Credit: Original article published by Crypto Briefing Blog.

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).

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency



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