There's a total of 30,000 YFI in existence, per the project's original "fair launch." If the new tokens were minted right now and had no impact on the market capitalization, then one would expect the value of YFI to drop to something like $25,000 (meaning the new tokens would be worth $167 million), but these things are not predictable.
The final vote to increase the supply was 1,670 YFI for versus 331 against.
To participate in a vote, YFI holders have to stake to the governance contract in advance of a vote by a specified Ethereum block number. The total amount of YFI staked to vote on YIP-57 was 4,089.
Final changes are approved by six of the nine members of the Yearn multisig, which is something like the DeFi equivalent of a board of directors.
Under the proposal, 33% of the new tokens would be set aside for key contributors. Which contributors the allocation would be for and how much each would get is unknown. There will be some sort of staking set up so contributors only get their allocations for sticking around, but none of that has been decided.
The other 66% will be set aside as a treasury, for everything from protocol acquisition to further development.
The decision marks a clear shift for the team, which accrued a unique amount of buzz for eschewing the convention of setting aside governance tokens for insiders.
The authors of the newly passed proposal wrote:
The community remains somewhat divided on the initiative. As the vote indicates, though, most YFI holders are for it.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.