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VE Model for Memechain
$veMC is a rating and profit system based on Curve's veCRV mechanism. By using this model, users can lock their $MC for up to 4 years to receive four times the amount.
$veMC as a reward. (e.g. 1000$MC locked for 4 years returns 4000$veMC). $veMC is neither a transferable token nor tradable on a liquid market. It's more like an account-based point on the system. And the system will also let the user know the transfer period of the wallet's locked $veMC tokens in the protocol. VE token holders will have the following benefits: $veMC holders have the power to choose which liquidity pools they wish to vote on, with the added perk of earning fees from the pools they have voted for.
Through their votes, these voters get to decide which liquidity pools receive more rewards from the DAO. Additionally, various protocols may offer incentives to sway voters to vote in specific pools. At the conclusion of each 10-day period, voters receive their well-deserved rewards from both transaction fees and potential bribes.
In this way, ve token holders are given the opportunity to earn rewards while also playing an active role in shaping the direction of the DAO.
Each $veMC will have one vote on governance proposals. 1 $MC deposit for up to 4 years will generate 4 $veMC. Users can trade their $veMC tokens for $MC tokens when the staking period ends. In the meantime, users can also increase their $veMC count by locking the $MC token, extending the lock-out date, or both.
It's worth noting that $veMC is non-transferable, and each account can only have a unique key for a specific time. A single address cannot lock $MC tokens for different periods.
For example, a user will be unable to lock one set of $MC for two years and then another set of $MC tokens for three years. All $MC per account must have a uniform lock-out period. How to use $veMC
The $veMC token cannot be sold or transferred. Instead, they have other use-cases, including:
- Earn more airdrop of $MC tokens;
- Receive random prizes/lottery rewards;
- Governance – vote on how the protocol provides developer funding, etc.;
- Serve as a network validator: a certain number of veMC tokens will be required for all validators.
- 30% Trading fees generated by the pools they vote for
- DAO’S MC rewards
In addition to modifying parameters within the agreement, the scope of governance also encompasses voting on community proposals.