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fixed yfi total supply
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== YFI token == | == YFI token == | ||
In July 2020 the YFI token was introduced as a way for Andre to decentralize control of Yearn by distributing 30.000 YFI tokens. The 30.000 YFI would be distibuted only to uses who provided liquidity on Yearn. With no pre-mine, no pre-sale, and no allocation to the team, YFI set a standard for the most decentralized token launch (Fair Launch).<ref>https://medium.com/iearn/yfi-df84573db81</ref> | In July 2020 the YFI token was introduced as a way for Andre to decentralize control of Yearn by distributing 30.000 YFI tokens. The 30.000 YFI would be distibuted only to uses who provided liquidity on Yearn. With no pre-mine, no pre-sale, and no allocation to the team, YFI set a standard for the most decentralized token launch (Fair Launch).<ref>https://medium.com/iearn/yfi-df84573db81</ref> Another 6.666 YFI were minted by [https://gov.yearn.finance/t/yip-57-funding-yearns-future/9319 YIP-57] in order to fund Yearn's future, so the total supply of YFI is 36,666. | ||
As the governance token of Yearn, the YFI tokens allow holders to vote on various decisions proposed by community members. Starting with Yearn improvement proposal 36 ([https://yips.yearn.finance/YIPS/yip-36 YIP-36]) a portion of staking rewards were used to cover operational expenses and reward token holders. [https://snapshot.org/#/yearn/proposal/Qmb6gBzjvgLMazSrQQGVcjutLNdkVyM2Lh6yckMzdoaHWZ YIP-56] disbanded the staking system in favour for a buyback system. | As the governance token of Yearn, the YFI tokens allow holders to vote on various decisions proposed by community members. Starting with Yearn improvement proposal 36 ([https://yips.yearn.finance/YIPS/yip-36 YIP-36]) a portion of staking rewards were used to cover operational expenses and reward token holders. [https://snapshot.org/#/yearn/proposal/Qmb6gBzjvgLMazSrQQGVcjutLNdkVyM2Lh6yckMzdoaHWZ YIP-56] disbanded the staking system in favour for a buyback system. [https://medium.com/iearn/yearn-governance-explained-proposals-yfi-token-and-execution-113ec86c3a3f Check this article for more information about governance at Yearn.] | ||
== Links == | == Links == | ||