YAK is the native governance token for Yield Yak. Holders of staked YAK and any staked YAK LPs can now participate in protocol decisions and governance.
Yield Yak has opted to leverage the decentralized voting system from Snapshot.org. Snapshot has quickly become the industry standard for decentralized, off-chain voting.
Introducing vYAK, Your Voting Power
Your voting power is determined by how many YAK you have staked. The balance is called vYAK (Voting YAK). vYAK is non-transferable and based on the number of staked YAK you have (1 YAK ≈ 1,000 vYAK). You can see your vYAK by connecting your wallet to Yield Yak.
Voting on Proposals
When a proposal is created and put forth to the community, members with vYAK can signal their preferences.
Stages of a Snapshot vote:
- Community Discussion (time varies). In the discussion phase, a community member engages the community to propose a desired change. Proposals which receive meaningful interest and support should be more formally documented with details prepared for the next stage.
- Review Period (24 hours). In this stage, a new vote proposal is published and voters are provided with time for review before voting starts.
- Voting Period (48 hours). In this stage, voters can signal their preferred outcome by connecting their wallet and casting a vote.
- Implementation (time varies). Depending on the vote outcome and its complexity, the next step is implementation by the relevant parties.
Steps to vote:
- Go to vote.yieldyak.com
- Connect your wallet by clicking ‘Connect Wallet’
- Click on any active proposal that you’d like to vote on
- Select how you’d like to vote
- Sign the message with your wallet (no gas required)
Who can create proposals?
At this time, the YY team can author proposals on Snapshot. Anyone may suggest any topic for consideration and community feedback on Telegram and Discord. Topics receiving sufficient support and interest will be prepared for inclusion on Snapshot.
How has YY been governed so far? What is changing?
Yield Yak uses various committees with roles held by engaged community members to enact and prioritize platform decisions. These committees have proven to be a powerful force for Yield Yak’s growth. They focus conversation on important topics like treasury management and other issues without the overhead, delays and other problems of constant voting by a broad user base.
This governance model has proven effective. Discussions about the YY ecosystem are used to gather sentiment and the community’s feedback is heard. However, as YY grows, our community has voiced a desire to more accurately measure sentiment for key changes. The formal implementation of Snapshot is the next step we are taking together.
Snapshot is a proven tool for measuring sentiment, but less effective for detailed implementations. Voting takes time and results are not nuanced. YY has been able to move quickly under a committee model, which may break with excessively granular governance structures (see examples from other Avalanche defi projects who moved away from onerous governance structures for speed’s sake). Topics which are especially well-suited for public consideration include overall fee structure, staking rewards, overall budgets of existing systems and committees. Topics which are less well-suited for voting include specific spending decisions and development tasks.
What assets are eligible to participate in governance decisions?
Any YAK tokens (single-side staking or in LP positions) on the ‘Stake’ page of Yield Yak count towards your vYAK count.
About Yield Yak
Yield Yak makes numbers go up. Ape into new autocompounder farms with quick releases and high yields. Swap on Yak, with a single click for the best prices on trades with zero aggregator fees.
Snapshot is a decentralized voting system. It provides flexibility on how voting power is calculated for a vote. Snapshot supports various voting types to cater to the needs of organizations. Creating proposals and voting on Snapshot is user-friendly and does not cost gas as the process is performed off-chain. In short, Snapshot is an off-chain gasless multi-governance client with easy to verify and hard to contest results.