Announcing veGNOME — Boost your community participation and rewards by temporarily locking GNOME
GenomesDAO has based its vote-escrow system on the veCRV model created by Curve Finance, which we have adapted to use the veGNOME token (veGNOME stands for vote-escrowed GNOME). The veGNOME model benefits DAO token holders by protecting the price of GNOME tokens by allowing holders to lock up their tokens for various benefits.
The first use case for veGNOME holders is to boost their GENE or GNOME rewards in Stablecoin Vaults at staking.genomes.io
We will be adding more benefits for veGNOME holders in the coming month, including but not limited to:
- Discount off Genomic Sequencing (when paid with crypto — GENE, GNOME, ETH)
- Boosting of Liquidity Pool vaults
- Distribution of GNOME to holders in a profit sharing model
How to stake GNOME for veGNOME
Stake your GNOME for veGNOME at: https://vote.genomes.io/
If you have a GNOME balance on your account, this balance can be locked by inputting the amount in Generate veGNOME’s “Balance” field, setting a “Lock until” date and sending the lock transaction.
The GNOME staking/locking UI incorporates a calculator used to determine what boost would be received under current conditions. This calculator is able to account for the particular stablecoin staked in a given quantity based on the current TVL of the pool and the amount of veGNOME an account holds relative to those others who have also staked the same asset.
Staking and locking your GNOME for longer periods, gives you a bigger boost. Below shows the difference in locking 1000 GNOME for 4 years vs 1 month and the effect it has on stablecoin vault rewards. In the example below — we see staking for 4 years gives a 1% APR boost, versus 0.021% if you stake for 1 month.
Our first boosting pool is for stablecoin pools — You can read how to get up to a stable 20% APY on DAI, USDC, USDT, mUSD or FRAX here now.
Once locked, veGNOME can be unlocked to GNOME for a penalty. Emergency unlock will charge 50% of your GNOME tokens. This will be distributed to veGNOME holders.
If you have any questions about this or anything else — jump in the discord — Discord.gg/genomes
We are very thankful to vfat and Hundred Finance for their code and documentation that our work has built upon.
Token Addresses on the Polygon Blockchain
GNOME Polygon Address — 0x6E8a8726639d12935b3219892155520bdC57366B
GENE Polygon Address — 0x34667ED7C36cBBbF2d5d5c5c8d6Eb76a094EDb9F