Yearn Ecosystem Token Index

Yearn Ecosystem Token Index (YETI) is a token of the Yearn Ecosystem Index, launched in collaboration with the Yearn Finance ecosystem. Yearn Finance is a set of protocols on the Ethereum blockchain that allows users to optimize their earnings on cryptocurrency assets through trading and lending services. YETI provides exposure to Yearn ecosystem projects in a single token. YETI token is launched on PowerPool, a project exploring the utility of Ethereum-based governance tokens. Powerpool plans to allow token holders to pool, lend, and borrow governance tokens, earn income, and accumulate governance power in protocols.

According to the project's official publishing, quality on-chain governance mechanisms are integral to making the crypto-asset industry resilient and sustainable. However, there are high gas costs to vote, voter apathy, and whale dominance. Whales are entities—individuals, institutions and exchanges—holding significant amounts of tokens of a particular cryptocurrency. The problems mentioned above are the root of why majority token holders demonstrate a lack of interest in participating in on-chain governance. These issues hinder governance-based protocols from realizing its values to make decisions aligned for every stakeholder that the majority needs to participate. On-chain governance is a system for managing and implementing changes to cryptocurrency blockchains.

PowerPool aims to solve on-chain governance problems through meta-governance. One of the meta-governance tokens on the platform is YETI. Meta-governance is essentially temporarily transferring protocol voting rights to a broad social consensus. Three primary users help to form the consensus and the protocol going forward in the meta governance space:

History of Yearn Ecosystem Token Index

PowerPool, the platform which launched YETI, was founded by Leeroy Oshiya and Not. Satoshi in 2020. Leeroy is a power broker, one of the most well-connected people in the industry while Not. Satoshi is a developer and early adopter in crypto.