With esVSP comes the transition to on-chain governance. This new model uses a modified version of Compound Governance’s code, with as the user interface. In order to participate, users will need to lock VSP for esVSP, with voting power determined by the number of esVSP a user has. Holders of esVSP will then be able to make decisions, propose, and vote upon changes to the Vesper protocol on a weighted basis.
Once locked, the boosted amount is calculated based on the number of VSP tokens a user has locked, and the duration of the locking. The maximum boost is 4x, and represents voting weight. Voting power is based on the boosted amount.
Note that initial functionality will be limited and expanded over time.