Yearn Dilutes YFI’s Supply by 22%

yfi prints 215 million dollars feb 5 2021

Yearn Finance has just printed $215 million worth of YFI tokens, raising their total supply from a fixed 30,000 to 36,666. This dilution follows a governance proposal with the aim of “~1/3 of minted YFI to reward key contributors and put ~2/3 of minted YFI in the Treasury under the control of the community through future proposals.” That 1/3rd currently is worth about $70 million, or just less than 10% of YFI’s nearly $1 billion market cap with it unclear currently when they plan to sell them and how much. This comes just a day after there was yet another exploit of Yearn contracts leading to a somewhat small loss of $2.8 million. In detailing what happened, PeckShield Inc smart contract auditing said a flashloan was used to game a flawed parameter. YFI’s price is slightly down today with it overall not performing as well as its peers in part…

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