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Yearn community votes on a proposal to airdrop EPS tokens to members

CryptocurrencyApr 08, 2021 09:30AM ET
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Yearn community votes on a proposal to airdrop EPS tokens to members

A proposal seeking to formalize how Yearn users will receive the upcoming EPS airdrop is currently being voted on.

Following the launch of Ellipsis.finance, the project plans to distribute 25% of its supply to veCRV holders over the next year. Yearn, through its Backscratcher depositors program (yveCRV vault), became one of the biggest beneficiaries of the EPS airdrop. Yearn holds more than 11 million veCRV tokens, which are valued at around $75 million at current EPS market prices.

In the face of an upcoming airdrop, a core team member named “Banteg” has opened a discussion about the best way to distribute the Ellipsis airdrop for the benefit of Yearn and its Backscratcher depositors.

Banteg has proposed two strategies to this effect. The first suggestion is a farming strategy where members can unlock EPS after three months of farming or “unlock EPS early at 50% penalty and farm with them.”

The second proposed strategy is a distribution strategy with three possible options – adding to Yearn’s veCRV to boost the rewards for yveCRV holders, depositing to yveCRV and distribute to yveCRV holders, or donating to the yvYFI vault to increase its share price.

Voting on the proposal has started and will be open until April 12, 2021. So far, approximately 100% of community members have voted in support of the said proposal.

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Yearn community votes on a proposal to airdrop EPS tokens to members
 

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