Revolutionizing the billion-dollar web3 security industry, we're empowering our community to partake in our ecosystem's success
22 Sep 2023, 18:13
Revolutionizing the billion-dollar web3 security industry, we're empowering our community to partake in our ecosystem's success with $UNO & veUNO.
Curious about the distinction between them? Time to decodeš
The Uno Re ecosystem comprises a utility token ($UNO) and a governance token (veUNO).
Both benefit our community members and contribute to our success, but each serves a distinct purpose.
$UNO, the utility token, enables holders to stake their tokens on our risk investment dApp and become Liquidity Providers - a.k.a providing insurance capacity.
LPs also gain governance power, enabling them to vote on decisions related to Uno Re governance.
Moreover, UIP-01 approval introduces a new utility: clients will be able to pay premiums at discounted rates using $UNO, generating increased demand for the token.
veUNO, our governance token following the vote escrow model, on the other hand, is created with the sole purpose of Uno Re DAO's governance; loyal supporters of the Uno Re ecosystem who wish to shape how the protocol is managed while reaping benefits for their long-term support of the protocol can lock their $UNO tokens to obtain veUNO.
The amount of veUNO you get depends on how much $UNO you lock up and for how long.
If two people lock the same amount of $UNO, but one does it for a year and the other for four years, the person who locks for four years will get four times more veUNO.
This gives them a four times bigger share of the $UNO reward pool and more voting power.
In this way, we have created an ecosystem to generously reward the loyal supporters of our ecosystem while also creating various utilities for $UNO.
Ultimately, individuals who lock their tokens for extended durations or commit more $UNO have a greater incentive to vote with the protocol's long-term success in mind.
They're less likely to support short-term decisions that could harm the protocol's achievement and reputationāa critical consideration for a web3 security ecosystem.
One step at a time, we aim to build the most significant transition in web3 security - from being controlled by a few to being empowered by the DeFi community.
Let's shape web3 security together!