Governance Token and Vote Power
veTB is the governance token (the contract address is 0x1dCFA28e3fbCE3FACDc69DDcf1fd92D355520f33). It can be received by locking TBY at a 1:1 ratio when accessing the contract in the app. It is used only for voting for one or another proposal in the DeNet DAO.
The vote power of is calculated according to the following formula:
TimeFromLastMove - the time of veTB staying at the user's address (but not less than 7 days and not more than 1 year). Any transaction (only opening or closing a deposit is possible) involving this veTB results in a value of 7 days;
N is the amount of veTB left in the account after the last transaction.
Thus, the vote power depends on the duration of the stacking and increases from the moment of your last deposit/withdrawal of the deposit.
In On-chain governance there are no limits on the frequency of voting. However, after voting the deposit is locked for 7 days and during this period withdrawal is impossible.
- 1.You can open and close the deposit at any time, but these actions will reset the accumulated VotePower to a stage of less than 7 days (19 VotePower per 1 veTB). Subsequently, the VotePower accumulation will continue.
- 2.Whenever governance tokens are moved, all votes submitted during the entire on-chain governance time are nullified.
- 3.According to the time parameter, the vote power can increase up to a maximum of 1 year. In the next years, if there is no movement of the governance tokens, the vote power is retained.