veSHN is the new non-transferable governance token of ShineDAO. Its vesting and yield system is based on Curve’s veCRV mechanism.
SHN holders can now lock their SHN for a maximum of 4 years and get benefits proportional to their lock time. veSHN decays slowly over the locking period, eventually reaching 1-1 with locked SHN, at which time the users can redeem the veSHN back for SHN. Users can also get additional veSHN by locking more SHN or extending the lock period.
1 $SHN + 4-year lock = 4 $veSHN, decaying to 1 $SHN
It should be noted that each account can only have a uniform lock time: A single address cannot lock certain SHN tokens for 2 years then another set of SHN tokens for 4 years etc.
veSHN is launched on the Polygon Network. Users should bridge their SHN to Polygon Network.
veSHN acts as an access token for private deals. Users can get up to 75% discount on access with a 4-year lock.
veSHN holders are eligible for sustainable SHN yield coming from buybacks (OTC fees + treasury yield). The individual distribution weight of the amount locked depends on the lock duration. Users get up to 4x weight with a 4-year lock.
veSHN holders are eligible for vested token distributions from SWAP. The individual distribution weight of the amount locked depends on the lock duration. Users get up to 4x weight with a 4-year lock.
This feature is currently in development.
Each veSHN has 1 vote in governance proposals. Staking SHN for the maximum time (4 years) generates 4 veSHN and up to 4x voting weight on your SHN.
Find more about governance: