veDPX
Voted Escrow $DPX
veDPX is the governance token of Dopex which is acquired by locking $DPX and has various utilities, including, but not limited to, governance, gauge weights, and fee distribution. veDPX is non-transferrable and cannot be redeemed for the underlying $DPX until the lock duration ends.
$DPX can be locked for a minimum of 1 week and up to 4 years for veDPX, with a longer lock duration corresponding to a high DPX:veDPX conversion rate as outlined below:
1 $DPX locked for 4 years = 1 veDPX1 $DPX locked for 3 years = 0.75 veDPX1 $DPX locked for 2 years = 0.5 veDPX1 $DPX locked for 1 year = 0.25 veDPX
Users that lock for longer are more aligned with the long-term success of the protocol - as such, the longer a user locks for, the more governance power they receive in the form of bonus veDPX.
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 Once a lock duration has been completed, a user's veDPX holding will be zero and their initial $DPX can be withdrawn.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.
Last modified 3mo ago