TVL: $501,329,626 (-.01%)
PRICE: $15,425.29 (-8.1%)
Product:
Borrow DAI with YFI
You can now borrow DAI with your YFI@MakerDAO x $YFI
— ツ (@WrongNebula) November 12, 2020
7 million DAI can be printed from YFI starting today
990M total DAI in circulation, will YFI tip DAI over 1 billion?
PS: Extra 10% APY if you put that DAI back in Yearn vaults! pic.twitter.com/NeQFQRw2xL
Governance:
YIP-55: Formalize the YIP Introduction & Voting Process
@franklin stated the purpose of this proposal is to standardize the Yearn Improvement Proposal (YIP) introduction, voting, and implementation process that governs the Yearn Finance protocol.
YIP-54: Formalize Operations Funding. *Vote open Nov 12-Nov 15
Several prominent yearn contributors proposed YIP-54 which can be summarized below:
- Transform the one-off YIP-41 budget into an Operations Fund that is allocated the same amount of funding on a continuous basis.
- Permit the Fund to buy back YFI or other assets at its discretion.
- Publish a quarterly report to make it easy for YFI holders to audit fund activities.
- This proposal supersedes the treasury cap of YIP-36 and the operations budget of YIP-41. Future changes can be made through additional YIPs.
- Together with the previously approved YIP-51 and YIP-52, this is the final piece in a trilogy of YIPs seeking to upgrade Yearn operations and financials.
YIP-52 has Passed!
YIP-52: Make Strategist Skin in Game Partner for Make Benefit of Glorious Brain of Yearn has passed with 83.76% for. Strategists will now earn fair rewards. Come build for Yearn!https://t.co/trQ6lbpLAm
— banteg (@bantg) November 12, 2020
Community:
Free Rider Problem
Free-riding in open source software communities leads to overworked and underpaid individuals, and eventually to burnout. It’s bad for people and it’s bad for projects. The old adage “to whom much is given, much will be required”. Don’t just buy coin. Help the dev team. https://t.co/mrpoWI9BkW
— Jim Yang (@proofstake) November 12, 2020
Maker Vacuums Up $YFI
So Maker by tomorrow will have sucked out YFI to $7m DAI debt ceiling...likely ~$14m $YFI collateral into vault.
— Cryptoyieldinfo.YFI (@Cryptoyieldinfo) November 12, 2020
Another 3% of total $YFI sucked out of supply which isn't going back again any time soon. And truly out of supply unlike YFI in AAVE and Cream.$YFI
Media:
Read: Institutional money is pumping the DeFi markets back up
https://cointelegraph.com/news/institutional-money-is-pumping-the-defi-markets-back-up
Read: Yearn Vaults Now Live on Frontier
https://www.altcoinbuzz.io/cryptocurrency-news/product-release/yearn-vaults-now-live-on-frontier/
Random:
Decrypt