Hi, I interested YFI governance pool and I want to take part? how can I do that now?
If you would like to partake in governance, you would need to first stake a portion of your YFI into the yGov V2 pool on https://ygov.finance and then register to vote.
Your currently staked tokens will enable you to vote on the active proposals.
Do take note of the vote lock of 3-days on your currently staked YFI applies, until the expiry of your last voted proposal; whether approved or rejected. (Duration of proposal voting lasts 3-days)
The governance token YFI is traded on many of the available exchanges, and on DEXs too.
thank you for your reply
would I need to pay gas fees to vote/deposit/withdraw?
is voting necessary to claim rewards? if yes, can I delegate my voting power?
how much rewards should expect at the moment (ROI)? would it cover gas fees if any? I understand that depends on my initial investment?
Yes, voting is on-chain and will cost gas fees to deposit/stake, vote, then withdraw. (probably $2-10 for each transaction, depending on gas prices)
Yes voting is necessary to claim rewards from staking.
I don’t believe you can delegate your voting power yet.
ROI is TBD. The governance treasury just reached it’s maximum of 500k and the rest will be distributed to YFI governance stakers.
No it won’t cover gas fees.
so what is the form of rewards? ETH?
sounds it is in the form of DAI
Currently, reward is in yCRV.
can I still farm YFI
according to this article
" How to Earn YFI
Things can always change with future governance, but one of the most popular ways to earn YFI is through the yCurve pool. LPs who supply yTokens to the yPool in Curve Finance, receive yCRV tokens in exchange. yCRV can then be deposited into the yGov pool back at yEarn. There is a guide on [Curve] if you’re interested.
Another way is to deposit a mix of DAI and YFI into the Balancer protocol where LPs receive BAL tokens in exchange. By depositing BAL into the yGov pool it can be exchanged for YFI.
Users can also deposit a mix of YFI and yCRV into Balancer in exchange for the Balancer Pool Token (BPT). They can then deposit BPT into yGov for YFI tokens. This process is similar to staking crypto in exchange for block rewards. Except they are staking Curve and Balancer tokens in yEarn in exchange for YFI and governance rights."
is this still applicable?
so the way I understand it so far
I can go to zapper. fi and choose Y Curve or pools. fyi and choose Curve Y (not sure why the pool name is not identical) and provide liquidity in one single click (instead of 4 transactions on curve. fi) form of
then take YCRV LP tokens I receive and go and deposit them at yearn. finance/vaults, then I don’t need to do anything else? I will start earning interest in form of YCRV + stable coins? do I earn any YFI?
also, I just noticed that there is a new pool for YFI with 22% APY? do I just deposit YFI and earn YFI? that simple?
No, all 30,000 YFI are in circulation. The only way to obtain YFI is to first buy it on the market. Then you can put your YFI to work to try to get more YFI. E.g. deposit it into the YFI vault, which will accumulate more YFI by market buying it with the yields it farms.
this sounds good, so just pay gas fees when deposit/withdraw funds, no need to vote or anything?
It would be prudent to have a portion of YFI in the yVault, while keeping the rest in the Yearn Governance V2 pool.
Since partaking in governance is the main right of YFI token owners. Look forward to having your vote on the active proposals~
it is just I hate gas fees, I lost so much money in it since I invest in small amounts. If I come to the govern vault, it would be only to propose moving the token to another blockchain really! ETH 1.0 is not efficient at all
Closed since inactive. Feel free to reopen if this topic is still relevant.