NAO project opens voting to propose mint NAO for project development activities

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25/03/2024

Dear Nami community,

In order to stimulate growth of NAO Futures through increasing benefits for direct trading users and mobilizing additional project development funds, the NAO project would like to announce the Proposal No. 4 with the following contents:

Proposal: Mint 50 NAO tokens for every 1 billion VNST trading volume to distribute to traders and project development funds
Voting time: from 2024-03-25 17:00 to 2024-03-31 17:00 (UTC)
Voting conditions: Users need to be a member of the NAO Governance Pool
Application period if approved: from 2024-04-01 17:00 to 2024-06-23 17:00 (UTC)

Explanation of Proposal No.4

Proposal No.4 introduces a NAO token pilot mint program based on NAO Futures trading volume to serve as a reward fund for NAO Futures traders and supplement project development funds.

Within 12 weeks, for every 1 billion VNST of NAO Futures trading volume (trading with other underlying assets will be calculated equivalent), 50 additional NAO tokens will be minted, of which:

25 NAO distributed to all users who completed trade and generate trading volume based on their contribution to the total weekly trading volume
25 NAO allocated to the NAO Futures project development fund

Expected distribution time is 17:00 every Sunday (UTC).

Important notice

The propose program is experimental in nature and will last for 12 weeks from approval (2024-04-01 17:00 to 2024-06-23 17:00 UTC).
The amount of NAO added by mint will not generate a commission for the referrer.

Voting mechanism

Each proposal needs a minimum of 70% of NAO tokens in the Governance Pool to vote to be considered valid.
Each proposal needs to reach over 50% Approval of the total number of NAO tokens participating in the vote to be approved and implemented.
Each user has only one vote. The decision will be reserved until the voting period ends.
The number of NAO users added to the Governance Pool after voting will be automatically updated to the Voting Rate.

Voting instructions

To participate in voting, users can follow the steps below:

On mobile application

Step 1: At the NAO Futures Wallet interface, select NAO Governance
Step 2: Scroll down to the Proposals section, select Proposal 4
Step 3: Select Vote, then select Approve or Reject

On website

Step 1: Access NAO Governance from the NAO Futures Wallet interface or log in with your Nami account to the website https://nami.exchange/nao
Step 2: Scroll down to the Proposals section, select Proposal 4
Step 3: Select Vote, then select Approve or Reject

Notice

All images used in the article are for illustration purposes only and may not represent the latest product appearance
Information page interface on data related to the NAO mint program such as mint transaction hash, number of NAO minted, detailed distributed quantity... will be updated later in this announcement.

Further information:

Best Regards,

Note: Nami reserves the right in its sole discretion to amend or change or cancel this announcement at any time and for any reasons without prior notice.

Risk Warning: Futures trading carries substantial risk and the possibility of both significant profits and losses. Past gains are not indicative of future returns. All of your margin balance may be liquidated in the event of extreme price movements. The information here should not be regarded as financial or investment advice from Nami. All trading strategies are used at your discretion and your own risk. Nami will not be liable to you for any loss that might arise from your use of Futures.

About Nami Exchange

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