<h1>Summary: </h1>
The purpose of this proposal is to standardize the Yearn Improvement Proposal (YIP) introduction, voting, and implementation process that governs the Yearn Finance protocol.
<h1>Abstract:</h1>
This proposal formalizes the process for introducing, voting, and implementing YIPs. Valid proposals are to be discussed for at least 3 days on Yearn’s <a href="https://gov.yearn.finance">governance forum <span>19</span></a> and include a forum poll to gauge sentiment. If after three days there is a 25% “For” vote in the forum poll it will then move to formal voting via Snapshot. In order for a vote to pass it must have a majority support (&gt; 50%) after at least five days of voting. Following a successful vote, necessary changes will be implemented by Yearn’s protocol or operations team and signed by the multi-sig, if necessary. Changes to this policy, including quorum requirements or what constitutes a majority vote, can only be enacted by a valid YIP that overwrites this policy.
<h1>Motivation:</h1>
Although there are several informal standards governing the YIP introduction, voting, and implementation process there is no single, clear policy. Recent proposals have not followed the quorum requirement defined in <a href="https://yips.yearn.finance/YIPS/yip-12">YIP-12 <span>15</span></a>. Additionally, no YIP or formal policy has been implemented that specifies votes conducted via Snapshot are formal and binding. This YIP would define and formalize the process in order for proposals to be valid and binding, and reduce any confusion in the YIP introduction and voting process.
<h1>Specification:</h1>
<em><h4>Introducing the YIP</h4></em>In order to submit a potential YIP for voting a user must first create a thread for the proposal on the Yearn governance forum (https://gov.yearn.finance). Complete the auto-populated fields that appear when creating a proposal on the forum. A screenshot of these fields are below:
<p><strong></strong></p><div><strong><a href="https://europe1.discourse-cdn.com/business20/uploads/yearn/original/2X/0/0d5e76540caa26599855819d7b3de7d6e8433587.png"><div><span></span><span>1472×887 32.1 KB</span></div></a></strong></div><p></p>
<p>Additionally, the thread should include a poll from the governance forum to gauge interest from the wider governance community. After the thread has been on the governance forum for at least 3 days and has received over 25% “For” votes it can proceed to formal voting via Snapshot. This allows the community to suggest potential changes to the proposal before it moves to the formal voting phase on Snapshot. Please do not assign your proposal a YIP number; numbers will be assigned by moderators prior to a vote taking place.</p>
<p>If a proposal was introduced on the governance forum and achieved at least a 25% “For” from the poll but is not submitted to Snapshot within 30 days, the author of the proposal must re-submit the proposal to the governance forum and restart the process. This ensures that proposals that previously received support from governance still retain support from the community.</p>
<p><em></em></p><h4><em>Formal Voting Phase</em></h4>Snapshot is used for formal, binding votes. The user who authored the YIP will also create the Snapshot proposal using this link (<a href="https://snapshot.page/#/yearn">Snapshot <span>18</span></a>). Snapshot requires 1 YFI in a user’s wallet to create a proposal. If the author does not meet this requirement then contact a moderator who will submit the proposal on your behalf. Before creating the Snapshot vote, please wait for a moderator to assign your YIP a number and begin your Snapshot title with it.<p></p>
<p>A previous version of this proposal called for a minimum of 72 hours for voting, and a 20% quorum requirement. In response to feedback that a quorum requirement might be difficult to quantify and could lead to time-consuming rallying of apathetic voters, we have instead opted to extend the minimum voting window to 120 hours (5 days), with a maximum length of 7 days. This extension period, coupled with an active communication of YIPs via the governance forums and on social media should help ensure that no YIPs slip by, or malicious ones are approved. 5 days is sufficient time for the wider community to participate.</p>
<p>The block selected for the Snapshot vote should be a block close to the Snapshot submission. In order for a vote to pass it needs to have a majority approval (&gt;50%) by eligible voters. The eligible vote is defined as YFI held in the governance staking contract and the yYFI vault at the time the vote is proposed on Snapshot. If the Snapshot vote does not meet a 50% majority approval then the vote is rejected and no changes will be enacted. Authors of proposals that are rejected may resubmit their proposal, but should include significant changes that address issues that may have prevented the YIP from passing during the initial vote.</p>
<h3>Scope</h3>
<p>This specification aims to clarify which proposals should move to the YIP stage, how long they should be discussed for, and how long the vote should be open for. By only allowing proposals to move to YIP/voting after several days of discussion, we ensure that everyone’s voice is heard, and proposals should more accurately reflect community consensus.</p>
<p>Additionally, while some may think that three days is too short to adequately discuss a proposal, this is simply the minimum requirement. We expect most discussions to last for significantly longer than this (as they have in the past), with only a select few well-planned and researched proposals with near unanimous approval moving through so quickly. This proposal also will not stifle the open source protocol improvements that are made daily by dozens of Yearn’s contributors. It only aims to govern those proposals that seek community feedback and ratification as YIPs.</p>
<p><em><strong>Other Uses for Snapshot</strong></em><br />
Snapshot may still be used for informal signal voting, including community contests, but its primary purpose will be to conduct formal, binding votes.</p>
<h2>TL;DR</h2>
<ol>
<li>All proposals must be discussed for at least 3 days with a forum poll before they will be assigned a YIP number and move to Snapshot voting.</li>
<li>The Snapshot vote will be binding, and must be open for at least 5 days. At least 50% must vote “For” the proposal for it to pass.</li>
<li>Most open-source protocol updates do not require YIPs; this process only governs those changes or proposals that wish to be discussed and enacted as YIPs.</li>
</ol>
<p><strong>For</strong>: Formalize the YIP introduction, voting, and implementation process as specified above</p>
<p><strong>Against</strong>: Do not formalize the process. No changes made.</p>
<p><strong>Update Jan 16, 2021</strong>: This post was updated to reflect the final version of the proposal that was voted on via Snapshot. Additionally, a typo was corrected, changing 96 hours to the intended 120 hours (5 days).</p>
<div><div><div><ul><li><span></span><span>For</span></li><li><span></span><span>Against</span></li></ul></div></div><div><div><div><span>55</span><span>voters</span></div></div><ul><li>
                
                <span>Results will be shown on <strong>vote</strong>.</span>
               </li></ul></div><div></div></div>
<h1>Voting</h1>
<p>A binding vote is now live on Snapshot and can be found <a href="https://snapshot.page/#/yearn/proposal/QmZA8zJtLPqQAHi1jMdYX9MdMQ1ZmtRP8zuHccm6HFSzpF">here <span>42</span></a>.</p>
<h1>Authors:</h1> @franklin @dudesahn

YIP-55: Formalize the YIP Process Summary:  
The purpose of this proposal is to standardize

YIP-55: Formalize the YIP Process

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<p><em>Authors: Humpy, Aura, Balancer</em></p>
<p>The last few months have been interesting, to say the least. While we don’t always see eye to eye with others, rational discourse is valuable in decentralized organizations. Balancer is stronger when differing viewpoints can be presented in a civil, constructive manner, and individuals have a voice in governance.</p>
<p>Over the last few days, a constructive dialogue has been opened between Aura, Balancer, and the veBAL whale, Humpy.  We have come to the following agreement, which we’d like to formalize on chain as a BIP.</p>
<ol>
<li>Aura will withdraw support for <a href="https://forum.balancer.fi/t/bip-xxx-cap-vebal-wrapper-stableswap-pools-at-5-of-emissions-each/3997/43">https://forum.balancer.fi/t/bip-xxx-cap-vebal-wrapper-stableswap-pools-at-5-of-emissions-each/3997/43 <span>63</span></a> and recommends that proposal not be moved to Snapshot.</li>
<li>All parties mutually recommend that the following proposals not be moved to Snapshot:<br />
A. <a href="https://forum.balancer.fi/t/bip-xxx-general-guidelines-on-second-voting/4039/23">https://forum.balancer.fi/t/bip-xxx-general-guidelines-on-second-voting/4039/23 <span>13</span></a><br />
B. <a href="https://forum.balancer.fi/t/bip-xxx-aura-multisig-blacklisting-for-governance/4023/40">https://forum.balancer.fi/t/bip-xxx-aura-multisig-blacklisting-for-governance/4023/40 <span>24</span></a><br />
C. <a href="https://forum.balancer.fi/t/bip-xxx-general-guidelines-on-wta-policies/4034/12">https://forum.balancer.fi/t/bip-xxx-general-guidelines-on-wta-policies/4034/12 <span>13</span></a>
</li>
<li>All parties have agreed that no hard caps shall be implemented for the tetuBAL gauge. Instead, Humpy shall move his votes to 17.5% on the tetuBAL gauge, and avoid putting more than 17.5% on any single gauge in the future.</li>
<li>Humpy has committed to using his remaining votes on voting incentives where the “bribe $ per veBAL” is greater than the “$ value of emissions per veBAL.”<br />
A. Aura has agreed to facilitate the creation of a script for Humpy to help him allocate his votes optimally.</li>
<li>Humpy has expressed support in voting for pools that are beneficial to the long-term growth of Balancer in line with other major stakeholders.</li>
<li>All parties have agreed to a gentleman’s agreement to not meddle in each other’s affairs.</li>
<li>To ensure that 51% attack is off the table, Humpy has agreed not to increase his position, and to unwind ~750k veBAL starting immediately, and allow Balancer governance to blacklist his addresses if they extend unlock time. Likewise, Balancer shareholders have agreed to unwind ~750k veBAL in the same time period as well.<br />
A. Humpy addresses:<br />
1. 0x1e7267fa2628d66538822fc44f0edb62b07272a4<br />
2. 0xc0a893145ad461af44241a7db5bb99b8998e7d2c<br />
3. 0xae0baf66e8f5bb87a6fd54066e469cdfe93212ec<br />
B. Balancer shareholder addresses:<br />
1. 0xCAab2680d81dF6b3e2EcE585bB45cEe97BF30cD7<br />
2. 0xD09CA75315e70bD3988a47958a0c6c5B30B830E1<br />
3. 0xfF052381092420B7F24cc97FDEd9C0c17b2cbbB9<br />
4. 0x242D7Cd78ccE454946f35f0A263b54fBe228852C<br />
5. 0xE7A76D8513E55578C80e4b26fc61eE7d4906d4CD</li>
<li>After AURA/BAL unlock periods, Humpy has agreed that Aura/Balancer will have 14 days to assist him in finding an OTC deal (within 10% of market price) to help reduce sell pressure, and maximize value.</li>
<li>Finally, Humpy has agreed to withdraw his delegation from Andrea81, who will no longer be representing Humpy going forward. We recommend that Andrea81 be withdrawn as the Tetu delegate as well.</li>
</ol>
<p>For this BIP, in the spirit in which it was made, we request that discussion be as friendly as possible.  Compliments and mutual respect are valued; emotional and inflammatory language should be avoided. To put this behind us, all parties and their current/former representatives have agreed that repeatedly revisiting these same issues is undesirable, so all will seek to limit public discussion on these subjects in any manner that is nonconstructive or reflects negatively on any of the involved parties.</p>
<p>Timing</p>
<p>All parties are ready to move forward with this process, and respectfully request that this BIP be moved to Snapshot at the Balancer community’s earliest convenience.</p>

YIP-55: Formalize the YIP Process

[BIP-128] Peace Treaty

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