Yearn Finance formalizes operations budget as YFI rallies

After a three-day voting period, this morning members of Yearn Finance’s decentralized governance approved Yearn Improvement Proposal 54 (YIP-54), formalizing an ongoing budget for operational expenses.  YIP-54 aims to improve on previous proposals, including YIP-36 and YIP-41, which allowed for expenditures relating to hackathons, grants, security audits, bug bounties, and operations employee salaries. Under YIP-54, community members will be able to audit expenses quarterly.   YIP-54 also included a provision allowing the newly-formed Operations Fund to “buy back YFI or other assets at its discretion.” Many Twitter users rejoiced at the…

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Fed Chairman Claims ‘Now Is Not the Time’ to Worry About the Federal Budget

According to the Federal Reserve Chairman, Jerome Powell, the road to economic recovery is far from over and the Covid-19 pandemic has fueled the tragedy. During his speech at the National Association for Business Economics annual meeting, Powell highlighted that the federal budget was essentially a disaster, but stressed that “now is not the time to give priority to those concerns.” The Fed’s Chairman, Jerome Powell, doesn’t seem enthusiastic about the American economy after the central bank funneled $9 trillion into the hands of private trading houses. Powell discussed his…

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