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iZUMi Finance Launches DAO, Enables veNFT Quadratic Voting - CoinQuora

DeFi

coinquora.com 21 February 2022 10:48, UTC
  
Reading time: ~2 m

Uniswap V3 liquidity mining provider iZUMi Finance officially announced the launch of its decentralized autonomous organization (DAO). The DAO will be governed in a revolutionary way, with a quadratic voting mechanism based on veNFT.

In terms of technology, the network’s native token — iZUMi DAO veNFT (veiZi) will enable DAO via quadratic voting on key issues for the community. It is compatible with ERC271 standard and is designed to govern rights of the iZUMi Finance protocol. This includes voting, boosting and returning staking rewards to name a few. The iZUMi  DAO governance votes are represented by the number of tokens held within a veiZi NFT.

The network will use 50% of its staking rewards revenue to buy back iZi that 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. Furthermore, the 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.

The network designed its NFT to be unique. To be specific, these NFTs are interest bearing assets that enable its holders to earn rewards every month by staking. The network users can maximize the iZUMi wallet features in staking single veiZi NFT. It also offers flexible extensions of both the locked period and locked number available at any time.

On the other hand, veiZi continues developing its network and providing its community with numerous benefits. First, reducing the circulation of iZi in the secondary market, thus boosting the iZi token’s value. Second, 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.


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