Introducing Our Day of Governance: Y.Family Day
With the pandemic taking place and decentralized communication at an all-time high, there is still so much room to celebrate the holidays with your family and friends. That’s why we’ve introduced the first of its kind: Y.Family Day. This day is to show dedication to our loyal community and beloved $YFIN and YDOT holders.
What exactly is Y.Family Day?
Y.Family Day is also known as our ‘Community Day’. This day opts as an opportunity to cast your votes for anything using the $YDOT token. Whether you’re looking to increase or decrease the number of airdrops we host, the ratio they’re dropped at; your voice matters.
Every 9 days (or 3 times a month), we will host this day of governance for our community to play a major role in business decision making. There are many opportunities to propose quality changes within the business as we continue to develop the platform and token. As mentioned before — you ask and we listen.
Also, during this day of governance, you will be airdropped selected tokens that are highly anticipated and considered as projects with long-term growth potential in the DeFi space. This will not only allow you to diversify your portfolio, but it will also provide you an equal opportunity to take part in other projects playing a major role in the community.
How can I acquire $YDOT?
The governance token $YDOT will be airdropped every day on a 1:1 basis with $YFIN for the first two weeks of launching our smart contract to mainnet. You heard that right — every single day for two weeks, you will automatically receive the equivalent amount of governance tokens that match the quantity of $YFIN being held.
The updated platform will only allow you to receive $YDOT if you’re holding $YFIN there. If you would like to take part in the voting protocol, all votes must be cast within the platform as well. Not only the platform, but you can also swap ETH for YDOT at Uniswap as well. You can exchange 1ETH for 3,934 YDOT tokens. We do not want ownership of the platform. The DAO and smart contract have ownership.
How is $YFIN Linked to $YDOT?
With every YFIN index token you hold, you get a YDOT token as well. What that means is that the more YFIN tokens you carry, the more powerful your opinions are within the community. Holding governance tokens and being eligible to vote is rewarding in ways more than one. Firstly, whenever you vote, you become eligible for receiving airdropped rewards in proportion to the volume of the holding.
There is a provision of a vote to change the composition of the Core4 if you think one or more of the coins is not performing well. The voting may happen if the DAO decides it to be so.
While the more YDOT you earn gives more power to your vote, you need to own at least 1% of the supply to create a governance vote. The total supply of YDOT is 12,000,000 tokens or 12 million tokens.
One of the unique benefits of the YFIN index token is that the rewards leverage the performance of not a single coin, but a collection of highly anticipated DeFi tokens. YFI, YFII, UNI, and SUSHI are tokens that are appreciated in the world of cryptocurrency for the viability of the projects they are associated with. Their potential as a token is not a standalone quality. It stems from the growth potential that the projects have due to their overall features and functionalities.
If you are thinking about incentives for not withdrawing YDOT before the governance day once you’ve received the Y.Family airdrop then, there is a solid one. The withdrawal fees will be the highest immediately after the Family Day. But, the fees will gradually come down with each day you advance towards Governance day. Are you confused? Okay, let’s have a look at the numbers then.
On day 1 post Family Day, the withdrawal fee would be 8%. On day 2, it comes down to 7% and on day 8 it will come down to 1%. Eventually, the withdrawal fees would become zero on day 9, the governance day. Isn’t it great? You gain from doing nothing but waiting for the right day to come.
Any updates or modifications in the withdrawal mechanics of YDOT withdrawal will be explained in greater detail as we approach the governance day.
To avail of airdropped rewards, and to voice your opinion login to your wallet at wallet.y.financial/. Make the most of the Family Day and the governance day that follows.