Love & coordination at the frontier of governance: How Yearn minted $300 million

Love & coordination at the frontier of governance: How Yearn minted $300 million


On February 2nd, at 6:00pm UTC Yearn Improvement Proposal 57 passed mandating that Yearn Finance, the decentralized and permissionless neo-hedge fund where I work, mint 6,666 new YFI tokens.

YFI holders themselves passed this vote, with 83% voting in favor, and the highest engagement since Yearn’s now-mythical fair launch. The effects of this new twist in the story of DAOs — of what may be the most important governance action in the history of DeFi’s most decentralized bluechip so far — are still being written. To me, this changes everything.

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I was captured by Yearn’s vortex in late July of 2020 — literally on the day the YFI emission stopped. A friend messaged me “buy YFI” and so I took a look.

It was . . . very complicated. Being a nerd, I liked that. But what blew me away, what really set the hook deep, was that the project’s creator, developer Andre Cronje,

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