πŸ‰veSNEK

veSNEK is ERC-721 token that implements vote escrow mechanism. You can only obtain it by locking your $SNEK tokens. The primary use-case of veSNEK is voting on liquidity pools and directing $SNEK emissions to them, while at the same time earning from swap fees and gauge bribes proportional to their vote on the liquidity pool(s).

Users can vote for multiple pools, but sum of their voting power can't be higher than 100%.

$SNEK will have a max lock duration of 52 weeks with voting power diminishing by 1.92% every week. Lock day is rounded down to nearest Thursday.

1000 $SNEK locked for a year

1000 veSNEK

1000 $SNEK locked for 6 months

500 veSNEK

1000 $ SNEK locked for 3 months

250 veSNEK

veSNEK benefits

  • veSNEK voters will receive 100 % of dex trading fees as well as TBD % of perpetual exchange fees once developed and deployed

  • Users are able to merge and split veSNEK NFTs to strategize as they see fit

  • Maturing veNFT based on Byte Masons Reliquary will be implemented in near future as well

  • veSNEK lockers receive 20% dilution protection.

    • You have 1,000 veSNEK, which is 10% of the total supply of 10,000 SNEK at the time.

    • During the epoch, another 10,000 SNEK was emitted to the gauges, making the total SNEK supply 20,000.

    • After the epoch has flipped, you can claim 200 extra SNEK (1000*0.2) for your veSNEK position, thus making your holdings 6% of the total supply.

veSNEK protocol benefits

Protocol anti-dilution program - A 50% rebase program exclusively for protocol NFT positions (which means rebase adjusted from 20% to 70%) - Each epoch, the rebase is shared between partners' NFTs, only partners who bribe will get the share.

Details: For partner A

Weight(A) = 2 x$Bribe(A) / total$Bribe + 1x Power(A)/totalPartnerPower
Rebase(A)=weight(A)/totalWeightβˆ—totalRebaseEmissionRebase(A) = weight(A) / totalWeight * totalRebaseEmission

This is done to encourage bribing (which is actually a form of bribe matching) and help partners comfortably bribe without fear of dilution

Not applicable for wrappers

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