BENQI Miles & Progressive Decentralization
Last updated
Last updated
BENQI Miles, formerly known as veQI, are governance tokens that represent a user’s stake and influence within the BENQI protocol.
They're earned by staking QI tokens within the protocol and enable users to vote on various aspects of the protocol. As you stake QI, you accumulate Miles over time, which can then be used for an increasing number of potential use cases covered below.
As BENQI matures, the protocol will continue to undergo and eventually be governed by a DAO consisting of QI token holders and governance structures both on-chain & off-chain. The founding team will bootstrap the initial release of BENQI.
BENQI Miles will be used to vote on all aspects of BENQI. To begin, it has been applied to Node Voting, covered in Node Voting
Examples of other parameters (subject to change) where you could use BENQI Miles for voting in the future might include:
The Interest Rate Model
New assets that meet the risk requirements of the protocol
Risk parameters for over-collateralization and liquidation
Changes to the Liquidity Mining Program to adjust incentives depending on market conditions
Protocol improvements such as changes to smart contracts and governance processes
Protocol fee sharing