An innovative protocol offering programmable liquidity mining on Uniswap V3, February 17, 2022izumi Finance, announced the launch of its decentralized autonomous organization (DAO). DAO will adopt a veNFT-based quadratic voting mechanism for governance.

The new iZUMi DAO veNFT (veiZi) governance token will enable DAO governance through quadratic voting on key community issues.

veiZi NFT is compatible with the ERC271 standard and fully represents the governance rights of the iZUMi financial protocol, including voting, growth and return of pledge rewards. In terms of the utility of NFTs, veNFTs push the industry a big step forward. Because in most DAOs, governance voting power is determined by the number of tokens held in the wallet, while iZUMi DAO governance voting is represented by the number of tokens held in veiZi NFT.

iZUMi intends to adopt a DAO governance model with secondary voting to resolve key issues of the project. The amount of iZi released in each cycle will be determined and distributed according to the results of veNFT voting. For staking rewards, 50% of platform revenue will be used to repurchase iZi, and iZi will be distributed to veiZi NFT based on voting rights.

Any iZUMi wallet address can mint veiZi NFT by locking iZi tokens for a period of time. Users can also obtain veiZi through third-party NFT marketplaces.

What makes veiZi unique is its "interest-bearing NFT" nature, which allows holders to stake them monthly to earn rewards. Each iZUMi wallet can stake one veiZi NFT, and the lock period and lock amount can be extended at any time. After the user receives the reward, he can also cancel the pledge at any time. However, if veiZi is canceled before claiming the reward, this part of the farming reward may be reduced. Afterwards, users can redeem their veiZi after unlocking and get back the pledged locked iZi tokens.

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About iZUMi

iZUMi Finance is a programmable "liquidity-as-a-service" platform on Uniswap V3 multi-chain. LiquidBox, a liquidity mining platform initiated by iZUMi, provides non-homogeneous rewards to Uniswap V3 LP token pledgers in different price ranges, so as to improve the incentive distribution efficiency of reward providers. In addition, iZUMi will expand liquidity services to native DEX and cross-chain bridges of more public chain ecosystems in the future.