vBNT is the governance token for Bancor. Users who deposit BNT pool tokens and vBNT in return, which is used to vote in the BancorDAO, on-chain usingSnapshot.
When using vBNT to vote, you will need to deposit your vBNT in the governance contract as a first step. This is done using thevote page and clicking on "Stake Tokens". When withdrawing, there’s a 72-hour lockup period to withdraw vBNT from the governance contract.