Recently in a Telegram group, I've got a note that "YIP-57 has passed" or similar. I don't know why I went to dig what that could mean. But I've found some rather interesting things. "YIP-57" was voting held at Yearn Finance on a proposal "to fund Yearn's future".
It looks like the Yearn's future will be funded with YFI emission. Yearn Finance will bake 6666 more YFIs (+22% to the current 30K supply) out of thin air, with a few lines of code. The primary reason for that seems to be "we must pay the devs". Well, the devs will be paid indeed, and a hefty US$213M will be added to YFI's "market cap".
Anyway, looks like the community is quite happy with the novel, maybe because they were promised a buyback. Yesterday YFI's price went from about $31K to above $33K. Jolly good.
In the end let me do some math. The total number of the proposal's votes was 1670 YFI, which is about 5.6% of the total 30K supply. Looks like the yearners didn't bother with the voting that much. About 66% of those 1670 YFI were four big wallets, three of those (51% of 1670) voted "yes". Probably, that's how that "online governance" scheme is supposed to work.
I think if the yearners join forces with the wallstreetbetters and keep baking and pumping their token, they will be able to beat Mr. Buffet easily, just for fun.
Posted Using LeoFinance Beta
