Introduction
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veGYRO
Voting Escrow
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.
Last modified 4mo ago
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