Yearn Finance formalizes operations budget as YFI rallies

Yearn Finance formalizes operations budget as YFI rallies

After a three-day voting period, this morning members of Yearn Finance’s decentralized governance approved Yearn Improvement Proposal 54 (YIP-54), formalizing an ongoing budget for operational expenses. 

YIP-54 aims to improve on previous proposals, including YIP-36 and YIP-41, which allowed for expenditures relating to hackathons, grants, security audits, bug bounties, and operations employee salaries. Under YIP-54, community members will be able to audit expenses quarterly.  

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:

.@iearnfinance proposal to buyback $YFI has 99% approval!

Trending: What Was In Those Bush Sr. Funeral Envelopes and Why Did Mike Pence Get One?

In the past 4 months, Yearn vaults earned ~$3.4M in fees.

Part of this may now be used to conduct actual buybacks (not just burning supply) to reward contributors

— Jason Choi (@mrjasonchoi) November 15, 2020

Other recent proposals have also been focused on bolstering the Yearn ecosystem and incentivizing broader

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