Dopex Governance Token

$DPX is the native token of Dopex that may be locked for veDPX which holds governance power.

veDPX Conversion


$DPX can be locked for up to 4 years in exchange for veDPX, the protocol's governance token. A longer lock duration corresponds to a greater veDPX:$DPX ratio as follows:

  • 1 $DPX locked for 4 years = 1 veDPX

  • 1 $DPX locked for 3 years = 0.75 veDPX

  • 1 $DPX locked for 2 years = 0.5 veDPX

  • 1 $DPX locked for 1 year = 0.25 veDPX

Longer duration locks signal deeper alignment with Dopex's long-term interests - as such, the longer a user, the greater governance power they receive.


veDPX decays over time until its lock duration ends. Once a lock duration has been completed, a user's veDPX holding will be zero and their initial $DPX can be withdrawn. A veDPX holder's time to unlock defines the amount of veDPX they will be holding at a given time.

For example, a $DPX holder locking 1 $DPX for 4 years will initially have 1 veDPX. After 1 year, they will have 3 years remaining till unlock and they will have decayed to 0.75 veDPX (this is consistent with a veDPX holder locking for 3 years at the time of lock in Conversion.

veDPX Utility

veDPX utility will be introduced gradually as the protocol matures and may include, but is not limited to, the following:


veDPX holders will receive a pro-rated share of 10,000 $DPX during the first year. This amount may be changed for future years.

Protocol Distributions

Protocol revenue is currently converted into $DPX and distributed pro-rata to veDPX holders. This is on top of any emissions a holder is eligible for.


Governance is not yet live - the following are just examples of what veDPX governance may look like in the future.

Gauge Weights

Similar to Curve's gauge system, Dopex plans to allow veDPX holders to direct future emissions of $DPX to specific option pools and specific strike prices. These incentives aim to drive option liquidity to pools and strike prices where the liquidity is needed most.

New Token Inclusions

Protocols that want their native token listed on Dopex will need to pass governance and technical review before they are listed. Additionally, a whitelist process is required for an option pool to receive a gauge.

Protocol Parameters

Protocol parameters such as protocol fees can be adjusted by governance.

Pool Parameters

Pool parameters such as $rDPX rebate percentage can be adjusted by governance.

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