Nusa Governance Program is a decentralized mechanism in which stakeholders can participate in making decisions regarding the operation, evolution, and maintenance of the protocols. This program allows community to influence the development and direction of the project. Features established to support this program includes veToken and Voting features.
veToken is the Governance token that grants holders the rights to participate in the governance and decision-making processes. The Governance token used in Nusa Governance Program is called veNUSA.
veNUSA serves the following functionalities:
- 1.Voting Rights: veNUSA holders can vote on or make submission of proposals related to the platform. These proposals can include protocol upgrades, parameter changes, funding allocation, or other significant decisions that impact the platform.
- 2.Governance Participation: veNUSA holders can actively participate in discussions to voice their opinions, make suggestions, and contribute in decision-making processes.
- 3.Reward Distribution: To earn veNUSA, holders should lock their NUSA for a period of time and will be rewarded for their commitment of long-term support for the project. The reward offered for holders will be 60% shares of Nusa protocol revenue.
Participant should lock NUSA in the Governance feature to receive veNUSA. The amount of veNUSA a participant have will represent the influence of their vote, the right for them to submit new proposal, and the portion of profit sharing they will receive. veNUSA amount will gradually decrease until the period of lock finishes. Only until veNUSA amount becomes zero that the locked NUSA token will be able to be withdrawn.
Every month 60% of protocol's revenue will be allocated for Governance Program participants. The reward will be divided into 4 weeks distribution.
For example, in a month, 60% of Nusa's protocol revenue is $10,000. This means that $2,500 will be distributed each week for 4 weeks.
Reward Distribution Formula
Keep in mind that the amount of veNUSA will represent how much participant can earn from the profit sharing. Since the amount of veNUSA will decrease as times, the portion of reward receives will follows.
Voting system in blockchain refers to a decentralized method of decision-making and consensus where participants can express their preferences or opinions on specific matters. Utilizing the transparency and immutability of blockchain technology, participants is allowed to cast their votes securely and anonymously, ensuring the integrity and fairness of the process. Blockchain-based voting systems offer increased trust, audibility, and resistance to manipulation or fraud.
As a decentralized project, Nusa allows community to cast vote or make new proposal for Nusa developments. In order to participate in voting, participant need to utilized veToken that will represent their voice in the voting and the eligibility to make new proposals.
- Cast Votes: Anybody within the Nusa community who owns veNUSA can participate to cast a vote. There is no minimum or maximum amount of veNUSA owned to become eligible.
- Submit Proposals: Nusa developer and significant share holders can submit new proposals. To become a significant share holder, participant must own at least 500 veNUSA.
How is the process of proposal submission and voting?
- 1.Developer or holder submit a proposal through the voting page
- 2.New proposal will be announced and provided a discussion group on telegram
- 3.Governance participants is encouraged to cast their vote in the voting period
- 4.After voting period ends, developer will give 3 days for any rebuttal proposal
- 5.If within 3 days there is no rebuttal proposal, developer will announce the voting result and the execution plan
Disclaimer: Crypto is high risk investment. Please do your own research and make sure you understand how to use the platform before taking further action.