Yearnlab governance is ready to go live
Bringing financial products in decentralized fashion
At Yearnlab, our mission is to bring financial products in decentralized fashion. To get there, we intend to fully decentralize the Yearnlab platform and underlying protocol — removing the largest single point of failure (our team), and creating an indestructible, open protocol that can evolve in entirely new ways.
Today, we’re proud to introduce a governance system that will replace the Yearnlab protocol’s administrator with community governance — allowing you to suggest, debate, and implement changes to Yearnlab — without relying on, or requiring, our team whatsoever.
The Yearnlab governance token
Participation starts with the Yearnlab governance token, YLB.
In addition to being a standard BEP-20 asset, YLB is also the main token of the platform itself, that means it’s used for governance, staking, rewards, lottery and whatever the platform has to offer.
Our governance strategy is BEP-20-balance-of, that means you can only vote for proposals when you hold $YLB tokens.
Community Decisions, not ours
We believe in democratizing access to finance, what else can be a better way to give entire power to the community. Create custom polls, vote for good ones, bring new ideas to the table, change the world for better.
We’ve designed a simple governance platform powered by Snapshot.org so that you can easily participate in shaping the direction of Yearnlab. Here’s how it works:
Anybody can propose a governance action; these are simple or complex sets of actions, such as listing new token, changing transaction fees, changing leverage pool interest rate, or changing any other parameter or variable of the protocol that the current administrator can modify.
All proposals are subject to the voting period that proper can define, and any address with voting power can vote for or against the proposal. If a majority votes are cast for the proposal, it’ll queue to be implemented.
And if you don’t like the governance framework, great! You can vote to replace it with a new model.
Testing Yearnlab Governance
For days, we’ve been designing and building Yearblab governance; today, the journey begins:
The Yearnlab codebase is available to review on Github, and has been audited by Certik
Cast your first vote here:
https://vote.yearnlab.com/
Social Links:
- Website: https://yearnlab.com/
- Github: https://github.com/Yearn-Lab
- Telegram: https://t.me/yearn_lab
- Twitter: https://twitter.com/yearnlab
- Reddit: https://www.reddit.com/r/yearnlab/
- Medium: https://yearnlab.medium.com
- White Paper: https://yearnlab.com/whitepaper.pdf
