Yieldly and Choice Coin Team Up for First YLDY Governance Vote
We have touched on governance a number of times in the past few months and have also conveyed the long-term Yieldly vision, which is to have decisions about the future of the platform governed by the very community who uses it. The first step to working towards that vision is taken today as we launch the first governance vote for Yieldly in partnership with Choice Coin. Choice Coin is an open-source software platform for decentralized governance that is built, developed, and maintained by the Choice Coin DAO — a decentralized autonomous organization on the Algorand blockchain.
From Monday, April 25th (EST) to Wednesday, April 27th (EST), the Choice Coin DAO will host Yieldly on its governance platform for an inaugural Yieldly vote. Choice Coin’s decentralized voting application, dubbed Decentralized Decisions, will allow users to participate in Yieldly’s governance by voting with YLDY. Voters will also receive CHOICE tokens, the Choice Coin voting asset, as rewards for participating in the governance process.
So what are we voting on?
The Issue for Yieldly Vote 1 concerns the YLDY token burn rate and amount. As you may have read in our recent posts on Twitter, we burnt 10 million YLDY last week while testing Headline’s new ASA burning tool, Algo Burner. Moving forward, Yieldly is committing to burning a portion of the monthly token emissions to gradually reduce the circulating supply of YLDY. The portion allocated for burning and the frequency will be the outcome of this vote. The options are:
Option 1 | Yieldly will burn 1.0 million YLDY per month for the next 12 months.
Option 2 | Yieldly will burn 3.0 million YLDY per month for the next 12 months.
How to Vote
- On April 25th EST, Decentralized Decisions will go live with Yieldly Vote 1.
- Voters will be able to connect their wallets to the application using the Connect Wallet button in the top right of the Decentralized Decisions page (via My Algo Wallet, Algo Signer or the PeraWallet).
- Voters may then enter the amount of YLDY with which they desire to vote. These tokens will be committed to the voting contract for the duration of the vote and will be returned to the voter’s wallet once the vote ends and all rewards are distributed (April 29th EST).
- Voters will then select the option for their respective vote and click the Submit Vote button.
- Finally, voters will confirm the transaction with their selected wallet. Your vote is now recorded!
Voters will also be eligible for rewards in CHOICE. The rewards pool for Yieldly Vote 1 is 2 million CHOICE. Rewards will be distributed proportionally to all voters.
Voters must opt-in to YLDY (ASA: 226701642) and Choice (ASA: 297995609) to participate.
All rewards will be distributed by April 29th at 4:00PM EST.