DAO VOTE #8 Initiate veGYRO

Abstract veGYRO allows Gyro holders multiple ways to earn rewards, not just from staking. Users can lock their GYRO's for 1 week to 4 years. The longer they lock, the more voting power they get. Because the range of lockup is variable, veGYRO will be a NFT. By using their voting power, users can decide which of the 3 options will be allocated the most rewards. Currently there are 3 reward types:

• APY from staking
• Bond fee rewards (50% of the 10% bond fees)
• Rewards for bonding (including bonds that have been previously purchased.)

Motivation The crypto landscape has changed. Gyro wants to be more dynamic, competitive and current.

With veGYRO, users have more ways of earning rewards. The ecosystem becomes a dynamic range of possibilities instead of merely staking. Voting power is a way of gaining influence. With the coming launch of SCOPE (Shitcoin Lending), voting power will be a major factor as shitcoins will try to gain voting power to influence lending rewards, thus creating more demand to hold GYRO.

Pros:

• More dynamic and competitive
• Users can increase their voting by locking for longer terms.
• more demand for GYRO when GYRO has utility
• better integration with SCOPE

Cons:

• more complex
• harder NFT adoption
• locking GYRO longer doesn't gain more APY

Options:

1: Initiate veGYRO 2: No veGYRO 3: Delay voting til April 1st, 2022