Vires Finance, the in-house DeFi protocol of the Waves Ecosystem, has announced that voting is now live for holders of the gVires token. The lending and borrowing protocol has seen remarkable growth over the last few months, with an escalating TVL that has breached $1.5 billion. Adding voting to the DAO will empower the community to steer the direction of the protocol as it continues its growth.
Due to the nature of the Waves Ecosystem, voters in the Vires DAO have the ability to enact genuine, seamless change to the way the protocol is run. This is because the Waves smart contracts system allows for more than just parameter updates. It also allows for full redeployment of the smart contract. System upgrades in Waves DeFi do not need to have V1, V2, V3 pools, and so on.
It means it avoids liquidity migration and fragmentation issues that can hamper momentum in DeFi protocols on the Ethereum blockchain. Virs voters can have their say on assets onboarding, the emissions and rewards from staking, the market parameters, overall system upgrades and the use of DAO grants.
gVires (or ‘governance VIres’), when locked, keep participants committed to governance decisions for a long period of time. 50% of gVires is unlocked within half a year, with the rest becoming unlocked at various intervals over time. As a reward for participation, gVires rewards holders with a portion of the revenue from every liquidity pool on Vires.
1000 gVires is required to make proposals for others to vote on. The proposal, once made, is sent to the discussion forums automatically. 48 hours later, the vote commences, and after five days, if the proposal is accepted by more than 50% of votes, the motion is passed, and the proposal can be applied by anyone broadcasting the transaction.