TechFlow News, Yearn Finance tweeted on October 19 that it has introduced the veYFI (Yearn’s governance token) flywheel mechanism, designed to provide higher rewards and yields for veYFI holders and Vault depositors.
Key highlights include:
- veYFI Flywheel: A governance change aimed at increasing rewards and yields for veYFI holders and Vault depositors.
- Power for veYFI Holders: By locking YFI tokens into veYFI, holders can vote to allocate these YFI to boost rewards in Vaults.
- dYFI for Rewards: Users can stake Vault tokens to earn YFI rewards, distributed in the form of dYFI, which can be used to purchase discounted YFI tokens.
- Early Exit: While early unlocking is allowed, it incurs a penalty fee that is distributed to other veYFI holders.
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