The creator of YFI, Andre Cronje thinks that the token supply should be capped at 30,000 permanently, as we find out in today’s altcoin news.
Yearn.finacne’s creator Andre Cronje thinks that this new measure will prevent new YFI tokens from getting minted. The online community seems to be in agreement as they voted with 99% confirmation for the proposal. YFI’s price has exploded so far and is now trading at $41,210.
Cronje proposed a new measure that will prevent new YFI tokens from being minted. In the online poll conducted today, he asked the community: Burn the timelock on the YFI token so that no minting can ever take place again.” If the proposal passes, It will permanently cap the supply of the token but now the token has a total supply of 30,000. If the minting function is removed, it will stay that way and those invested in the project will be unable to create any more.
https://t.co/hhLPp2Jwb5 on-chain governance will be deployed within the next ~2 weeks (audits dependent).
As the first official on-chain enforced governance vote I propose burning the YFI minting capability permanently.
Please signal intent on https://t.co/E323w1DKza
— Andre Cronje (@AndreCronjeTech) September 12, 2020
This will curb inflation in theory and people will not be able to use yearn only to earn YFI tokens or manipulate the protocol’s governance systems. Cronje said previously that the craze about the coin and the buying and selling of governance tokens is not sustainable. YFI’s token for yearn.finacne is the second biggest DeFi tool by market cap and the fourth biggest by total value locked it, and it is a yield aggregator which means that the funds between the lending and liquidity protocols will get you the best interest rates.
YFI is a governance token which means that those who hold it will be able to vote on making changes to the project. It is also earned by locking funds in it and its value exploded, therefore, this year. the cost of one token peaked at $41,210 on Coinmarketcap. So far, the community of the token seems to be in agreement as they voted in favor of the proposal. To do so, they had to stake YFI which they did, and staked about 333.11 YFI, worth $1.3 million. Some of the comments on the proposals showed that people voting with Cronje, created a scarce supply as one said:
“Scarcity is a massive strength and something that separates YFI from other projects with ongoing minting schedules.”
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