🧡veGPT

To earn the protocol income or vote on the SHITDAO, users need to stake their $SGPT token to get veGPT token.

Holders of $sGPT can participate in voting on community proposal as well as participate in smap activity to get extra reward.

Participating in SHIT DAO governance requires that an account have a balance of vote-escrowed SHIT (veGPT). veGPT is a non-standard ERC20 implementation, used within the Snapshot to determine each account’s voting power.

veGPT is represented by the VotingEscrow contract, deployed to the Ethereum mainnet at: TBD.

veGPT cannot be transferred. The only way to obtain veGPT is by locking $sGPT. The maximum lock time is four years. One $sGPT locked for four years provides an initial balance of one $veGPT.

A user’s veGPT balance decays linearly as the remaining time until the SHIT unlock decreases. For example, a balance of 4000 $sGPT locked for one year provides the same amount of $veGPT as 2000 $sGPT locked for two years, or 1000 $sGPT locked for four years.

The max Lockup period is 4 years. The formula is outlined below.

MAXTIME = 4 * 365 * 86400 unlock_time < (block_time + MAXTIME) veGPT_amount = sGPT_locked_amount / MAXTIME * (unlock_time - block_time)