We have always seen that every organization has a structure that is followed in order to give some substance to everyday affairs. Some organizations have a top-down approach while many others have boldly taken the bottom-up approach, but what is important is that there is a well-defined chain of command that determines their reporting structure and accountability actions.
But Decentralized Finance is a sector which is marked by decentralization, which is a shift from its centralized, controlled approach to a much more liberty-oriented approach. Yearn Finance wants to follow this to the hilt which is why, in one of the most progressive moves by an organization in the DeFi sector, it has released a manifesto that outlines how DeFi protocol should be in terms of decentralized governance.
The manifesto is named, ‘How we think about Yearn’ clearly lays down the haves and the have nots of the protocol. The document can be considered as another feather in Yearn’s cap of achievements although it is not a manifesto in the strictest sense of the term. The document was posted to the Yearn Governance coordination page by Daniel Lehnberg who is a Yearn contributor along with a few Yearn contributors and 2 out of the 5 administrators milkyklim and banteg.
The manifesto states a rather important point:
“Yearn does not have an official voice. There’s no legal entity, there’s no foundation, no copyright, no patent, no central authority to stamp announcements with official seals from some great leader.”
The document stresses on how the project does not have any investors but only community members and that no one portion can dominate the rulings here. There also seems to be no involvement of Andre Cronje in the release of this manifesto and has not commented on the same yet. As has been observed, although Cronje has been listed as the administrator of the website, he has never claimed to have any official role with respect to Yearn. The manifesto released without involving him in itself is a big reason why the community has received it well and increased the credibility of the protocol.
Yearn.Finance came up with its governance token launch on July 17th this year. It followed a distribution with a no pre-sale allocation method for developers. This meant that anyone could deposit funds in Yearn and get rewarded with YFI tokens apart from protocol related activities. The governance tokens are employed by the protocols so that collective decisions concerning the protocol could be taken. The governance tokens give the right to vote on different issues like software development, partnerships, or even technological integrations.
About the same, the manifesto exclaims,
“Yearn is governed by YFI, but YFI does not govern Yearn’s contributors. Holding YFI entitles you to signal for real, practical change that improves Yearn. It doesn’t give you the right to tell other contributors what to do. You want something done? Do it.”