87-convert-ychad-eth-into-a-borg/14540/2 Part 3: https://gov.yearn.fi/t/yip-87-convert-ychad-eth-into-a-borg/14540/3

Voting

For: Yes, convert ychad into a BORG as described in this proposal, with any non-material discretionary changes recommended by MetaLeX and approved by ychad multisig signers during the implementation phase

Against: No, do not convert ychad into a BORG as described in this proposal