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Proposal Process

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​

Discussion regarding changes in the protocol happens on a variety of platforms, such as:

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.

Proposal​

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​

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.

Resources:

Voting​

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.

Implementation​

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.

Guardian Role​

Per YIP-81, the Yearn Multisig (AKA yChad) serves in the Guardian role to steward and protect the Yearn Protocol and its participants. The Guardian role is defined as being able to "nullify a proposal or governance decision but cannot make proposals".

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