I'm new to the group here What does VeYFI mean? D... @yearnfinance

Asked 1079 days ago
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I'm new to the group here What does VeYFI mean? Does something happen for those who own the YFI will have to change or do not need to do anything?

asked 1079 days ago

1 Answers

VeYFI stands for "Voting Enabled YFI" and is a feature that allows holders of YFI to vote on important decisions related to the project. By voting, YFI holders can help shape the future of the project and have a say in how the project is run. To vote, YFI holders must lock their YFI in an escrow account, which is known as veLock. By doing so, YFI holders will be eligible to receive additional YFI from the project's buyback program, which is distributed to those who have locked their YFI. Therefore, those who own YFI will need to take the extra step of locking their YFI in order to be able to vote and receive additional YFI from the buyback program.
answered 1079 days ago
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you will have to vote escrow lock (veLock) your YFI to vote on any new proposals. Vote locking lets you earn more YFI from bought back YFI that is distributed to lockers.
answered 1079 days ago

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