I just have a quick question about the voting. I see Yearn has a governance portal that uses on-chain smart contract voting, but there is also a Snapshot page. Is Snapshot not IPFS voting?
I can’t tell whether the project votes on-chain over Ethereum or uses Snapshot IPFS.
Yearn governance used to use ygov.finance for fully on-chain votes. But, as gas was expensive and it was costing dollars to vote each time, we have switched to snapshot for off-chain voting. All voting is currently happening on snapshot at this time and all votes with YIP numbers on snapshot are binding. Snapshot lets users vote by signing a msg with their ETH address which does not use any gas. Since these messages are only verified to be from the account holding YFI and logged into snapshot and not posted on-chain, it is referred to as off-chain voting.
Thank you for this explanation! Because the Yearn governance isn’t active as a platform to vote, it i snot recording the votes i make via snapshot - as such, the Yearn governance platform does not register the fact that one has actually via snapshot and therefore doesn’t allow the token holder to claim rewards - is anyone else experiencing this issue? How do i resolve this and claim rewards? Thanks in advance!
You are a gentleman. This is a great explanation. And that makes a lot of sense because it’s still on-chain in a strong sense, but just not in the direct transaction manner. Which makes it more democratic because some users would otherwise not vote due to gas fees.
Oh and does this mean users don’t need to stake YFI into the governance contract anymore? Just owning is OK?
You have to have your yfi staked or in the yfi vault to vote on snapshot and earn yield from the protocol. You can claim rewards at ygov.rocks
You have to be staked in gov or the yfi vault at the time the post is made to be able to vote. When a post is made in snapshot, it takes a snapshot (hence the name) of yfi tokens in gov and in the yfi vault and only those accounts are allowed to vote on the proposal. You can claim rewards for staking as I stated above. This forum is for governance and not technical help so if you have any more questions you should ask in #support in our discord or read our docs.