Yearn Finance Structures Operations Budget As YFI Rallies

Yearn Finance structures iperations budget as YFI rallies. After a three-day voting cycle, Yearn Finance’s decentralised governance representatives accepted Yearn Improvement Proposal 54 (YIP-54), structuring an ongoing operating expenditure budget.

YIP-54 looks to improve on previous proposals, including YIP-36 and YIP-41, allowing for expenditures relating to hackathons, grants, security audits, bug bounties, and operations employee salaries. In addition to enabling community members to audit expenses quarterly, the YIP-54 also included a provision allowing the newly-formed Operations Fund to “buy back YFI or other assets at its discretion.”

Many Twitter users rejoiced at the news, interpreting it as a boon for the YFI token. Other recent proposals have also been focused on bolstering the Yearn ecosystem and incentivizing broader participation from community members. YIP-53 established the “yAcademy,” a security audit-focused program designed with the purpose of “attracting and retaining top talent,” and possibly establishing and profit-generating auditing service in the future. YIP-52, meanwhile, significantly increased rewards for strategists — the smart contract engineers who develop yield-bearing strategies for Yearn vaults.

The latest proposal’s success comes amid a strong run for Yearn’s YFI token — even by its own wildly volatile standards. Since an early November low of $7,700, the YFI has rallied to a high of nearly $19,000, climbing over 200% as one of the top performers across the decentralized finance space. It currently trades at $18,266.

Likewise, the total value locked in Yearn’s yield-bearing vaults has begun to creep back up from an October low of $330 million to over $360 million today.

bitcoin
Bitcoin (BTC) $ 41,993.00 1.60%
ethereum
Ethereum (ETH) $ 3,140.53 2.28%
binance-coin
Binance Coin (BNB) $ 475.95 4.38%
tether
Tether (USDT) $ 1.00 0.04%
usd-coin
USD Coin (USDC) $ 1.00 0.81%
cardano
Cardano (ADA) $ 1.36 1.33%
solana
Solana (SOL) $ 137.33 1.64%
xrp
XRP (XRP) $ 0.748047 2.38%
terra-luna
Terra (LUNA) $ 82.15 7.27%
polkadot
Polkadot (DOT) $ 24.57 3.10%
S&P 500  ^GSPC 
$4,532.76  $44.35  (-0.97%)
Dow Jones Industrial Average  ^DJI 
$35,028.65  $339.82  (-0.96%)
NASDAQ Composite  ^IXIC 
$14,340.26  $166.64  (-1.15%)
Russell 2000  ^RUT 
$2,062.78  $33.44  (-1.60%)
Crude Oil Feb 22  F*CL.NYM 
$85.46  $0.3400  (-0.40%)
   
$0.0000  $0.0000  (0.00%)