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yearnyearnby0x0EAdb62d5Caf12794866c33Ea934e5cc59C2E9cD0x0EAd…E9cD

YIP-70 multiYFI token swap on FTM and mint YFI on Ethereum

Voting ended about 2 years agoSucceeded

Summary Due to hack of multichain bridge , 148.311112094402105786 YFI are locked in multiYFI on FTM. Most of these multiYFI were locked in Yearn Vault on FTM.

I propose a 1:1 multiYFI to YFI swap by minting new token (no dilution of YFI holder).

multiYFI are sent to 0x0000 null adress on FTM and the same amount are minted on Ethereum.

Discussion This proposal is currently in voting phase, because I can't write a proper YIP-70 in governance section .

Background There is 148.311112094402105786 YFI locked and bridged on Fantom as multiYFI. Multichain is out of order and sending multiYFI token to 0x000 null adress will locked them forever.

There is a depeg a strong multiYFI versus YFI MultiYFI holder can't exercice their voting rights on Yearn Governance multiYFI = 2269 $. YFI = 7100$ equivalent to 31.9% of the value

Motivation Although Yearn is no involve in multichain bridge, there was a YFI vault using multiYFI and the connections between Yearn and Fantom were strong.

User who are blocked in multiYFI , can’t participate in YFI governance as veYFI.

Specification Write a smartcontract, which send multiYFI on FTM to 0x0000 and mint newYFI on Ethereum mainnet.

Off-Chain Vote

Yes
28.24 veYFI7.8%
No it is not Governance Problem
0 veYFI0%
No for technical reason
331.73 veYFI92.2%
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Discussion

yearnYIP-70 multiYFI token swap on FTM and mint YFI on Ethereum

Timeline

Feb 03, 2024Proposal created
Feb 03, 2024Proposal vote started
Feb 10, 2024Proposal vote ended
Feb 14, 2024Proposal updated