Generating yield through YFI + burning? + vaults? + dangerous proposals

General Chat Yield Farming Inception
1

Hello fellow gamblers (because that’s what we are right?)

I am trying to understand how to earn rewards from depositing YFI.
I initially accessed yearn.finance and the only place out of earn/zap/apr/vaults where it mentioned YFI was Vaults, so I deposited my YFI there, waited and nothing happened. So what is the purpose of depositing YFI in the vault?

Anyway, I learnt about gov.yearn.fi being the place where one should stake their YFI in order to generate yield, and so I did. I then registered to vote, but there was no proposals to vote for. Does the fact I could not vote mean that I won’t accrue any yield for my staked YFI, or that I won’t be able to unstake it? Or both? Or neither?

Also, at the end of this page: yearn.finance YFI Staking Validators & Calculator | Staking Rewards it says:
“At any given point in time, YFI holders can claim their share of rewards by burning their YFI tokens. The amount redeemed is equivalent to the share being burned / total supply of the token.”
Is that true? I thought YFI tokens couldn’t/shouldn’t be burned and there were other ways to unstake or claim rewards.

Having a look at the old done proposals I noticed the recent YIP 31
https://yips.yearn.finance/YIPS/yip-31
The proposal was about dividing any further inflation allocating 50% to LPs and 50% to multisig holders. Stuff like this could easily kill the whole system, I’m glad it was rejected but I find it the very close result (42% for, 58% against) quite concerning.

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Thought someone could answer some of these?

3

  1. The YFI strategy has been paused. See the official twitter.

  2. Once you start staking, your accrual will start. You only need to vote before you can claim/withdraw them.

  3. No.

  4. Not happening

4

  1. ? I asked about YFI strategy on another thread. Just asking what is the purpose of the YFI vault since when I deposited my YFI there didn’t get anything from it.

  2. Ok thanks

  3. Well then why in that links it says they’ll get burned? Better update it.

  4. Yeah not happening but it was a close shot, 42 vs 58%. Not unlikely similiarly dangerous proposals will eventually pass.