Inspired by Curve Finance veCRV, Pickles Finance DILL, and SpiritSwap inSpirit model. iVSW will be the governance token for Venera that will be formulated on a vote locking model. iVSW holders will be able to get enhanced rewards, the power to vote as well as share the protocols profit.
iVSW will be a governance, utility and a yield generating token which allows the users to use the enhanced farms and share the swap fees.
VeneraSwap long term aim is to become a DAO and by implementing iVSW it will give users the chance to decide what will happen to the project. By holding iVSW it allows you to have a vote on pool allocations every week which changes the APY directly. We will call those enhanced farms. So what are enhanced farms compared to “farms”? They are similar to regular farms, however the emission rate can be decided by voting using the iVSW. Enhanced farms will have a 1% deposit fee (0.8% goes to holders and 0.2% goes to development funds). The 0.8% fee is used to buy back VSW and distribute them back to iVSW holders on weekly basis.
Holding 1 iVSW give the user 1 vote which can be used once a week to vote on farms emission allocation as well as vote on improvements proposal for the project.
Lock & Stake
In order to obtain iVSW the users must lock their VSW for a defined time which is set by the user. The timeframe for locking is between 7 days to 4 years. The more time a user locks their VSW the great amount of iVSW they will get. Example: Locking 5 VSW for 4 years yields 5 iVSW locking 5 VSW for 1 year yields 1.25 iVSW. Then the amount of iVSW will start to decrease in the users wallet till it becomes 0. This means that the time for locking has ended and VSW can be withdrawn. iVSW is a non-transferable token and can be fully withdrawn at the end of the locked staking period.