In the universal Gennix protocol, the primary governing process is by online voting by members taking into account the weight of their stake in the exercise. In proportion to the number of tokens staked on the network, each member is entitled to voting privileges.
To be able to vote in the Gennix ecosystem, the users must stake the minimum number of tokens required. To represent the interest of more significant shareholders who have a vested interest in the success of our token, there will be a fair voting system, where participants who stake 400,000 $GNNX tokens and above will get two votes, whereas those who stake less than 400,000 $GNNX tokens will receive one vote.
Stakeholders may submit a resolution to the voting community and request for community representatives to participate.
Community involvement is pursued in particular events such as interest rate determination, collateral requirements, weighted stakeholders’ decision-making, the addition of trading markets, and the establishment of trading criteria, etc. In comparison with the weighted stakeholder voting rights, user engagement and network involvement as an eligibility to vote shall be considered.
This systematic method contributes to determining events of particular significance and assures that representatives of the governance community participate as a whole. Both plans and activities are sometimes reported in the Gennix platform and measured by stakes and participatory votes.
gTokens facilitate transactions between currency and user market; the user may coin, redistribute, borrow, reimburse, pay off gTokens and liquidate the funds that lie in their respective money markets. ERC20 token specifications for each money market have
been introduced in the smart contracts. Exchange rate (r) determines the settlement of gTokens & underlying securities, a rise commensurate with interest on period acquired and directly related to the gross funding balance of the economy (a). Exchange rate r=underlying balancea+total borrow balancea-reservesagTokenSupplya
For the following main functions, the Gennix native token ‘$GNNX’ is used:
The $GNNX token would empower users to participate in the governance of the protocol, as Gennix will become a DAO and allow the collective to influence different management decisions for:
• Protocol Encouragement: enables users to win incentives from time to time and gives them voting privileges in maintaining and developing the protocol.
• Staking rewards: $GNNX token would enable different ventures to open their Gennix loan and credit markets, thereby allowing the consumers to use $GNNX token in the form of the respective business tokens and communicate with the related protocol markets.
• Interaction between markets: Gennix is the first DeFi protocol that enables dual token farming to encourage Gennix users to connect with these respective markets by launching different markets on Gennix.
Cross Chain Settlement: $GNNX Tokens can be used to connect with and exchange liquidity with different lateral chains and main chain chains that are established over a time span, including xDai, Polygon, Polkadot, etc. as a cross-chain settlement instrument in the numerous bridges produced.
