veGOMINING & Locks
1. What is veGOMINING?
It's votes that are part of the new GoMining tokenomics. With these votes you can get rewards in GoMining tokens and participate in voting on project governance.
All votes are stored on the blockchain and work on the veTokenomics smart contract, meaning that the votes aren't released within our own system.
2. Where do veGOMINING rewards come from?
The veGOMINING rewards are one of the directions to which tokens are distributed as a result of Burn & Mint cycles. The reward share is always 20% of the amount of newly minted tokens.
3. How are veGOMINING rewards distributed?
Distribution is done every Tuesday within each Burn & Mint cycle.
Rewards are distributed among all vote holders depending on their voting power. So, the holder receives the same share of all distributed rewards as their voting power.
Voting power is the share of a holder's veGOMINING votes to all votes released.
4. How to lock tokens and get veGOMINING votes?
To get votes, you need to lock GoMining tokens for 1 week to 4 years — the exact period is up to you.
GoMining tokens must be in an Ethereum network wallet, which can be connected via MetaMask or Wallet Connect. You also need to have ETH in your wallet to pay the transaction fee.
If you don't have GoMining tokens in your Ethereum wallet yet, you can:
Buy tokens in your GoMining personal account, on exchanges or in the Trust Wallet app
Withdraw tokens from your GoMining virtual wallet
Transfer tokens from BSC to the Ethereum network using the Bridge in your GoMining personal account
How to lock tokens and get votes:
Go to the Get votes section.
Connect your wallet via MetaMask or Wallet Connect.
Enter the amount of tokens you want to lock or votes you want to get.
Choose the lock period: 1 week to 4 years. The longer the period, the more votes you'll get. As the lock period is measured in weeks, you can choose only specific dates on the calendar.
Click Approve allowance. This is an approval to transfer and lock your tokens on the veGOMINING smart contract.
Click Get votes. Done! Your votes will appear in the My lock section.
You can have only one lock at a time. If you want to get more votes, you can upgrade the lock: lock more tokens or extend the lock period.
Tokens can't be unlocked before the end of the lock period.
5. Where can I find my veGOMINING votes?
You can find your votes in the My votes section. All your vote statistics are also available there, like reward balance and history, upgrade history, vote chart, and time until the lock ends.
6. What will happen to my veGOMINING during the lock?
From the beginning to the end of your lock, the amount of your veGOMINING votes on the balance will decrease — that's a part of the veTokemonics logic. It helps to maintain the value of votes, high income per vote and free competition of vote holders.
The votes of each vote holder are continuously decreased by the equal amount for each Burn & Mint cycle week. The exact decrease amount is specific to each holder and depends on the lock amount. The decrease will occur throughout the lock period until the vote balance is empty at the end date.
Once you've received votes, you can check out the Vote chart in the My votes section to see how your vote balance changes.
To get more votes during the lock and receive more rewards, you can upgrade the lock. There two ways to do so, either lock more tokens or extend the lock period.
7. How to upgrade the lock?
Lock upgrade is an option to get more votes during the lock period and receive more rewards. To upgrade, click the Upgrade button in the My lock section.
You can upgrade your lock in two ways by either increasing the lock amount or extending the lock period. The lock can be upgraded an unlimited number of times.
Amount
Enter extra lock amount — how many tokens you want to lock in addition to the amount currently frozen.
Check the amount of votes you'll get and your new voting power.
Click upgrade. The amount of tokens entered will be locked and your extra votes will appear in the vote balance.
Period
Choose a new lock end date or the period you want to extend the lock.
The lock period including the upgrade can only be up to 4 years. For example, you locked tokens for 4 years. After 6 months, you decide to upgrade the lock period. So you'll only be able to upgrade it for 6 months.
Check the amount of votes you'll get and your new voting power.
Click upgrade. Your extra votes will appear in the vote balance.
The entire history of your upgrades is available in the My lock section by the History button.
8. What can I do with my accrued rewards?
Withdraw all your accrued rewards to your connected wallet. To do so, click Withdraw in the Reward balance card.
Relock the tokens received as rewards. This works as the lock amount upgrade, but the tokens are locked from the Reward balance, not the connected wallet. To do so, click Lock in the Reward balance card. (coming soon)
Last updated
