Yes. I didn't drill holes in mine for a while because I just left the lid off, resembling my larger sized cubic yard compost bins. However, using a lid with plenty of holes can offer the same benefits- good airflow and it allows rainwater to penetrate, too. Now that it's summer, compost systems need more moisture to work effectively... keep them damp, and if you want to use a lid, drill holes to contain the process without hampering it.
One of the best things I ever did to improve my vermicomposting process was putting my weekly food scraps in the freezer for a few hours before adding them to my Worm Inn later. It'll keep the bugs down and it'll help decompose the scraps a bit more through the freeze/thaw activity. If you're having bug issues in the summer, I recommend checking out my video How to Make a Fruit Fly Trap For Under Two Dollars . How are your worms doing? Maybe it's time for a video.
Check out the three-way split can! I had to squint just to see what the Yes and No categories were on this thing... at first glance, it's just three practically unmarked voids. The compost category is interesting- only fruits and veggies... no hamburgers or ice cream. Maybe they have a vermicomposting system on site and they're keeping it simple for the worms? Nope- the food scraps are fed to the mules that work in the Grand Canyon Lodges! Known as Operation Shrivelly Apples, the program keeps food scraps out of the landfill, feeds the mules that make the daily trip down to the bottom and back, and creates manure which is processed into compost.