YAK is the native governance token for Yield Yak. Holders of staked YAK and any staked YAK LPs can participate in protocol decisions and governance.
Your voting power is determined by how many YAK you have staked. The balance is called vYAK (Voting YAK). vYAK is non-transferable and based on the number of staked YAK you have (1 YAK ≈ 1,000 vYAK). You can see your vYAK by connecting your wallet to Yield Yak.
When a proposal is created and put forth to the community, members with vYAK can signal their preferences.
Stages of a Snapshot vote:
- Community Discussion (time varies). In the discussion phase, a community member engages the community to propose a desired change. Proposals which receive meaningful interest and support should be more formally documented with details prepared for the next stage.
- Review Period (24 hours). In this stage, a new vote proposal is published and voters are provided with time for review before voting starts.
- Voting Period (48 hours). In this stage, voters can signal their preferred outcome by connecting their wallet and casting a vote.
- Implementation (time varies). Depending on the vote outcome and its complexity, the next step is implementation by the relevant parties.
- 2.Connect your wallet by clicking ‘Connect Wallet’
- 3.Click on any active proposal that you’d like to vote on
- 4.Select how you’d like to vote
- 5.Sign the message with your wallet (no gas required)
At this time, the Yield Yak team can author proposals on Snapshot. Anyone may suggest any topic for consideration and community feedback on Telegram and Discord. Topics receiving sufficient support and interest will be prepared for inclusion on Snapshot.