Basically, the VYN token is a cryptocurrency built using the Vexanium blockchain smart contract. This token is launched by VYNDAO (which also launched the USDV token, a stable coin that is backed in USD) to become a governance token on the VYNDAO DeFi (Decentralized Finance) loan platform.
Since this token is a governance token that can be used to govern and recapitalize the VYNDAO protocol, the owner of this token (holder) can participate in autonomous organization activities on this platform. In other words, users can vote to make changes to smart contracts and system parameters in VYNDAO.
VYN is a token with a limited supply (fixed supply) and is fully automated in the smart contract (just like Bitcoin which there will be only 21 million coins). The developers of VYNDAO trust the community to be this token itself. In hope, this token will be determined in a bolder and yet more progressive way for the VYNDAO platform. This token is essentially an important part for all users of the ecosystem, which is holders, governors, and all miners of the DeFi scheme.
VYN Token Main Roles
There are two main roles of the VYN token, it is governance and recapitalization. In terms of governance, it is the duty of VYN token holders to monitor, participate, and vote on suggestions or improvements to ensure the overall stability of the VYNDAO platform. This is achieved through two forms of polling that are carried out through smart contracts. The two pollings are ideas and executives.
The former is used to gauge the VYNDAO community’s consensus on a suggested change to the platform. It is a preliminary move carried out to ensure that policies are well thought out before executive polling starts with structured voting. VYN token holders formally vote to approve or reject a plan at that stage. As the active proposal, the smart contract address that receives the maximum number of VYN tokens is then elected.
For instance: adding a collateral asset, changing the VYN savings rate, selecting an oracle feeds, and updating the functionality of the VYNDAO contract, are some examples of rules that were suggested or introduced in the protocol. On the VYNDAO governance tab, users can view both current and previous surveys and their findings.
How to Get VYN Token?
There are several ways to get VYN tokens, namely by mining or exchanging with other users who already have VYN tokens (who have mined VYN during the mining period). Exchanges such as UNYDEX or Basic DEX are the easiest way of gaining the VYN token. However, in the future, VYN can be obtained by engaging in protocol auctions for more technically advanced users.
The Details of VYN Token Total Supply
VYN Token Total Supply: 150,000 VYN
- Genesis Mining – 85,000 VYN (56.7%)
This program will run for 29 Days. Stake VEX into VYN’s smart contract. Users can unstake anytime. The smart contract will generate 1 VYN every 60 Vexanium blocks (30 seconds), with no handling fees when users unstake the VEX coins.
- Regular Mining and Farming – 30,000 VYN (20%)
This program is 2 years long. During regular mining, users can stake VEX, USDV, and other community project tokens. After that, the liquidity mining pools will be set up. Users can participate in mining by staking different tokens.
- Platform Liquidity Mining – 30,000 VYN (20%)
This program is 2 years long (VEX, VYN, and USDV). The details of this program will be announced later (TBA).
- USDV Backup Liquidity Treasury – 5000 VYN (3.3%)
This is USDV treasury backup.
- Community Developer Rewards & Future VYNDAO Foundation – 5000 VYN (3.3%)
These tokens will be locked for 1 year.