ACT I
Once upon a time, there was a farmer, named ๐งโ๐พ.
๐งโ๐พ sowed his fields and picked his ๐พ with his bare ๐.
๐งโ๐พ also tended to his liquidity provider animals named UNI the ๐ฆ, CRV the ๐, COMP the ๐ฎ, and SUSHI the ๐.ย
UNI the ๐ฆ, CRV the ๐, COMP the ๐ฎ, and SUSHI the ๐ yielded ๐, ๐ฅ, ๐ฅ, and ๐ฃ.
๐งโ๐พ had a lovely wife, farmer and master ๐ฃ chef ๐ฉโ๐ณ, who made the farm even stronger with her liquidity provider ๐ฃ.
๐ฉโ๐ณ ran a โญ โญ ๐ฃ bar according to the Michelin Guide. She was on her way to a โญ โญ โญ ๐ฃ bar.
๐ฉโ๐ณ produced ๐ฃ with her bare ๐.
Suddenly, a blight โ๏ธ struck the region.
The blight โ๏ธ began to eat away at their ๐พ and threaten๐ฉโ๐ณ's dreams of a โญ โญ โญ ๐ฃ bar.
UNI the ๐ฆ, CRV the ๐, COMP the ๐ฎ, and SUSHI the ๐ were not getting proper exercise and nutrition.
The ๐, ๐ฅ, ๐ฅ, and ๐ฃ yields were getting smaller and smaller ๐.ย
ACT II
๐งโ๐พ and๐ฉโ๐ณ's neighbor, Chad the ๐ง, came to them and asked, "why do you refuse to use the automated weatherproof ๐?"
๐ง exclaimed, "๐งโ๐พ and๐ฉโ๐ณ, the ๐ will relieve your cold, tired, and bare ๐."
If you ask me, the narrator that is, Chad the ๐ง was a real Chad, and quite a helpful one at that.ย
๐ง used his automated ๐ to connect with a vast ๐ of fellow ๐งโ๐พs.
The vast ๐ of fellow ๐งโ๐พs staked their ๐, ๐พ, ๐, ๐ฅ, ๐ฅ, and ๐ฃ, as a community in excess of 1 billion ๐ฐ.
๐ง explained "๐ is a true public good."
The ๐งโ๐พ's stakes on the ๐ yielded an automated and outsized return of ๐, ๐พ, ๐, ๐ฅ, ๐ฅ, and ๐ฃ.
๐ง implored his friends, ๐งโ๐พ and ๐ฉโ๐ณ, "Please consider using the ๐."
๐งโ๐พ and ๐ฉโ๐ณ asked ๐ง, "That sounds good, ๐ง, But who is in charge? How can we trust the ๐ and the ๐?!"
๐ง explained, "the ๐งโ๐พs and community members are in charge. We govern using our ๐!"
๐ง continued, "The harvesting strategies are codified in ๐s that you can self-assess. And the farmer's almanac, also known as the wiki, is fantastic for getting started and learning about the farming strategies and the community."ย ย
๐ง concluded, "My favorite part is that the community has a profit sharing mechanism. We can stake our earned ๐ and get an auto-compounding
yield in ๐ that is regularly well above standard yields!"
๐งโ๐พ and ๐ฉโ๐ณ asked, "One last question, who created this thing? Do they have centralized control?"
๐ง smiled and said, "The team is BreadforthePeople๐ฅ, HonestAbe๐ฉ, and FatSam(TheGaffer). They operate a bit like Satoshi."
๐ง continued, "the team writes the ๐s, facilitates and builds out governance mechanisms and ๐งโ๐พ utilities, interacts with the community in public forums such as discord ๐ค, and are checked and aided by a team of moderators."ย
๐งโ๐พ and๐ฉโ๐ณ began to come around to these new ideas.
"It seems this open and community based farming would be very helpful to us," said ๐งโ๐พ and ๐ฉโ๐ณ.
ACT III
๐งโ๐พ and ๐ฉโ๐ณ started up the ๐.
๐งโ๐พ and ๐ฉโ๐ณ read the wiki.
๐งโ๐พ and ๐ฉโ๐ณ made educated choices as to which of their ๐, ๐พ, ๐, ๐ฅ, ๐ฅ, and ๐ฃย to stake and what allocations would be best for their unique needs.ย
As โ passed, ๐งโ๐พ and ๐ฉโ๐ณ not only returned to the pre-blight โ๏ธ yields, they began to surpass their expectations.
๐ฉโ๐ณ succeeded in her dream of owning a โญ โญ โญ ๐ฃ bar.
All was well ๐.
ACT IV
One fine ๐ , the ๐งโ๐พs and the ๐ began to realize that someone had capitalized on an exploit in the ๐s and made off with 16 million ๐ฐ.
The arbitrageur ๐ was undoubtedly a bad actor and a skilled ๐ developer because it takes experienced ๐ to pull off such a scheme.
The ๐งโ๐พs and the whole community were enraged ๐ข.
The community argued ๐ฏ๏ธ over the best way to make all the ๐งโ๐พs whole again.
๐งโ๐พs began to pull their ๐, ๐พ, ๐, ๐ฅ, ๐ฅ, and ๐ฃ from the ๐.
๐งโ๐พ and ๐ฉโ๐ณ got burned.๐ฉโ๐ณ lost her ๐ฃ bar.
๐งโ๐พ and ๐ฉโ๐ณ yelled at ๐ง, "You led us astray! We have lost some ๐ฐ! What do you have to say?"
๐ง took a deep breath and said, "๐งโ๐พ and ๐ฉโ๐ณ, I am terribly sorry. I was trying to do the right thing. And I think that remains true even now."
"How!!!??" yelled ๐งโ๐พ and ๐ฉโ๐ณ.
๐ง replied, "Well, it is unclear as to whether this horrible event was definitively a hack or an exploit in the ๐. Nonetheless, the core team and the community seem to have found the gifts ๐ in this bad event as they are proactively tackling this unfortunate event."
๐งโ๐พ and ๐ฉโ๐ณ retorted, "And what ๐s could anybody be receiving now from this awful situation?!"
๐ง replied, "The team and community are learning from this exploit, receiving extensive audits of the ๐s by reputable auditors, and building out a reparations mechanism for the ๐งโ๐พs."
๐ง continued, "I believe in the long run this will be something we look back on and say, 'wow, that moment was super unfortunate, but it hardened our security, tested our fortitude, and raised the quality of our ๐s and farming strategies.'"
๐งโ๐พ and ๐ฉโ๐ณ, rhetorically, replied, "Should we be happy to have gotten burnt? Are we to celebrate a loss?"
๐ง said, "Often, true wisdom can only be found in a failure. Do not suffer in the past. Enjoy the fruit of the past and throw away the peel. The core team and community are so transparent and talented, surely the ๐s and ๐ will thrive again. We also should not forget about the DAO incident in Ethereum's nascency--they too suffered, learned and became stronger."
๐งโ๐พ and ๐ฉโ๐ณ replied, "Perhaps you are right, but today it seems you are wrong. The total staked ๐, ๐พ, ๐, ๐ฅ, ๐ฅ, and ๐ฃ has collectively declined by ~50%. We should have never trusted you, Chad the ๐ง."
๐ง replied, "Fair. I hope to reconvene in the future. Farewell."
ACT V
2.5 weeks later.........
๐ฉโ๐ณ to ๐งโ๐พ, "It's bizarre, but I think our ๐ farms are doing well again. I'm on the ๐ dashboard and based on what I see I think I can reopen my ๐ฃ bar!"
๐งโ๐พ to ๐ฉโ๐ณ, "You're right, I cannot believe this! Look at the total value locked! And look at the profit sharingย yield!"
๐ฉโ๐ณ to ๐งโ๐พ, "900 million ๐ฐ in Total Value Locked with a profit sharing yield of 276%! TVL looks almost back to pre-๐ days!"ย
๐ฉโ๐ณ and ๐งโ๐พ in unison, "Let's call Chad the ๐ง!"ย
โ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธโ๏ธ
๐ง๐ "This is Chad the ๐ง."
๐ฉโ๐ณ and ๐งโ๐พ๐ "Chad the ๐ง! Surely you're aware of the good news!"ย
๐ง๐ "Indeed I am. It seems that (strong and healthy (๐s + ๐งโ๐พs + community)) === (strong and healthy ๐)."
๐งโ๐พ๐ "You were right about what you said in ACT 1: ๐ was and is a true public good."
ย
๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐
FIN
๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐๐
ย