We're continuing our series of posts explaining how the new GoMining tokenomics will work.

18 Jul 2023, 15:41

We’re continuing our series of posts explaining how the new GoMining tokenomics will work. Today we’ll be talking about the Ve token model - the topic that gave you the greatest number of questions. The Ve token model is the token governance framework based on GMT stakes with long-term token locks. The model aligns the motivation of token stakers and governance participants with the long-term success of the ecosystem. The Ve token model will provide our customers with the opportunity not only to earn rewards on staking, but also to make decisions related to the distribution of extra rewards, as well as the future of the GoMining protocol. The weight of your vote will directly depend on the lock-up period and the amount of tokens you lock on the VeGMT contract. The possible staking period will vary from 7 days to 4 years. One token blocked for 4 years will be equal to 1 veGMT. If the token is locked for 2 years, it will be equal to 0.5 veGMT, while 1 year will be 0.25 veGMT. The more veGMT you have, the more likely it is that your opinion on any issue will be considered the main one. It is important to note that governance rights will be provided exclusively by tokens frozen on the veGMT contract. If you have Fixed or Flexible positions open before the time the new tokenomics come into effect, these tokens will bring you the rewards promised by our smart contract, but you will not be able to make any decisions. We will absolutely pay out all the rewards for staking according to our old model, but after the launch of Ve tokenomics, new positions can only be opened on a VeGMT contract.