Yearn Finance Mints YFI Tokens Worth $200 Million

Key Takeaways

  • Yearn Finance will mint 6,666 YFI tokens, reaching a total of 36,666 YFI tokens in total.
  • 2,222 YFI tokens will be given to the leading contributors, while 4,444 YFI tokens will be handed over to the treasury.
  • This proposal was introduced to attract contributors, retain existing talent and grow the Yearn ecosystem.

Yearn Finance has passed a proposal to increase the maximum supply of its YFI token, according to the project’s governance pages.

Yearn Finance Breaks Its Supply Cap

Yearn Finance‘s proposal to increase the maximum supply of YFI by 22% and mint 6,666 YFI has passed successfully. The vote attracted roughly 1,670 YFI in favor and 331 YFI against.

The authors of the proposal chose to increase the cap by 22% as it was the minimum viable amount to meet the project’s needs. Funds in the Yearn Treasury can be used to incentivize new contributors, fund liquidity mining and staking rewards, acquire talent, and provide new cross-protocol incentives.

Now that the proposal has passed successfully, the 6,666 YFI tokens should be minted in 3 days.

Allocation of Funds

Of the newly created funds, 2,222 YFI ($69.32 million) will be given to leading contributors. There will be a vesting period on these tokens.

Those funds will be allocated and distributed through a multi-signature setup, which will be coordinated by the members of a new Compensation Working Group.

Another 4,444 YFI, amounting to $138.64 million, will be given to the Yearn Treasury. The operations fund will hold these tokens. These tokens cannot be used to vote on governance proposals.

In Dec, 2020, Yearn Finance released a report which revealed that the protocol holds $581,000 in assets without any liabilities.

At the time of writing this author held Ethereum (ETH).

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Source: Read Full Article