🔥 How Y-Foundry DAO Governance Works 🔥
WIP
How to Participate in Y-Foundry Governance
Participation in governance requires fYFD Points.
How to acquire fYFD Points
fYFD points are assigned to any address that deposits $YFD tokens into the Forge contract
How the quantity of fYFD Points is determined
fYFD points are calculated based on a multiplier that is derrived from the amount of block between the time of deposit and the final ‘unlock block’ chosen by the $YFD token depositor.
| Unlock Block Time | $YFD to fYFD multiplier | fYFD to $YFD value parity (+/-) |
|---|---|---|
| 2 week (min) | 0.048 | -95.20% |
| 3 month | 0.3125 | -68.75% |
| 6 month | 0.625 | -37.50% |
| 9 month | 0.9375 | -06.25% |
| 1 year | 1.25 | +25.00% |
| 1.5 year | 1.875 | +87.50% |
| 2 year (max) | 2.5 | +150.00% |
Chronological values above are shown to help illustrate the locking period and for this example are based on the Terra 2 blocktime of 6 seconds per block. In the Forge Contract, upon deposit of $YFD the unlock block value is stored as a block height, not a chronological value.
So, for example, if a chain’s blocktime changes from 6 seconds per block to 3 seconds per block, the chronological time in which the unlock block would be reached is halved. If a chain slows and block processing time becomes an average of 12 seconds, the time until deposited $YFD could be unlocked essentially be doubled.
$YFD deposited into the Forge is unavailable for withdrawal by the depositor until the Unlock Block selected at the time of deposit is made.
Minimum Unlock Block Amount
A unlock block must be set to deposit $YFD into the Forge. The DAO can change the unlock block minimum and maximums.
Currently the minimum unlock block is the equivalent of two weeks worth of blocks.
The reason for requiring an unlock block is to stabilize governance and reduce attack vectors directed at governance manipulation.
How many $YFD deposits are allowed
There is no hard limit on $YFD deposits into the Forge for each user. Each deposit of $YFD tokens maintains its own unlock block and thereby its own fYFD points multiplier.
Deposit Minimum
The DAO may set a minimum amount of $YFD accepted as a deposit into the Forge contract.
When can deposited $YFD be withdrawn
fYFD points decay and are converted back into $YFD every block along a linear scale.
As each block is created on-chain the unlock block is closer to being reached and $YFD unlocks from the Forge and becomes available to withdraw.
What can a user do with fYFD points
Users who lock $YFD in the Forge Contract become a member of the Boule.