The prominent Uniswap V3 protocol iZUMi Finance has just announced the introduction of its decentralized autonomous organization (DAO), which allows programmable liquidity mining. The DAO will be managed by a quadratic voting process based on veNFT, which is revolutionary.
One of the main goals of veiZi is to completely depict the governance powers of a protocol that uses the iZUMi Finance protocol; this includes voting, boosting and returning staking rewards. In terms of NFT usage, veNFTs represent a significant step forward for the industry. iZUMi DAO governance votes are represented by the number of tokens stored in a veiZi NFT. In contrast, in other DAOs, governance votes are represented by the number of tokens in a wallet.
iZUMi proposes to deploy a DAO governance model with quadratic voting to select the project’s course of action on critical problems. The veNFT vote results will decide and distribute the iZi emissions for each cycle. 50% of platform income will be used to purchase back iZi tokens, distributed to veiZi NFTs based on their voting power for staking rewards. The iZUMi farming pool’s APR may be increased by up to 2.5 times with NFT staked via veiZi.
Any iZUMi wallet address may create veiZi NFTs by temporarily locking iZi tokens. Third-party NFT markets will also be able to sell veiZi. Due to the fact that veiZi is interest-bearing NFTs, their owners can stake them for rewards monthly. A single veiZi NFT may be staked in each iZUMi wallet, and the locked term and locked number can be extended at any moment.
Additionally, being an interest-bearing NFT, veiZi allows investors to get monthly staking incentives. Furthermore, a single stake in veiZi may be utilized to enhance farming pools a limitless number of times.
