Proposal to Permanently Burn YFI Minting Capability Receives Overwhelming Support
As the first official on-chain enforced governance vote, Andre Conje, the creater of Yearn.Finance (YFI), has proposed to permanently burn the YFI token minting capability, thereby capping the number of YFI tokens permanently at 30,000.
According to the online poll, the proposal has met with overwhelming support, with 96.46% voting in favour.
Results of Poll as of 13 September 2020
Over the past 2 months, YFI has seen its value increase exponentially. According to CoinGecko, YFI reached an all-time high (ATH) of USD43,678 less than 24 hours before this post, far surpassing Bitcoin's ATH of USD19,655.39 in 2017. YFI's meteoric rise has catapulted both YFI and Defi into the limelight, capturing the imagination of a whole new generation and inspiring an endless number of copycats hoping to emulate YFI's resounding success.
YFI Price Chart courtesy of CoinGecko