About veNFT
Last updated
Last updated
veNFT is used to determine whether a proposal is adopted. veNFT comprises of three voting sources: GEODNET Location NFT, Staked GEODs, and Locked GEODs. A 67% or 90% majority vote is required to pass a proposal.
Location NFTs are rewarded to miners according to our mining rules. Members can also stake their GEOD tokens to gain voting power. Currently, locked GEOD holders, including our team and investors, are considered foundation members.
By clicking the “About veNFT'' button on the GEODNET Governance homepage, you can open the veNFT page to view details about the platform's voting system.
On the "About veNFT" page, scroll down to view the latest veNFT status panel. When the total amount of Location NFTs, Staked GEODs, or Locked GEODs changes, the corresponding veNFT figures are also automatically updated based on their weight in the total veNFT power.
To grasp the calculation and weighting of the veNFT power, scroll to the bottom of the page to view the following table.
The "Percentage" column indicates the weight of each veNFT source in the total veNFT power. The "Calculation" column displays the required amount of Location NFTs, Staked GEODs, or Locked GEODs needed for one veNFT.
