YFDAI Finance, a permissionless decentralized finance (DeFi) ecosystem, has officially announced the results of their first community governance vote, which resulted in the successful voting in of a new DAO token called SafeSwap Token (SST) and NFTs to their governance infrastructure. In total, over 97% of participating YFDAI stakeholders voted in favor of the proposal. This indicates strong support in the company’s vision to create a fully decentralized project with various stakeholders participating in critical decision making.
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(Graphic: Business Wire)
This vote delivers on YFDAI’s objective of the core project team developing project decisions and strategies, and presenting them to the DAO community. The YFDAI token holders are then able to vote on the proposed item, either positively or negatively.
YFDAI’s SafeSwap Token (SST) will provide various governance functions such as the ability to vote on proposals around the development and direction of the project, introduce a generation of subDAOs, and modification of key metrics within the project’s tokenomics. Additionally, there will be beneficial DeFi rewards such as the ability to earn SST and NFTs by becoming a liquidity provider on the SafeSwap platform. All holders of YF-DAI tokens will receive airdrops of SSTs and NFTs which they will use for voting. In addition, The SST token will be used to gain preferred access to LaunchPad projects, YFDAI’s incubator. YFDAI’s LaunchPad will be launching its first project later this month.
YFDAI’s Lead Developer Rocky Paul states, “This governance vote was a very important part of YFDAI’s roadmap, as it highlighted the power of both a DAO and our community’s aligned vision for the future. We are excited to bring more opportunities for DAO participants to contribute to the open-source ecosystem and provide feedback each step of the way. Additionally, SST and NFTs will provide an integral part of the governance and tokenomics of the project moving forward, along with a wide range of benefits for holders of each.”
In the near future, YFDAI will conduct a vote to elect a committee who will decide on which proposals will be submitted for the community to vote on. This process will help prioritize the most critical and timely proposals for quick action. NFTs will be used to allow users to continue staking and farming their tokens without needing to remove them for voting. In addition, the voting procedure will continue to be gas free.
“As a community-centric DeFi project, we always want to make sure that not only are all YFDAI holders able to participate in key decision-making activities, but they are also able to be rewarded in multiple ways by helping our ecosystem grow and evolve,” said Phil Dow, YFDAI’s Head Advisor. “Liquidity on SafeSwap, our decentralized exchange, is important to the exchange’s adoption and SST serves that purpose. It will also be responsible for a large proportion of the YFDAI token burn that will decrease the overall token supply. NFTs and SST will be an integral part of the governance and tokenomics going forward.”
About YFDAI Finance
YFDAI is an entire permissionless DeFi ecosystem that combines Staking and Farming services and soon, Lending/Borrowing services, SafePredict, and Insurance together with their own DEX called SafeSwap and their own LaunchPad where legitimate projects in the DeFi space can launch their new vetted projects with contract audits, locked liquidity and locked development tokens in time release smart contracts.