So, $YFI is a governance token with a market cap of $922M atm, almost 1 billion dollars. So how does this governance work?
There& #39;s nothing on the main web site: https://yearn.finance/ 
Nothing">https://yearn.finance/">... in docs.
Through some search, I found https://ygov.finance/vote 
but">https://ygov.finance/vote"... again, no

explanation about what it is and how exactly it works.
So it& #39;s not clear what exactly investors are investing in.

Solidity code for yGov is provided here: https://github.com/iearn-finance/audit/tree/master/contracts/yGov

Code">https://github.com/iearn-fin... which actually deals with proposals and voting:
#L653">https://github.com/iearn-finance/audit/blob/82694ed21b83606e8ce5ae0146f48fa6d372d25d/contracts/yGov/YearnGovernanceYFI.sol #L653">https://github.com/iearn-fin...

does nothing to execute a proposal. It just records number of votes.

OK, let& #39;s start from other direction. The $YFI token contract:
https://etherscan.io/address/0x0bc529c00C6401aEF6D220BE8C6Ea1667F6Ad93e

mentions">https://etherscan.io/address/0... governance, so how is this governance implemented? You can find that the current governance contract for $YFI is

https://etherscan.io/address/0x026d4b8d693f6c446782c2c61ee357ec561dfb61
which">https://etherscan.io/address/0... is TimelockGovernance, essentially a governance-updater contract. The governance for TimelockGovernance is set to #readProxyContract">https://etherscan.io/address/0xfeb4acf3df3cdea7399794d0869ef76a6efaff52 #readProxyContract
which">https://etherscan.io/address/0... is GnosisSafe 6-of-9 multisig among normal addresses (i.e. physical people).

So, as far as I can tell, $YFI doesn& #39;t actually govern anything, it just allows you to cast coinvote-style votes on a forum of sorts. And then 9 guys who have keys might execute a proposal, if they like. They aren& #39;t legally required to, and it& #39;s not even clear who they are.

So, basically, people are willing to pay $900M to access a forum.
This is several steps back from 2016 The DAO, which proposals which can actually be executed on chain.

I wonder if people buying $YFI understand that they have no formal power of any sort. It& #39;s all at discretion of Cronje and his cronies.