In tandem, the community will look to set up a formalized DAO, further distributing ownership of governance beyond 9 trusted community members to YFI token holders at large. The community is exploring a more extensive time lock so that any major changes to the governance contract may undergo significant periods of time (in DeFi terms) before the YFI supply could ever be adjusted. These signers (in alphabetical order) are:Ĭalvin Liu using this address verified by this using this address verified by this tweet.Ĭp0x.com using cp0xcom.eth verified by this tweetĬurve.fi using verified by this using this address verified by this using daryllau.eth verified by this using this address verified by this using verified by this using verified by this message. If consensus is reached, the multisig address will execute transactions on behalf of the YFI governance contract.ĩ community members have agreed to act as signers of the multisig as proven by social proof from each of their respective Twitter accounts (basically their entire social reputation). This means that no transactions can be processed until the 9 signers have reached at least 66.67% consensus. The governance multisig is controlled by 9 community members and requires 6 signatures. * This is likely to be updated with more finality over the coming days. Should Proposal 0: YFI Supply fail, the multisig will ensure that issuance can never happen by never adding a minter, effectively capping the total supply of YFI at 30,000 in perpetuity.* Should the community decide this should change, a vote can be enacted to add a minter so that YFI can be issued. The multisig contract CAN NOT mint additional tokens. What can the mulitsig do with the governance contract? (ygov.finance/vote)įor more details on how voting works, please see this forum post.
Everything else regarding YFI and the yEarn protocol is determined through normal governance (33% quorum, 50% majority) using onchain voting. The owners of the multsig can only set minters.
What does ownership of the governance contract mean? In the immediate short-term, no new YFI can be minted as there is no minter and the time-lock prevents one from being set for a minimum of 3 days. The governance contract is responsible for dictating the addresses (minters) which can issue (mint) YFI. Here’s some more context on what (and who) this entails.
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