Main navigation

iZUMi Finance Migrates to DAO with veiZi NFTs: Details

Companies
Thu, 02/17/2022 - 16:10
article image
Vladislav Sopov
iZUMi Finance's decentralized autonomous organization will be governed through an eccentric NFT-based mechanism
iZUMi Finance Migrates to DAO with veiZi NFTs: Details
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents

iZUMi Finance, a liquidity management protocol for the Uniswap v3 decentralized crypto exchange, migrates to the next phase of its decentralization.

iZUMi Finance announces the launch of iZUMi DAO with NFTs

According to the official announcement shared by the team of iZUMi Finance, its hotly anticipated DAO is finally ready to change the game in the "yield faming" segment.

iZUMi Finance becomes DAO
Image by iZUMi Finance

Unlike the majority of DAOs that are governed by holders of ERC-20 tokens, in iZUMi Finance, only owners of iZUMi DAO veNFT (veiZi) ERC-721 non-fungible tokens will be able to have a say in crucial governance referendums.

Also, emissions of iZi, a core native utility token of the protocol, will be controlled according to the outcome of veNFT holder voting. To support staking programs, 50% of the platform's revenue will be bought back and distributed between veNFT owners.

veiZi governance NFTs can be created by any crypto wallet by locking iZi tokens for a predetermined period of time. As such, veiZi is a unique model of interest-bearing non-fungible tokens.

Here's how you can boost iZUMi Finance's farming pool profitability for your deposits

Besides that, veiZi governance NFTs will be available for purchasing on major third-party digital collectibles' marketplaces on Ethereum (ETH) blockchain.

With iZi tokens locked, iZUMi's farming module profitability can be increased by a factor of 2.5x. Simply put, it is accomplished by periodically reducing the supply of iZi tokens.

As covered by U.Today previously, iZUMi Finance secured $2,100,000 in a seed funding round in mid-November 2021.

Related
izumi Finance Secures $2.1 Million in Funding to Advance Liquidity Ecosystem of UniswapV3

The round was led by Mirana Ventures, with Everest Ventures Group, Youbi Capital, LucidBlue Ventures, Puzzle Ventures, WolfEdge, ICG, Adaptive Lab, Nothing Research and Tess Ventures also backing iZUMi Finance in its fundraising efforts.

article image
About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)