All proposed changes to yAxis products have to be presented in public and made subject to community feedback. A proposal may be presented for voting if the community receives it well. The DAO currently votes on governance proposals off-chain through Snapshot. All holders of the YAXIS token have the right to vote.
While the yAxis team takes the lead in developing the yAxis Project, community members have the ability to suggest and discuss changes on Discord or Telegram. They are also able to formally propose changes (YIPs, or yAxis Improvement Proposals) through Discourse.
yAxis uses a quadratic rather than absolute formula for voting power (VP) to best determine the will of the holders. This flattens the voting power of each incremental token held and prevents large holders from controlling the outcome.
The voting power is calculated by taking the square root of the sum of a user's YAXIS, whether they're holding it in their wallet, staking it or providing liquidity in the LP.