PANews reported on November 12 that Split Capital proposed the "BLUR Fee Conversion and veBLUR Token Economics" proposal in the Blur Governance Forum, which aims to add a framework for increasing protocol fees and re-flowing fees into vote-locked BLUR (veBLUR) tokens. Currently, the Blur NFT market protocol has been implementing 0% market fees while enforcing a 0.5% creator royalty. It is proposed to cancel the enforced creator royalty and add a 0.5% protocol fee to each transaction. It is also recommended to establish a fee committee that can change the protocol rate so that it can be quickly adjusted according to market conditions and the competitive landscape.
Split Capital proposes to change the BLUR token economics, using two tokens, BLUR and veBLUR, to manage the utility and governance of Blur, similar to Aerodrome. It also proposes to add 1% of the total supply (30 million BLUR) as rewards to the current Season 4, which will be distributed to Blur users based on their total points at the end of the season. veBLUR is used for governance, and BLUR holders will be able to vote to escrow their tokens and exchange veBLUR. Other tokens can be added to the veBLUR NFT at any time. The lock-up period (also known as the voting escrow period) can be up to 4 years. The longer the vesting period, the higher the voting power of the underlying locked balance.
