YIP 32: Remove YFI burning Source

AuthorSunil Srivatsa
Discussions-Tohttps://gov.yearn.finance/t/yip-32-remove-yfi-burning/1907
StatusImplemented
Created2020-08-01

Simple Summary

Remove YFI burning from the protocol.

Abstract

YFI represents a claim on yEarn protocol fees. To claim fees, YFI can either be burned or staked in the governance pool.

This YIP is to decide whether or not to keep the burning mechanism.

Motivation

It makes no sense to burn because the price of YFI will always be higher than the claimable fee value. This is because YFI represents current assets in the fee pool plus future expected cashflows. Staking is just obviously better.

FOR: Remove YFI burning from the protocol.

AGAINST: No change (start burning YFI for fees).

Metadata

Name Value
Proposed by 0x74630370197b4c4795bFEeF6645ee14F8cf8997D
Total for votes 3054.9983 (97.89%)
Total against votes 65.8346 (2.10%)
Quorum 24.5% ✔
Start block 10576777
End block 10594057

Source: yieldfarming.info YFI Governance Information

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