Protocol Governance
All proposed changes to yAxis products have to be presented in a public forum, subject to community feedback. They will also require ratification via simple majority by the yAxis DAO Council before moving to a vote.
A proposal will be presented for voting if the community receives it well and the Council approves. The DAO currently votes on governance proposals off-chain through Snapshot. All holders of the YAXIS token have the right to vote.
While the yAxis team takes the lead in developing the yAxis Project, community members have the ability to suggest and discuss changes on Discord or Telegram. They are also able to formally propose changes (YIPs, or yAxis Improvement Proposals) through Discourse. For general discussions, the community may also informally discuss proposals or ideas through the yAxis Discord or Telegram.
Voting Power
yAxis uses a quadratic rather than absolute formula for voting power (VP) to best determine the will of the holders. This flattens the voting power of each incremental token held and prevents large holders from controlling the outcome.
The voting power is calculated by taking the square root of the sum of a user's YAXIS, whether they're holding it in their wallet, staking it or providing liquidity in the LP.
DAO Bylaws
The yAxis DAO Council was elected via YIP-15 with the task to publish the project bylaws and governance strategy. This resulted in a 23 page document that outlines roles, responsibilities and expectations across the project. This was ratified by the council on 03 February 2022, and is now in-effect.
Last updated
