Community governance has been added to a host of features that make YFDAI Finance a leading platform in the DeFi space.
Since its creation in 2009, blockchain technology promised to rid the world of the need for trusted third parties. DeFi has taken this promise seriously and is changing the way we look at finance, ridding us of the need for intermediaries and giving birth to various protocols designed with the goal of having as many stakeholders as possible sharing control.
Building a decentralized ecosystem from the bottom up is no small task and, whilst there have been incidents in recent months that highlight the still-nascent stages that DeFi is in, the progress made by some of the most popular DeFi platforms and protocols has been nothing short of admirable.
YFDAI Finance is one of these platforms and over the course of just three months has grown from a DeFi protocol into an all-inclusive DeFi suite offering clients a range of decentralized financial products. Since its inception in September, the YFDAI Finance ecosystem has grown considerably, now including a DEX (decentralized exchange) and a launchpad (incubator) for other DeFi startups.
YFDAI COMMUNITY GOVERNANCE
The YFDAI Finance team recently announced the introduction of community governance to the platform as an important first step towards a fully transparent, permissionless ecosystem. Community governance turns token holders into stakeholders, enabling them to directly influence mechanics that ultimately shape the future of the project.
Whilst the YFDAI Finance platform is being continually improved upon by a team of developers and finance professionals, the ultimate aim of community governance is to pass over much of the decision-making authority to the token holders. Early issues to be addressed by the YFDAI Finance governance community including how to structure the governance itself, with other major decisions needing to be reached relating to the SafeSwap DEX and the Launchpad.
The current MVP of the YFDAI Finance community governance model means that those wishing to participate in governance must hold a minimum of 2 YFDAI tokens in their wallet, with one vote available for each 2 YFDAI held up to a maximum of 20 votes. Users are invited to join the YFDAI Community Governance Telegram channel to learn more.
A SUITE OF DECENTRALIZED SERVICES
YFDAI Finance helps users unlock the full potential of their cryptocurrency assets and access financial products and services within a secure, permissionless environment. With a development roadmap planning to offer everything from startup incubation to DeFi insurance, the platform’s growth has been reflected in the price of the YFDAI token which has increased in price by over 1800% since September.
The total value locked in decentralized finance protocols is today sitting at over $20 billion and as yield farming, borrowing and lending all continue to grow in popularity in the world of DeFi, platforms that can offer a wide range of trustless products and services are sure to take center stage in 2021 and beyond.
Community governance is a welcome addition to the platform’s already impressive list of products and the upcoming Safe Predict, a predictions market product enabling users to place predictions on what future prices of the native YFDAI token will be, will no doubt further cement YFDAI Finance as one of the go-to platforms for everything DeFi.