🔓Locking and Governance

How does locking work in Goku Money?

To start locking, all you need to do is deposit your GOK token to the Goku Money locking contract, and specify the lock-up period. For a given amount of GOK tokens, the longer you lock up the GOK tokens, the more veGOK tokens you will get, which represents a share of voting power and could earn pro rata share of the borrowing and redemption fees in GAI and collaterals.

What is veGOK?

Unlike GOK, veGOK is non-transferrable, and can only be generated after locking the GOK for a period of time. It is the only token in Goku Money that can represent voting power and share the transaction fee generated in the network.

How much will my veGOK earn?

Your veGOK tokens will earn a share of the fees equal to your share of the total veGOK generated, at the instant the fee occurred.

Is there a lock-up period if I lock GOK to generate veGOK?

Yes, there will be lock-up period associated with locking GOK to generate veGOK. After the lock-up period, you are free to withdraw GOK tokens, but do notice that we don't allow partial withdraw. Say if you locked 10 GOK tokens for 4 years to generate 80 veGOK tokens, then after 4 years, if you decide to take out GOK, you have to take out all 10 GOK tokens (which will burn 80 veGOK tokens).

Are staked GOK tokens used to backstop the system (like Maker) or for governance?

Yes, GOK tokens are used to backstop the Goku Money system and are used for governance through veGOK.