YIP#11 vlY2K upgrade [updated]

Note: An earlier version of this proposal went to snapshot and did not pass. After gathering feedback from the community, this revised proposal has been created. The principal difference is that there is no fee for LP rewards distributed to vlY2K.

As per YIP#1, vlY2K (vote-locked) system has been used as an all-around solution for Y2K protocol tokenomics. Currently, users are able to lock Y2K Pool Tokens (BPTs), namely the 80Y2K:20WETH BPT for 16 or 32 weeks for non-transferable “vote locked Y2K” or vlY2K which provides increased governance power to those who are locked and long term aligned with the Y2K ecosystem.

vlY2K earns rewards in the form of protocol revenue share (and as per YIP#4, Y2K emissions). Those who lock for 32 weeks have twice as much voting power and protocol revenue share compared to those who lock for 16 weeks.

We propose:

• simplifying lock duration, and removing the option to lock for 32 weeks
• adding another option for locked LP tokens, namely the Gamma Strategies Camelot Y2K-WETH Narrow vault token
• distributing any transferable incentives available to LP tokens available with no fee

Voting:

• Y2K development team to build, launch and maintain the vlY2K upgrade on behalf of the Y2K DAO (the “DAO”)
• Do nothing