A governance token is a token within a blockchain or decentralized application (DApp) ecosystem that grants its holders voting rights on key project decisions.
By holding governance tokens, users can participate in discussions and vote on proposals, updates, and parameter changes in the project.
People who hold $YAY can vote on important decisions, such as adjusting interest rates or changing transaction fees.
If there is a proposal to add a new feature, YAY holders can vote "yes" or "no" on the proposal, influencing whether the feature will be implemented.
This way, the entire community collectively decides the project’s direction through their votes.