There have been a lot of updates to the VyFinance platform in recent weeks, and there are a lot more to come in the next few. The following update to the platform is Governance, which will give users the ability to discuss and vote on proposals that will have an impact on a variety of aspects in the VyFinance ecosystem.
Where can the community discuss proposals?
We have started a discord forum where users can create discussion threads about the VyFinance platform, build proposals, post them and discuss proposals that have been posted.
This is the first step for any proposal to be brought to governance. The community can discuss and amend proposals before they are listed to vote.
This is open to all through the VyFinance discord, which can be found here: https://discord.gg/D9ehBAXsb2
How does proposal creation work?
In discord, there is now a category called ‘governance’ with multiple channels contained therein. These are:
‘Governance forum’
This is where users can post discussion threads regarding the VyFinance platform, and ideas that users may have to improve its function. This is an open style forum, where anybody can participate and post their thoughts.
‘Governance Proposals’
This is where the community and team can post proposals to be discussed. All proposals must abide by the proposal formatting which can be found here:
‘Live Proposals’
Once a proposal is live on the dapp and users are voting, it will be moved to the ‘live proposals’ tab where users can discuss the changes being voted upon.
Where do you vote?
Once a proposal has been made live, it will appear on the ‘governance’ tab within the VyFinance dapp, users will be able to vote by navigating to this tab and selecting their preferred option for the proposal.
How is Voting Power Calculated?
Governance will include all sources of $VYFI and $XVYFI that is held in users wallets, on the VyFinance dapp (this includes all liquidity pools containing $VYFI and all vaults), and on the Minswap exchange.
Every $VYFI and $XVYFI held is worth one vote. A snapshot will be taken at least 24 hours prior to the commencement of any proposals vote. Each proposal will have its own snapshot that will be counted towards the voting power for that proposal.
How do I get involved?
There are a few ways in which you can get involved in governance. To begin, you can participate in thread discussions regarding potential upcoming proposals, which can be found in the ‘governance’ category menu on the VyFinance Discord.
Most importantly however — go to the governance tab once a vote is live and use your $VYFI to vote on the changes you want to see implemented on the VyFianance Platform!
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