iZUMi Finance Launches Revolutionary DAO With veNFT Governance Based On Quadratic Voting

The DAO will be governed in a revolutionary way, with a quadratic voting mechanism based on veNFT.

izumi Finance, the innovative protocol that provides programmable liquidity mining on Uniswap V3, today announced the widely anticipated launch of its decentralized autonomous organization (DAO). The DAO will be governed in a revolutionary way, with a quadratic voting mechanism based on veNFT. 
The new iZUMi DAO veNFT (veiZi) governance token will enable DAO governance through quadratic voting on key issues for the community. 

veiZi NFT compatible with the ERC271 standard and is designed to fully represent the governance rights of the iZUMi  Finance protocol, which include voting, boosting and returning staking rewards. veNFT’s are a major step forward for the industry in terms of NFT utilization. Whereas in most DAOs, governance votes are represented by the number of tokens held in a wallet, iZUMi  DAO governance votes are represented by the number of tokens held within a veiZi NFT. 

Sponsored

iZUMi  intends to adopt a DAO governance model with quadratic voting used to determine how the project will proceed on key issues. Each cycle’s iZi emissions will be determined and allocated according to the outcome of veNFT voting. For staking rewards, 50% of the platform’s revenue will be used to buy back iZi, which will be allocated to veiZi NFTs according to voting power. With NFT staked, veiZi will be used to boost iZUMi i’s farming pool APR by up to 2.5 times. 

veiZi NFTs can be minted by any iZUMi  wallet address by locking iZi tokens for a certain period of time. It will also be possible to acquire veiZi through third-party NFT marketplaces. 

veiZi are unique in that they are interest-bearing NFTs, allowing holders to stake them for rewards every month. Each iZUMi  wallet will be able to stake a single veiZi NFT, with extensions of both the locked period and locked number available at any time. Unstaking is also possible at any time after a user collects their rewards. However, those farming rewards may be reduced if veiZi is unstaked before the rewards are claimed, due to the cancelation of boosting. Users can then redeem their veiZi and get back their locked iZi tokens after the locked time has been reached. 

The introduction of veiZi will benefit the community in a number of ways, firstly by reducing the circulation of iZi in the secondary market, thus boosting the iZi token’s value. Second, veiZi is uniquely an interest-bearing NFT, enabling holders to earn staking rewards every month. Third, veiZi can be staked once and used an unlimited number of times to boost farming pools. Fourth, there’s no danger of losing liquidity in locked iZi, as veiZi can be traded on mainstream NFT markets such as OpenSea.

This article contains a press release from an external source. The opinions and information presented may differ from those of DailyCoin. Readers are encouraged to independently verify the details and consult with experts before acting on any information provided. Please note that our Terms and Conditions, Privacy Policy, and Risk Warning have been recently updated.

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Press Release

Read the most recent crypto press releases on DailyCoin to know all the latest project news from fintech and blockchain businesses. Disclaimer: This article is a press release and was not written by DailyCoin. We always aim to have the highest editorial and fact-checking standards, so if you encounter any content related issues, please contact us at pr@dailycoin.com.

Read more