Finance, the decentralized credit lending, loans, swaps, and yield aggregation protocol, saw its latest proposal - the YIP-54 - passed by its community members on Sunday that allows the protocol to buyback YFI from the open market as part of its plan to "Formalize Operations Funding."
99.85% of all voters staked a total of 935.4 YFI, $18 million at current prices, to vote "Yes" for the operations fund to be established.
Only 0.15%, a tiny 1.38 YFI, were on the "No" side.
"As the Treasury does not earn YFI, nor is it able to mint YFI, the straightforward way to acquire YFI is to buy back YFI with part of the Operations Fund," the YIP's authors wrote in the proposal.
"The proposal is to round this number down to an even 50% and divide the Treasury funds equally between YFI staking rewards and Operations."
To ensure the funds are trackable and all contributors under scrutiny for the work they do and the rewards they receive, Yearn will maintain a quarterly fund audit to prevent any free riders.
The YIP authors stated that while the proposal would benefit from increasing buy demand for YFI, "The purpose would not be to manipulate YFI price or to engineer long-term YFI price appreciation."
"Rather, the purpose would be to add YFI to the Operations Fund in order to reward contributors through YFI grants."
The proposal has also granted the team to "Buy back other assets than YFI" as and when the operations increase and newer products are launched.
"The Operations Fund therefore should have the right to buy any asset as required," the YIP stated.
Yearn.finance to buyback YFI from open market as YIP-54 passes
gepubliceerd op Nov 17, 2020
by Cryptoslate | gepubliceerd op Coinage
Why Bitcoin's market cap just hit a new record high before the price did
Recent rally saw its market cap push above $330 billion for the first time ever as prices rallied above $17,750 late Nov. 17.
Comptroller reveals path for crypto companies to become banks
Acting Comptroller of the Currency Brian Brooks - soon to be confirmed in the role full time - has revealed another way for U.S. crypto custody providers to receive a charter to operate as a federally-approved bank.
Not dead yet: Bitcoin Cash ABC up 70% as Sechet releases new client
Amaury Sechet's Bitcoin ABC coin is up 70% today as the developer announced a new upgrade for the client software that includes stability-related fixes for both forks of the Bitcoin Cash client.