After a three-day voting period, the members of Yearn Finance’s decentralized governance approved Yearn Improvement Proposal 54 (YIP-54), legalizing an ongoing budget for operational expenses.
YIP-54 aims to improve on previous proposals, which allowed for expenses relating to hackathons, grants, security audits, bug bounties, and operations employee salaries.
Under YIP-54, community members will be able to audit expenses once every three months.
YIP-54 also contained a provision allowing the newly-formed Operations Fund to “buy back YFI or other assets at its discretion.”
YIP-53 established the “yAcademy,” a security audit-focused program designed with the goal of “attracting and retaining top talent,” and establishing and profit-generating auditing service in the future.
YIP-52, considerably increased rewards for strategists, the smart contract engineers who develop yield-bearing strategies for Yearn vaults.
The newest proposal’s success comes amid a strong run for Yearn’s YFI token, even by its own wildly volatile standards.
Since an early November low of $7,700, the YFI has rallied to a high of approximately $19,000, climbing over 200% as one of the top performers across the decentralized finance space. At this time, it trades at $18,266.
This was reported by cointelegraph.com on Nov.15,2020.