Virtuals, priced at $2.07 with a market capitalization exceeding $100 million, has unveiled a new staking mechanism for its native token, VIRTUAL. Recently, Virtuals has experienced an amazing 270% spike over the last 30 days. NOTE: This unbelievable growth is still as of May 13. To further reward Genesis launchpad users, veVIRTUAL staking will soon be introduced.
The new staking mechanism moves from a passive holding incentive to a vote-escrowed design. Users will be able to receive veVIRTUAL by staking tokens. The piece of the overall pie that they receive is based on how many tokens they stake and how long they lock them – with a maximum two-year lockup. This tactical realignment is a reflection of the vote-escrow systems made famous by protocols such as Curve Finance. In these systems, governance influence and reward distributions are based on token lockups rather than simple balance totals.
Presale Details and Token Allocation
Virtuals is offering a 24-hour presale period. You can start exchanging Virgen Points & VIRTUAL today! In return for doing so, you’ll receive an increasing proportion of the 37.5% of the token supply. The 0.5% presale cap means there is built-in scarcity and competition amongst participants.
This strategic token allocation is meant to incentivize early adopters and help reward long term users of the Virtuals ecosystem. Additionally, the platform encourages users to trade and exchange Virgen Points and VIRTUAL in their ecosystem. This strategy is designed to develop an active and involved community through the Genesis launchpad.
The new introduction of a new capped presale invites an exclusive air, further increasing the demand for VIRTUAL tokens.
Enhanced Governance and Rewards for veVIRTUAL Holders
veVIRTUAL holders will earn 20% of all Virgen Point emissions. This is a notable departure from the prior distribution model, wherein Virgen Point emissions were proportional to token holdings. The move to a vote-escrowed system puts the power in the hands of those with the greatest stake in the platform’s long-term success. Now, they have more to say about its governance and benefit from a larger share of the spoils.
This amendment gives veVIRTUAL holders more agency to take a participatory role in the direction of the Virtuals ecosystem’s future. By further aligning these incentives through long-term virtual token lockups, Virtuals hopes to build a more sustainable and decentralized governance model.
To recap, the increasing utility of veVIRTUAL will significantly increase demand for VIRTUAL tokens. The anticipated increase in demand has the potential to drive the cost of tokens up.
Genesis Launchpad and Future Outlook
Virtuals is the token launchpad ecosystem of Virtuals, with Genesis being its first project. This innovative veVIRTUAL staking system works hand-in-hand with the Genesis launchpad. It encourages engagement and especially benefits those users who will help facilitate the long-term success of the platform.
Whether or not the Genesis launchpad succeeds will be pivotal in drawing new projects and users to the larger Virtuals ecosystem. Virtuals provides a platform for the most innovative tokens to launch and gain exposure. This market-facing strategy is designed to position Virtuals as a primary player in the emergent decentralized finance (DeFi) space.
The recent price surge of VIRTUAL tokens reflects the growing excitement and optimism surrounding the Genesis launchpad and the introduction of veVIRTUAL staking.
