Over the past few weeks, the Yearn community has apparently had a lot of confusion about what it actually means to be a YFI holder. Many in the community have expressed their concerns about how YFI token holders have been neither informed nor consulted on the various mergers that Yearn has been executing. While we appreciate Andre’s recent submission of some of these partnerships, such as the one with Sushiswap, to a snapshot vote, most of these acquisitions were decided unilaterally and resulted in protests from the community.

This public dissent made us realize that YFI’s governance needs a more formalized structure to ensure that the opinions of token holders are fully expressed. Formal governance structures are the foundation of civilization and social organization. These structures set norms to ensure the culture remains honest and foster deeper trust among the leadership team and the community.

While previous actions were disturbing, we hope to address this unstructured governance process before it becomes a bigger problem in the future. As long as governance structures are informal, the rules of how decisions are made are known only to a few, and perceptions of power are limited to those who know these unwritten rules. This unstructured nature raises issues of accountability, trust, and transparency. Sound community governance and long-term sustainability of projects require explicit governance structures, not implicit ones.

Currently, we implement"benevolent dictatorship", as the governance structure has not been defined. We have a decentralized architecture with centralized governance. For the Yearn community, the best development path is to have both a decentralized architecture and decentralized governance.

Additionally, by having a clearer structure that is easy for YFI holders to reference and review, Yearn community members will be more involved in governance. Competition for highly sought-after Yearn roles, such as multisig holders, should become the norm. Additionally, candidates who wish to become leaders of action should campaign so that they can sell their vision to the community. compete"Yearn "The leadership role will increase community agency and engagement.

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multi-sig holder

Multi-sig holders shall vote once a year in a token weighted vote and allow existing members to be re-elected. The voting period shall take place at the same time each year and last for one week. 1 YFI=1 vote. The nine addresses with the most votes win. Additionally, YFI holders should be able to split their YFI to vote for different candidates. For example, if I have 100 YFI, I can use 50 YFI to vote for candidate 1 and 50 YFI to vote for candidate 2. This voting process can take advantage of Snapshot.

When deciding who to vote for, YFI holders should evaluate based on the contributions of these multi-signature candidates to Yearn (including governance and development), how much YFI they hold, and the strategic value these multi-signature candidates can bring to Yearn .

Multisig candidates should write papers, distribute them to the community, and discuss why they are the best candidates and why they align with the Yearn community.

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Operations Manager

After being elected, the first agenda of the multi-signature is to nominate the person in charge of the Yearn business, as well as their compensation structure, and each multi-signature can nominate one candidate. Operating leaders serve for one year and must then be re-elected. Multi-signers can reach a consensus before the nomination period and decide to nominate only one community candidate.

In the event that multiple candidates are nominated, the YFI community will select the head of operations through a symbolic weighted vote. The head of operations candidate who receives the most token weighted votes wins.

Yearn's head of operations has full submission and approval capabilities for all code that does not affect the Treasury Fund. In addition, the head of operations is also responsible for reviewing new strategies from the community, deciding what proportion of the income or deposits generated by the strategy should be obtained by the strategy builder, and making merger proposals for YFI holders.

A merge is anything that requires Yearn's strategy/vault to merge with an existing project's strategy/vault, usually resulting in an increase in TVL. Mergers must be approved by the community in a token weighted vote.

In this definition, Pickle and Cream would be considered merged, but Cover would not.

Mergers must be voted by the community for the following reasons.

• Yearn brand to be hugely impacted by merger

• There is a technical risk in combining Yearn's existing strategy/treasury with the strategy/treasury of other projects.

• New developers will officially join the Yearn team and will be compensated with treasury funds belonging to the community.

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Compensation for other YFI team members

Yearn business leaders should propose who they believe should be compensated as team members. Every time a new team member is proposed, or in the case of a merger, a new list of team members is proposed, the Yearn community must end with"be opposed to"or"be opposed to"way to vote for these new team members.

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YFICommunity

other information

other information

These fine print should be posted on the relevant Yearn website and should be referred to in case of conflict. In the case of a super majority of 2/3 of all existing YFI tokens, the community can modify the governance rules at any time.

In the future, the governance structure can implement a reputation system, so that those who contribute more to Yearn may have more say, instead of 1 YFI = 1 vote.

we are developing areputation framework, the framework can be leveraged for this purpose if the Yearn community finds it useful.

postpostexpress an argument.