OVN Token

#currently in development
OVN is the governance token of the Overnight protocol.
  • OVN holders can vote on proposed modifications.
  • The votes are time-weighted, i.e. 1 OVN gives its holder the 1 vote * #months (capped at 12 months) the holder has been owning that OVN.
  • The goal of time-weights is to ensure that the long-term prevails over the short term and leads to more sound risk management.
  • No modification is approved without a 50%+1 vote.
Risk management is an important job, so a proportion of the fees will be allocated to OVN holders to compensate for taking part in risk oversight. That compensation will be distributed to OVN holders using the time-weighted approach.
Based on the code from openzeppelin