The Yearn Finance community has been discussing expanding the supply of YFI as a way to compensate the decentralized finance (DeFi) platform’s de facto staffers. The vote went live on the web app Snapshot on Jan. 28 and ended today at 18:00 UTC.
There’s a total of 30,000 YFI in existence, per the project’s original “fair launch.” If the new tokens were minted right now and had no impact on the market capitalization, then one would expect the value of YFI to drop to something like $25,000 (meaning the new tokens would be worth $167 million), but these things are not predictable.
The final vote to increase the supply was 1,670 YFI for versus 331 against. The quorum for a vote to pass is 20% of the YFI staked to governance, according to Yearn’s documentation. CoinDesk has not been able to determine if an adequate number of YFI holders voted.
This is a developing story and will be updated.