YFD, the community-centered DeFi project that aims to become the first DeFi ecosystem driven purely by the community announced the launch of its governance platform, DFI.Governance. According to the press release shared with Altcoin Buzz, the ecosystem will be governed by VOTX token holders. By holding VOTX, YFD users can submit and vote on proposals.
To kick off the token distribution of VOTX, YFD released “The New Earnings Program”. This comprises a staking and a farming platform. This will basically help in the effective distribution of VOTX token. Along with that YFD holders will also earn short-term income.
🔥 $VOTX has now arrived 🔥
To earn 7.2% weekly, stake your UNI-V2 LP tokens here:https://t.co/lgBq7hgjfz
— Your Finance Decentralized (@YFDecentralized) April 12, 2021
As per the official blog, VOTX will be listed on Uniswap and DFI.Swap. The initial Uniswap listing price is set to $2 per VOTX. Impressively, the VOTX Staking will yield an APY of 208% and VOTX farming will yield an APY of 375%.
How does DFI.Governance achieve fairest results?
According to the YFD governance rulebook, the user’s quorum requirement is 25000 VOTX. This will ensure no small groups manipulate the governance. Furthermore, the platform will calculate the Power of Decision on the basis of the number of VOTX a user deposits in the Governance contract. While any VOTX holder is allowed to submit a proposal, these will be displayed on the platform only after some admins confirm the proposals.
To keep the voters motivated for governance participation, the name of the most active voters will be displayed on the Leaderboard. Moreover, the YFD holders must earn VOTX tokens first. They can do so by participating in staking and farming platforms (Pools C & D), after which, VOTX will become purchasable on Uniswap.
How will profit-sharing work?
Using fair governance, the platform will redistribute the profits of products like DFI.Exchange, DFI.Swap, DFI.Insurance and more to the community. In the future, the profit-sharing process will be automated. Before distributing profits to YFD holders, all the profits generated every month will be deposited in a Vault. A part of these profits will be directed to a smaller Vault. This Vault will maintain a reserve for operating expenses, funds of “Gigs & Rewards” and the DFI. Ventures community fund. This percentage that will go to the smaller vault will also be decided by community voting.
YFD remains one of the most exciting DeFi projects.