This is a proposal to change the denomination of the YFI token. The redenomination will involve a proportional increase of allocated YFI tokens by a factor of 1000.
If accepted, the proposal would have the following effects:
- 1 YFI token would become 1000.
- The total number of YFI tokens would correspondingly increase from 30,000 to 30,000,000.
- Balances would also increase 1000x.
- The distribution of YFI would not change, nor would the emission schedule. Current holders of YFI tokens would own the same percentage of the total supply as they did prior to the redenomination.
The main benefit of this change is that it reduces the need to use decimals when transacting. High nominal token prices add unnecessary mental load. At the current price of ~$3000 USD/token, this is an issue already, but it is one that would only get worse if the market cap of YFI were to get bigger.
The change would also make the token price more mainstream. Most people are used to transacting in the tens and hundreds. Making this change will help ensure that demand for YFI is not unduly affected by an unusually high nominal token price.
- Denominate YFI: 1 YFI will be 1000
- Keep current denomination