The Yearn ecosystem is controlled by YFI token holders who submit and vote on off-chain proposals that govern the ecosystem. Proposals that generate a majority support (>50% of the vote) are implemented by a 9 member multi-signature wallet.
Changes must be signed by 6 out of the 9 wallet signers in order 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 happen on a variety of platforms such as:
It is recommended to get as much feedback as possible from the various channels of communication before introducing a formal proposal. The governance forum and Discord server have dedicated channels for specific topics.
Yearn Improvement Proposals (YIPs) are an all-encompassing vehicle for exercising power that token holders are granted. After YIP-61, Yearn Delegation Proposals (YDPs) were introduced, which allow token holders to change where any discrete decision-making power is delegated.
3 day discussion on the forum
At least 25% vote 'for' the change
1 YFI in possession to submit to snapshot
5 day snapshot with over 50% passing votes
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 YFI can submit it to Snapshot. In case your proposal made it to off-chain votation and you don't have enough YFI, mods will help you.
Holding or staking YFI in the following places will enable you to vote on Yearn's Snapshot page:
YFI yVault V2 (equivalent to holding the yvYFI token)
Balancer YFI/WETH LP token
Uniswap YFI/WETH LP token
Sushiswap YFI/WETH LP token staked in MasterChef
MakerDAO YFI collateral
Unit Protocol YFI collateral
A poll just 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.