Governance: Vote-Escrowed GYRO
Participating in Gyro DAO governance requires that an account have a balance of vote-escrowed GYRO (veGYRO). veGYRO is a non-fungible token (NFT), and is used to determine each account’s voting power.
veGYRO can be transferred but will be taxed per transfer; tax fee will be voted on by consensus. The only way to obtain veGYRO is by locking GYRO. The min/max lock time is 1 week to four years, respectively. One GYRO locked for four years provides an initial balance of one veGYRO.
A user’s veGYRO balance decays linearly as the remaining time until the GYRO unlock decreases. For example, a balance of 1000 GYRO locked for one year provides the same amount of veGYRO as 500 GYRO locked for two years, or 250 GYRO locked for four years.