spoken to couple of folks lately about the
@namidefi odyssey, $50,000 plus prize pool. some of the many questions I get asked are;
"why veNami as prize"?
"why not Nami"?
"what do I need a locked asset for"?
two tokens control the namidefi ecosystem:
$NAMI and
$ogNAMI . NAMI can be liquid, LPed, standard-locked, or permanently locked as Infinite veNAMI. only the lock creates veNAMI. ogNAMI can be liquid or staked as sogNAMI.
they paid Odyssey and most airdrops in veNAMI because liquid
$NAMI at launch is the thing they are trying not to flood the market with.
the practical reason is simple: a quest or airdrop paid in liquid NAMI is a sell button. folks farm it, claim it, and market-sell it the same week the pool is thinnest. that dumps the price the protocol is trying to discover, and it gives voting power to whoever bought the dump, not to the people who actually showed up
with veNami, the reward is a locked asset that can;
→ vote,
→ earn voting rewards
→ and if it is Infinite the underlying NAMI is burned, so it never comes back as sell pressure.
the protocol keeps the farmers as voters instead of as sellers.
don't forget, the choice is really about what you want the reward to be.
when you leave it Infinite, or convert a standard lock to Infinite, and the underlying NAMI is gone for good. you cannot unlock it.
what you keep is a permanent position with full voting power that does not decay, plus rebase, plus the extras: automations, Relayer strategies, cross-chain moves, selling the position itself on the marketplace, and using it as credit collateral.
the upside is;
→ ongoing fees and incentives directed by your vote, and
→ a smaller liquid supply for everyone else.
the downside is;
→ you never get the tokens back to sell on the spot market
but when you choose the standard lock and the underlying NAMI is still yours at the end;
→ voting power decays over the lock,
→ you do not get rebase until you convert, and
→ you miss the automations.
when it expires you withdraw liquid
$NAMI and can sell, LP, or lock again.
¶ so Infinite is for people who want the reward stream and the governance seat.
¶ standard is for people who want the option to walk away with the underlying
$NAMI.
neither is free: one gives up the tokens, the other gives up permanent power and rebase.
I completely believe the above answers the questions, phobia and complexities surrounding the veNami for Odyssey watchers.
register:
nami.fi/quests?ref=45321
code: 45321
if you still don't get it, tag me in the comment section with your questions and some GIFs so I don't get bored answering all texts.
wagNAMI!
jxx3