{"id":35788,"date":"2021-02-03T13:12:47","date_gmt":"2021-02-03T11:12:47","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=35788"},"modified":"2025-08-29T03:00:22","modified_gmt":"2025-08-29T00:00:22","slug":"defi-project-yearn-finance-to-issue-yfi-tokens-worth-218-million","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/defi-project-yearn-finance-to-issue-yfi-tokens-worth-218-million\/","title":{"rendered":"DeFi project yEarn.Finance to issue YFI tokens worth $218 million"},"content":{"rendered":"<p>The yEarn.Finance DeFi project community, by a large majority (83.46%), approved the proposal to increase YFI issuance by 6666 tokens (approximately $218 million).<!--more--><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">YIP-57: Funding Yearn\u2019s Future has passed with 83.46% of the eligible vote in favor. This YIP is now official and binding. More details will be shared in the future.<\/p>\n<p>A complete description of this YIP can be found below. <a href=\"https:\/\/t.co\/umzNPL1GnX\">https:\/\/t.co\/umzNPL1GnX<\/a><\/p>\n<p>\u2014 yearn.finance (@iearnfinance) <a href=\"https:\/\/twitter.com\/iearnfinance\/status\/1356673618185515008?ref_src=twsrc%5Etfw\">February 2, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>The funds will be used to reward core developers and to create a reserve fund, to be distributed under community oversight.<\/p>\n<p>Proponents say that, thanks to <a href=\"https:\/\/gov.yearn.finance\/t\/yip-57-funding-yearns-future\/9319\" target=\"_blank\" rel=\"noopener noreferrer\">YIP-57<\/a>, protocol users will be able to align their interests with major token holders and directly influence the development of the DeFi project.<\/p>\n<p>The poll with 1,670 votes for and 331 against closed on February 2 at 18:00 UTC. The final changes are approved by the holders of six of Yearn&#8217;s nine multisigs, acting together as a de facto board of directors.<\/p>\n<p>One third of the 6666 YFI ($67 million) is earmarked for rewarding early investors and developers. The funds will be distributed according to a vesting schedule.<\/p>\n<p>Two-thirds \u2014 4444 YFI ($134 million) \u2014 will be allocated to create a reserve fund under the management of the yEarn.Finance operating fund.<\/p>\n<p>The current circulating supply is capped at 30,000 tokens. Over the last twenty-four hours, YFI price rose 2.9%, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/yearn-finance\" target=\"_blank\" rel=\"noopener noreferrer\">CoinGecko<\/a>. The project ranks 14th among DeFi tokens and 12th by the volume of locked assets ($525.1 million), according to <a href=\"https:\/\/defipulse.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">DeFi Pulse<\/a>.<\/p>\n<p>In December 2020, yEarn.Finance <a href=\"https:\/\/forklog.com\/en\/news\/yearn-finance-to-absorb-its-perennial-rival-sushiswap-a-fork-of-uniswap\">announced<\/a> the acquisition of the DeFi exchange SushiSwap. Earlier there was <a href=\"https:\/\/forklog.com\/en\/news\/yearn-finance-to-absorb-cream-finance-after-pickle-finance-merger\">integration<\/a> of yEarn.Finance with the lending protocol <a href=\"https:\/\/forklog.com\/en\/news\/yearn-finance-to-absorb-cream-finance-after-pickle-finance-merger\">Cream<\/a>, the project <a href=\"https:\/\/forklog.com\/en\/news\/pickle-finance-to-merge-with-yearn-finance-after-20-million-loss\">Pickle Finance<\/a> and the Argent wallet, the Akropolis project and the peer-to-peer insurance market <a href=\"https:\/\/forklog.com\/en\/news\/yearn-finance-teams-up-with-cover-protocol\">Cover Protocol<\/a>.<\/p>\n<p>Subscribe to ForkLog news on <a href=\"https:\/\/vk.com\/forklogcom\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The yEarn.Finance community approved the proposal to increase YFI issuance by 6,666 tokens (~$218 million) with 83.46% of the vote.<\/p>\n","protected":false},"author":1,"featured_media":35789,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1093,1258,1869],"class_list":["post-35788","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-defi","tag-tokenomics","tag-yearn-finance"],"aioseo_notices":[],"amp_enabled":true,"views":"11","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/35788","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=35788"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/35788\/revisions"}],"predecessor-version":[{"id":35790,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/35788\/revisions\/35790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/35789"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=35788"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=35788"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=35788"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}