The new iZUMi DAO veNFT(veiZi), governance token, will allow DAO governance via quadratic voting on key community issues.
veiZi NFT is compatible with the ERC271 standards and is designed to fully reflect the governance rights of iZUMi Finance protocol. These rights include voting, boosting, and returning staking reward. The industry has made a significant step forward in NFT utilization with veNFT’s. In most DAOs governance votes are represented in tokens stored in wallets. However, in iZUMi DAO governance vote are represented in tokens kept within a veiZiNFT.
iZUMi plans to adopt a DAO governance structure with quadratic vote to decide how the project will proceed on key issues. The iZi emission for each cycle will be determined and distributed according to the results of veNFT votes. 50% of the platform’s revenues will be used for staking rewards. The remaining 50% will be used to purchase back iZi and will be allocated to veiZiNFTs according to voting strength. VeilZi can be used to increase iZUMi i’s APR by as much as 2.5 times with NFT staked.
Any iZUMi wallet address can generate veiZi NFTs by locking iZi tokens to be used for a specific period. You can also acquire veiZi from third-party NFT exchanges.
VeiZi are unique because they can be staked for rewards each month. Every iZUMi wallet can stake one veiZi NFT. There are extensions to both the locked period (and locked number) that are available at any moment. After a user has received their rewards, unstaking is possible. These farming rewards could be reduced if veiZi are not staked before they are claimed. This is due to the cancellation of boosting. After the lock time expires, users can redeem their veiZi to get their iZi tokens back.
First, veiZi will increase the value of the iZi token by decreasing the amount of iZi that is being traded on the secondary market. A unique interest-bearing NFT, veiZi allows holders to receive staking rewards each month. To increase farming pool growth, veiZi can only be staked once. Fourth, veiZi can trade on major NFT markets like OpenSea so there is no risk of losing liquidity in locked-iZi.
About IZUMi
iZUMi i Finance provides programmable liquidity on Uniswap V3 multichains. LiquidBox is a liquidity mining platform that offers Uniswap V3 LP token staking reward rewards in non-homogeneous price ranges. This could increase the efficiency of incentive distribution and improve the earnings of liquidity providers. iZUMi will also extend liquidity service to multichains with built in DEX and bridge in future.