This tutorial is to teach you how to participate in the world’s truly most decentralized network, Yearn!
As this project has no formal figurehead or centralized authority of any sorts, your vote is critical to the further success of the platform.
Let’s step right into the future with how you can participate to be a vital member of Yearn’s growing community…
Once your vote is cast, your tokens will be locked up for a period of three days to prevent voting manipulation.
After three days, your tokens are once again free.
For a more precise measurement on when your tokens will be freed, go back to your voting transaction on etherscan and check the block number. The end of the lock period should be that block number + 17280.
Here you will be able to stake your tokens to vote and also be rewarded for doing so.
Please remember that you will not be able to access these coins for 3 days after your vote is cast!!!
Note: Make sure you are in the current governance version v2
The portal should appear giving you the option to stake. Please go ahead and select that option and enter however many votes you’d like to cast.
The number of votes = to the amount of $YFI you own.
Remember, you can own any amount of $YFI. You do not need a full one. Every single vote counts and matters.
Go ahead and enter the amount of $YFI you’d like to stake, earn rewards on and also be eligible to vote with.
You can navigate back to the YGov.Finance homepage
Click “Vote” this time around
Here you’re able to see all available proposals open for voting.
For this example, we are going to vote on YIP 34.
You’ll also be able to see the contract address of who created this proposal as well as tally of for / against votes
Click the proposal you’d like to learn more about.
The dropdown toggle will appear prompting you to “Vote For” or “Vote Against” this proposal
If you would like to learn more about a proposal, click on the YIP Link which will bring you to the Voting Dashboard and Discussion area this proposal was generated
For this demonstration, we’re going to “Vote For” Substreight’s proposal so let’s go ahead and click “Vote For”.
You’re also able to see the “Quorum Required” which is the minimum vote a proposal must make within the “Voting Dashboard” for it to go to a live community vote for $YFI holders.
Not all proposals make it to live vote., so it’s essential that $YFI token holders vote on the ones that do.
After you click For or Against Metamask should prompt you to confirm the transaction.
Go ahead and do so.
After a few moments, the transaction will confirm and your vote will be cast.
Congratulations! You’ve participated in helping shape the world’s most decentralized platform (hopefully) for the better! 😁🙌🙌😈
If you're confused... here's a flowchart of what's happening when you vote. This image created by Jin and shared in the YEARN discord.
Currently the UI does not update to let you know that you vote has been counted.
At this time if you'd like to change your vote from FOR to AGAINST or AGAINST to FOR, you can just go through the process again. This will switch your vote.
Voting in governance has a massive impact and everyone who carries $YFI is encouraged to do it!