$veWOOF

veWOOF Utility

Trading Fee & Bribe Revenue

  • As ve(3,3) mode DEX, veWOOF holders can participate in the protocol's governance and earn rewards by voting for gauges on a weekly basis.

  • They will have access to 100% of the trading fees and 100% of the bribes for the associated pool.

Governance

  • veWOOF holders can partake in governance and cast votes for the protocol improvement proposals, thus contributing to the protocol's growth and development.

veWOOF Specifications

  • ve(3,3) Mechanics: The Olympus DAO anti-dilution method, commonly known as the rebase mechanism, is combined with Curve's vote-escrowed model in the Solidly-initiated ve(3,3) concept. The anti-dilution level for veWOOF has been capped at 30% to safeguard the holdings of veWOOF holders and enable a dynamic distribution of veWOOF among participants over time.

  • Gauge: A pool with dynamic $WOOF rewards based on veWOOF weekly voting allocation. Negative voting is not allowed.

  • Bribes: Custom amount of tokens paid by a third party on a gauge to veWOOF holders in exchange for their votes.

  • Max Lock: 2 year.

  • Farming Boost: This feature has not been included to prevent the emergence of profit-maximizing protocols on top of WoofSwap. Instead, dynamic and decentralized governance over $WOOF emissions is fostered over time.

  • Flexibility: veWOOF positions can be merged, split, and sold on the secondary market.

Voting

  • To participate in WoofSwap's voting system, it's important to be aware of epochs. Each epoch lasts for 7 days, after which the bribes and trading fees are distributed.

  • veWOOF holders only earn bribes and trading fees of the gauges (pools) you have voted for.

  • Trading fees and bribes can be claimed as a lump sum after an epoch has ended.

  • In order to be eligible for the fees and bribes, you must vote weekly. (WoofSwap is building a voting optimizer to help you automatically cast your votes. Stay tuned.)

  • You have the flexibility to change or reset your vote at any time.

  • If you forget to vote, the weight of your vote will remain, but you will lose the bribes and trading fees.

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