Understanding $KYOKO in P2P NFT Lending
KYOKO is used as the centre of gravity of Kyoko Protocol governance. KYOKO is used to vote and decide on the outcome of Kyoko Improvement Proposals (HIPs). Apart from this, KYOKO can be staked within the protocol Safety Module to provide security/insurance to the protocol/depositors. Stakers earn staking rewards and shared income from the protocol.
Documentation on tokenomics and governance will be available in the flash paper and with further detail in the full documentation. Feel free to join the discussion in the governance forum.
The main purposes of the Kyoko DAO token are to incentivize liquidity providers on the Kyoko Finance platform as well as to get as many users involved as possible in the governance of the protocol.
Currently, KYOKO has two main uses: voting and staking. Those three things will require you to vote to lock your $KYOKO and acquire veKYOKO.
veKYOKO stands for vote-escrowed KYOKO, it is simply KYOKO locked for a period of time. The longer you lock KYOKO for, the more veKYOKO you receive.
Last modified 2mo ago