voSPOOL is a non-transferrable, non-tradeable token that acts as a voting power multiplier within the Spool Ecosystem. The voSPOOL token can be acquired via staking SPOOL Tokens. voSPOOL serves the following purposes:
- Directing 50% of all SPOOL Token Emissions: voSPOOL holders can vote on how 50% of SPOOL emissions are distributed across Spool Smart Vaults. Read more on how to participate in Voting on SPOOL Emissions
- Voting on Spool Improvement Proposals: voSPOOL holders can use their voSPOOL balance to vote on SIPs in order to participate in Spool Ecosystem Governance.
voSPOOL acts as an indicator for tracking how long any given participant has been staking their SPOOL Tokens, the idea behind the voSPOOL mechanism is to reward long-term participants. Acquiring voSPOOL is as simple as staking SPOOL and waiting. However, withdrawing any amount of your staked SPOOL resets your accumulated voSPOOL back to zero.
The implementation and use case of voSPOOL also means that it's not a "Standard ERC20 Token" implementation.