Skip to main content

Proposal Process

veYFI token holders control the Yearn ecosystem through offchain 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 offchain votation (via Snapshot), only someone holding 1 veYFI can submit it to Snapshot. If your proposal made it to offchain 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 offchain vote?​

  • A poll gauges the sentiment of what the community is feeling on the proposal while an offchain 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".

Last updated on