Understanding veORN
Navigating Orion's Governance Galaxy
Last updated
Navigating Orion's Governance Galaxy
Last updated
In the expansive galaxy of Orion's ecosystem, veORN is the influential power of your spacecraft, determining the gravity of your decision-making influence and the magnitude of your rewards.
VeORN, or Vote-Escrowed ORN, is a pivotal component of Orion's Governance 2.0. Derived from your staked ORN, veORN functions as your operational power within the protocol. It amplifies your voice in Orion’s governance, granting you the power to shape the protocol's future through voting.
Staking ORN: The act of staking ORN is fundamental in establishing your influence in Orion. The quantity of ORN staked defines the extent of your participation and influence in governance decisions.
Lock-Up Period: The lock-up period you choose reflects your commitment to Orion's governance. Longer periods signify deeper engagement, resulting in enhanced influence as represented by your veORN balance.
Voting Power: Your veORN balance, a result of your staked ORN, determines your voting power in governance. This power influences how rewards are distributed across Orion's different sectors.
Influence Expansion: A larger veORN balance equates to increased influence over governance decisions, allowing you to significantly impact the protocol's direction
ORN-to-veORN Conversion: This formula determines your initial veORN based on the amount of ORN staked and the length of the lock-up period, favoring longer commitments with greater influence.
veORN’s decay mechanism is designed to incentivize continuous commitment. As veORN diminishes over time, you can sustain or boost your influence by extending the lock-up period or increasing your ORN stake.
veORN’s decay mechanism incentivizes continuous engagement in governance. As veORN gradually decreases over time, it mirrors a spacecraft using up its fuel, leading to a reduction in influence within Orion’s governance. To counteract this decay and sustain your influence, you have two strategic options:
Refueling: You can add more ORN, akin to refueling your spacecraft, which boosts your influence power.
Extending Your Commitment: You can choose to re-commit your ORN for a longer period, effectively extending the duration of your influence in the governance council, much like prolonging a space mission to maintain operational strength.
veORN Decay Mechanism: Over time, veORN naturally decreases, symbolizing the ongoing consumption of your commitment. This encourages continuous engagement and opens opportunities for new participants to gain influence.
Engaging with veORN begins with your decision to stake ORN. Your journey in Orion's governance is shaped by this commitment, influencing both the protocol's evolution and your role within it. As you embark on this journey, remember that your participation holds the power to steer Orion towards new horizons.
