Staking & Voting
Stake to earn rewards on LINKSWAP fees and exercise your power on the future of the YF Link pby voting on proposals
How voting works
There are two types of proposals, and voting works differently for them.
1. Non-Smart Contract Proposals
When you stake in the YF Link Governance contract, you will then be able to vote on future Non-Smart Contract Proposals happening on YF Link's Snapshot page. Voting power is 1:1 with the amount of YFL staked in the Governance contract.
2. Smart Contract proposals
The YF Link governance vault is a fork of Andre Cronje’s YFI contract, that has been adapted to allow $YFL holders to propose and vote on protocol and ecosystem updates. It is open to any user who deposits at least 0.1 YFL into the contract. Voting power is 1:1 with the amount of YFL staked.
In addition to being able to vote, YF Link governance vault stakers earn rewards on Linkswap transaction and listing fees.
For more information on rewards to governance vault stakers, please visit the Linkswap section
Staking
Visit the YF Link governance vault.
Connect your wallet.
You will now see your $YFL balance and how much is currently staked (if any).
Click "Stake".
Make sure you stake enough $YFL to have at least 0.1 YFL staked in the governance vault
This will fire 2 transactions.
The first one approves the $YFL contract as a spender of your $YFL.
The second removes the $YFL from your wallet and puts it into the governance pool staking contract.
Your $YFL is staked in the governance vault and you receive yYFL as an IOU.
That’s it! You can now vote on proposals, and start earning rewards on Linkswap transactions and listing fees.
Staking in the Governance contract allows you to vote both for Non-Smart Contract Proposals, as well as on Smart Contract Proposals.
Before you do anything else, in order to propose or vote, you will need at least 0.1 YFL in the governance pool to submit proposals or vote or you will see a high gas fee and your transaction will fail
Voting
Voting works differently for two kinds of proposals
1. Voting on Non-Smart Contract Proposals
Visit YF Link's Snapshot page.
Connect your wallet.
Find the proposal you want to vote on. Active votes will be marked as "Open".
Open the proposal by clicking on it.
Click on the voting option you want to vote for.
????
Congrats! You have now voted on a proposal.
2. Voting on Smart Contract Proposals
Visit the voting portal.
Connect your wallet.
You will now see your $YFL balance and how much YFL is currently staked (you need more than 0.1 YFL staked in the governance vault to vote).
Scroll down to the Vote section.
Open proposals have a countdown (proposals that are not live are labelled "ended").
Double-click on the proposal to go to the YF Link Governance Forum and read the text of the proposal you're voting .
Go back to the governance vault.
Click on the thumbs up to support or thumbs down to reject on the proposal.
Click on submit vote.
Confirm the transaction in your wallet.
Congrats! You have now voted on a proposal.
After voting
If the proposal passes, the content in the proposal is executed. If any funds from the YF Link treasury have been requested, the YF Link treasury multi-sigs transfer the funds to the address specified in the proposal.
Non-SC votes are subject to a quorum requirement of 20% of $YFL locked in the governance contract at time of vote resolution, and a simple majority agreement threshold (>50%).
Unstaking
Visit the YF Link governance vault.
Connect your wallet.
You will now see your $YFL balance and how much YFL is currently staked (if any).
Click "Unstake".
Approve the transaction in your wallet to unstake your $YFL .
Your yYFL will be converted to $YFL and is returned to your wallet.
Note that there is a 1% unstaking fee if you unstake before 172800 blocks (approximately 26 days) from your time of latest staking, which will go to the treasury
Last updated