Yearn Finance, new proposal on buyback and construction
A new proposal is published in the forum Yearn.Finance with a focus on the buyback of YFI tokens. Proposes a new solution to use gambling rewards for repurchasing YFI tokens. Members of the Yearn community must vote for or against the new proposal in the forum. If the proposal finds the necessary vote, it will significantly change the specifications and use cases of the YFI token.
Propose a new use case for the YFI token
The proposals are vital specifications of the DeFi communities. They help the project improve based on feedback from users and developers. If a new proposal finds enough votes in a forum, it can significantly change the network. Some of the suggestions focus on financial incentives on a DeFi platform. They try to attract more regular users to join the platform and use their tokens. The new proposal on Yearn Finance focuses somewhat on this. Try to show a new use case for YFI tokens that results in more circulation and purchase of the token.
The first focus area of the new proposal in the forum Yearn is replacing YFI participation rewards with YFI rewards. As a result, users can use their YFI participation rewards to buy back YFI on the open markets. They can even use the purchased YFI to contribute to the community. In general, contributing to the community will be easier for all users.
The proponent believes that the new YFI token use case surely froze the community and Yearn Finance in general. It will simplify the design of the treasury. In addition, YFI's mechanism and capabilities will be much more comfortable with the new proposal. One of the benefits of Yearn's new proposal is to facilitate governance for all users.
The new proposal on Yearn is called YIP-54. The publication of the proposal describes various aspects of it. Motivations, foundations, previous proposals and future possibilities are some of them.
If the proposal receives enough votes, the YFI accepted for the governance vote will be expanded. According to the proposal:
“This functionality is already supported and excludes protocols like Aave, which could be used in governance attacks. The list of supported protocols is configurable and is continually reviewed; improvements and suggestions can be submitted to the repository ».
The new proposal on Yearn focuses on one of the crucial aspects of the DeFi community. Governance tokens are vital in these communities. The more use cases for them and the better functionality, the more users will be attracted to take an active role in the community.
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