Context: YIP-10 (YFI-only voting) was accepted with 77.1% for, 22.9% against, and 45.9% quorum.
In the coming days, the UI will be updated to utilize YFI for voting, as opposed to the current version of Governance BPT.
The following voting parameters will remain the same:
- Tokens are locked for 3 days at the time of voting
- Minimum quorum will be set at 20% in accordance with YIP 12
The community is exploring ways to incentivize voting participation including YFI rewards, all of which will be detailed in future proposals.
This proposal marks a major change in favor of YFI tokeholders, as governance is now entirely dictated by yEarn community contributors, as opposed to the previous model which largely favored stablecoin whales providing yCRV liquidity.