YFII has a governance contract from Genesis. Since the owner key has been burnt, monetary policies such as token issuance and inflation cannot be changed. Only 4 parameters in the gov contract are modifiable.
These parameters can only be changed by a 7-out-of-11 multi-signature. Meanwhile, 6 community members and 5 core devs are holding these keys. You find out more information about the multi-sig contract and key holders here.
YFII originated from the community and is a flexible community-driven project. YFII is the governance token of the community, and future community governance can only be achieved through YFII voting.
A recommended process for initiating a proposal:
- Put a draft of the proposal in WeChat/Discord/Telegram group chats;
- Do an off-chain survey after thorough discussion;
- Publish the proposal on the governance forum and improve its content;
- Create a governance contract and campaign for votes in the YFII community.
The voting period of each proposal is 3 days. If the quorum reaches 20% and the support rate reaches 66% at the end of the voting, the proposal is deemed as passed.
When a proposal is open for voting, you can vote through this interface.