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Second Voting: Using LP Token as a Collateral

April 5, 2022
Ecosystem Updates , Stablecoin , Velero Dao

Dear Community!

We are proud to present our second vote to using liquidity pool token VLX/VDGT as a collateral asset. This is a powerful strengthening of our ecosystem, which we are pleased to inform you about.

You can follow the link here to vote with VDGT (governance token) to have an impact, make changes, demonstrate it in poll.

VeleroDAO exists primarily for the community and adheres to the concept of decentralization to the maximum. As for the guarantees to the holders of $VDGT tokens, each voter will be able to withdraw their tokens back and use them in case of other important protocol updates.

When the voting is over users will be able to mint USDV with their LP tokens VLX/VDGT.

The governance token is a token that allows his owner to take part in the management of a cryptocurrency project.

Governance tokens allow users to propose, discuss, and make changes to a project without having to rely on or require input from the project team. In addition, token holders can use them to delegate voting rights to other users, experts, and even applications.

All software needs updating or fixing mechanisms. Unforeseen vulnerabilities can be discovered in a project at any time.

In addition, it may turn out that poor technical implementation of the token or unforeseen events have made elements of the source code base out of date, non-functional, or even illegal.

Finally, there are usually some settings in the source code base that need to be updated from time to time. Governance tokens provide holders ability to influence these matters.

Any user with a sufficient number of tokens will be able to make proposals for the development of the main cryptocurrency protocol. For example, offer a new asset on a decentralized finance (DeFi) platform or change the lending interest rate. Interestingly, such proposals themselves can be represented by a digital code, and not by messages to the development team. If approved by the community, these proposals will be automatically incorporated into the framework of the platform.

Follow us on Twitter, join our official official Telegram group, and feel free to ask your Q’s to. Stay tuned the latest news and keep abreast!

The documentation and VeleroDAO codebase are publicly available on Github.

In addition, visit our official website and subscribe to our YouTube channel.

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