vePumpTGT NFT
vePumpTGT: The Key to Pumptogether's Decentralized Governance
Last updated
vePumpTGT: The Key to Pumptogether's Decentralized Governance
Last updated
vePumpTGT NFT is a veNFT ( vote escrowed NFT ), is a fair, transparent method for awarding NFTs that represent locked $PumpTGT tokens in the Pumptogether DAO. This system incentivizes early participation and long-term commitment while ensuring that high economic contributions are recognized appropriately through High voting weight and higher profit shares.
When a member locks their $PumpTGT Erc 20 tokens, the system starts by considering the sheer number of tokens they've locked, creating a base measure of their contribution relative to everyone else's. This base is then enhanced by two key bonuses:
The Time Bonus : Members who lock their tokens as soon as the door opens receive a higher multiplier—almost like an early-bird reward.
The Duration Bonus : The longer a member is willing to commit their tokens, up to the full DAO term, the bigger the boost they receive. A full-term lock can double the bonus, emphasizing the value of long-term commitment.
These multipliers are combined with the base weight to determine the final weight of the NFT. This weight not only reflects the economic risk taken by the member but also influences their standing within the community. Based on this weight, each NFT is assigned a rank—ranging from "Shrimp" for lower weights up to "Whale" for the highest. These ranks affect voting power and profit-sharing proportions.
Pumptogether's DAO governance is built on Vote-escrowed PumpTGT (vePumpTGT NFT ), which enhances decentralization and unlocks powerful features for PumpTGT holders.
Voting Rights: Participate in governance and earn Vote boost rewards
Platform Fee Earnings: Receive a share (60%) of platform fees, proportional to your locked PumpTGT, translating to your vePumpTGT NFT weight .
Boosted Voting Rewards: Earn boosted rewards, proportional to your voting power.
Future Value Potential: vePumpTGT can potentially be sold for a multiple of its value, based on future earning potential and revenue share.
The PumpTGT to vePumpTGT NFT locking mechanism reduces the circulating supply of PumpTGT, enhancing stability and protocol robustness. This contributes to the long-term health and success of the PumpTogether platform.
