DeFi is run by narratives. One of the biggest narratives of the last year has been the ‘ve’ (“vote-escrow”) token model. The first of a series, this article provides an overview of the ‘ve’ token model before outlining some of its problems and constraints, and finally providing some pointers towards an improved model.
This time last year we predicted there needed to be a crypto winter, something we hoped to happen sooner rather than later. As painful as it has been for everyone we believe it was the medicine the industry needed to professionalise. There was too much hype with too little value in the public market, something we had been talking about since early 2017.