Vote Passed: YFI Supply Increases by 22%

proposals short blog yfi Feb 03, 2021

On February 2, 2021, the votes were in with 1,670 YFI for versus 331 against. The original YFI launch had only 30,000 YFI but with the approved change, YFI supply will increase by 6,666 tokens or 22%. 1/3 of new supply will be allocated to key contributors with some staking to mitigate YFI price changes and encourage contributors to remain with the project. The other ⅔ will be allocated toward the treasury to help develop YFI further. 

 

The authors’ reasoning for the newly passed proposal:

 

"Yearn's launch was exceptional at creating a decentralized and engaged community, but it did not provide adequate incentives to retain existing and future contributors on an ongoing basis, nor did it provide the protocol with a war chest to fund future activities."

 

Read more about the proposal here


*One of the most popular DeFi projects, YFI has risen dramatically since its July 17, 2020 launch. Its developer, Andre Cronje, wanted a platform that optimized yield and lending for users, hence the name: YFI or yEarn.Finance, as in you earn. The coin was the first governance token of its kind since it was not pre-mined, pre-sold, or available on exchanges: you could only earn the YFI token from using the protocol.

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