veYFI token holders control the Yearn ecosystem through off-chain proposals and votes via Snapshot. Proposals that generate majority support (>50% of the vote) are implemented by a 9-member multi-signature wallet, and 6 out of 9 wallet signers must sign for a change to be implemented. The members of the multi-signature wallet were voted in by YFI holders and are subject to change from future governance votes.
Discussion regarding changes in the protocol happens on a variety of platforms, such as:
- Governance Forum
Getting as much feedback as possible from the various communication channels is recommended before introducing a formal proposal. The governance forum and Discord server have dedicated channels for specific topics.
Types of proposals
Yearn Improvement Proposals (YIPs) are an all-encompassing vehicle for exercising power that token holders have. After YIP-61, Yearn Delegation Proposals (YDPs) were introduced, which allow token holders to change where any discrete decision-making power is delegated.
Previous and current proposals
- Previous: Proposal Repository
- Current: Snapshot
Requirements to pass proposals
- 3 day discussion on the forum
- At least 50% vote 'for' the change
- 1 veYFI in possession to submit to snapshot
- 5 day snapshot with over 50% passing votes
Making a proposal
Anyone can post a proposal on the forum for discussion within the community. If it's promoted to off-chain votation (via Snapshot), only someone holding 1 veYFI can submit it to Snapshot. If your proposal made it to off-chain votation and you don't have enough veYFI, mods will help you through this stage.
The default template for proposals can be found on Github + on the forum, if you post under "proposals" or "discussion" it will auto-fill in the template as well.
- Proposal How-To
- YIP 0: YIP Purpose and Guidelines
- YIP 44: Improve YIP Categories
- YIP 55: Formalize the YIP Introduction and Voting Process
How do I vote?
What’s the difference between voting for a poll on the forum and an off-chain vote?
- A poll gauges the sentiment of what the community is feeling on the proposal while an off-chain vote (via Snapshot) will be binding and will take effect if it passes.
Once a Snapshot votes have passed, changes will be implemented by Yearn's protocol or operations team and signed by the multi-sig, if necessary.