Voting on $206M Token Minting

By Abhimanyu Krishnan | News | 21 Jan 2021 (YFI) governance community introduced a new proposal on Jan. 21 to fund the Yearn’s future operations, as seen in the governance forum. The proposal calls for the minting of 6,666 YFI tokens, worth approximately $206 million.

  • The proposal will see the community on “safeguarding Yearn’s future development”, asking them to approve the minting of 6,666 YFI, 22% of the 30,000 total supply
  • If approved, a third of the minted tokens will go to key contributors and the remaining to the community-controlled treasury
  • Examples for use of the funding include contributor incentives, liquidity mining programs, staking rewards, protocol mergers and talent acquisition and cross-protocol incentives to tighten co-operation among projects
  • Yearn is cooperating with several projects, including SushiSwap and Cover Protocol
  • This is expected to retain and incentive contributors, and foster faster growth; the proposal’s authors, which includes YFI’s biggest contributors, state that Yearn’s launch did not adequately plan for the retention and incentivization of contributors
  • The proposal compares the allocation of funds to top-tier talent, which is lower than that what YFI contributors receive
  • The current informal vote has recorded 215 votes, with roughly 75% voting in favor

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Abhimanyu Krishnan
Abhimanyu Krishnan

Technophile, cryptocurrency enthusiast and journalist.


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