Yearn Finance : Vote crucial sur une proposition de redistribution des revenus futurs aux détenteurs de stYFI
Yearn Finance secoue le marché DeFi avec une proposition de gouvernance qui pourrait redistribuer les cartes de la valeur actionnariale.
La révolution des revenus
L'écosystème Yearn s'apprête à voter sur un changement structurel majeur : l'allocation directe des revenus futurs aux stakers de stYFI. Une manœuvre qui pourrait réinventer les mécanismes de distribution de valeur dans le yield farming.
Les détenteurs de tokens de gouvernance traditionnels doivent-ils s'inquiéter ? Cette redistribution ciblée vers les stakers actifs contourne les modèles classiques - un coup de poker stratégique dans un marché où la liquidité prime sur tout.
Pendant que les banques traditionnelles débattent encore des taux d'intérêt, Yearn réécrit les règles de la rémunération capitalistique. Une ironie savoureuse pour ceux qui se souviennent que la finance décentralisée devait justement démocratiser l'accès aux rendements.
Le vote pourrait déclencher une migration massive vers stYFI, créant un précédent dangereux pour les autres protocoles qui suivent encore l'ancien playbook de la gouvernance.
Yearn Finance votes on a new proposal
Among the proposed changes, the most notable change is that a majority of all the revenue the protocol generates could soon go directly to those with skin in the game, as they have kept their YFI tokens locked despite the dwindling performance.
“This proposal creates a new deal,” 0xPickles wrote. “90% of future revenue goes to stYFI holders, empowering them.”
That is not a huge amount of money right now, considering Yearn’s monthly revenue from August turned in under $200,000 in profit, per DefiLlama data.
Still, the focus on profitability and increasing accountability is expected to put the protocol on a sustainable growth path that will, over time, increase revenues and make the YFI token more valuable.
The proposal comes as DeFi is enjoying a wave of new liquidity, which has pushed deposits to record heights this year.
For Yearn, which was once one of the biggest DeFi protocols with an all-time high of just under $7 billion in deposits in December 2021, the liquidity provides an opportunity to reclaim the success of the past.
Of course, this is assuming things unfold in the best-case scenario, but that is not certain because it is not the first time Yearn has attempted an overhaul in recent years.
In October 2023, a new vote introduced an escrow token model, like those used by protocols such as Curve Finance, Balancer, and Velodrome, however, even though there was support from YFI token holders, the new model wasn’t widely adopted.
“Only 3.8% of the YFI supply is locked, a figure that is in decline,” 0xPickles pointed out. “This demonstrates a fundamental lack of interest in the model.”
The new simpler model suggested by 0xPickles
0xPickles’ proposal will scrap the vote escrow model in favour of a simpler staking model.
Under the new model, YFI holders will be able to lock up their tokens via staking, which would qualify them to receive a portion of the protocol’s revenue.
Another proposal suggests restructuring the DAO to make it more profit-oriented while mandating on-chain financial reporting to justify budget requests from contributors.
As for what is prompting these changes, the proposal’s author cited organizational misalignment and coordination inefficiency as two cogent reasons.
There is also a final proposal to formalize a plan to distribute 1,700 YFI tokens through strategic contributor incentives, establish a capped performance bonus program, and create a long-term contributor retention pool.
The three proposals are currently being discussed on the Yearn governance forum ahead of a vote. It is being touted as an “all-or-nothing” package because the proposals form a single initiative, which means that for it to take effect, it has to pass in full via a DAO vote.
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