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YFI proposes to increase the issuance of 22% Token, valued at 200 million USD, prompting reflections on the DeFi economic model.
The Yearn.finance (YFI) community recently proposed a plan to mint an additional 6666 YFI Tokens. This amount accounts for approximately 22% of the current total supply, with an estimated value of around 200 million USD at the current market price. The proposal suggests that one-third of the newly minted Tokens be used as rewards for core contributors, while the remaining portion be deposited into the treasury to support future development.
YFI demonstrated strong decentralized autonomous organization (DAO) characteristics from its inception, and its fair distribution mechanism is well-regarded in the DeFi space. However, the short-term token distribution has also sown the seeds of challenges currently faced. Compared to other mainstream DeFi protocols, YFI lacks long-term incentives for the development team, leading to talent loss and impacting the project's ongoing competitiveness.
This situation highlights the importance of designing economic models for distributed systems. A reasonable total amount of Tokens and release cycle is crucial for maintaining the long-term development of the network. A continuous incentive mechanism can not only attract new participants but also ensure that the system continuously receives new information and value creation.
The experience of YFI shows that relying solely on short-term value capture is not enough to support the long-term development of the protocol. In the highly competitive environment of the blockchain industry, without continuous innovation and value input, projects can easily fall into stagnation or even decline.
This proposal for an increase in issuance has sparked in-depth thinking within the industry about the economic models of distributed systems. Designing an economic model that can balance short-term incentives and long-term development has become a key challenge faced by DeFi projects. Only by continuously attracting and retaining talented individuals, and constantly injecting new vitality into the ecosystem, can projects ensure their competitiveness and innovation in a rapidly changing market.