$WOOF

WoofSwap uses two tokens to manage its utility and governance:

• $WOOF(WoofSwap) — ERC-20 utility token of the protocol

• $veWOOF — ERC-721 governance token in the form of an NFT (non-fungible token)

$WOOF is used for rewarding liquidity providers through emissions.

veWOOF is used for governance. Any $WOOF the holder can vote-escrow their tokens and receive a veWOOF in exchange. Additional tokens can be added to the veWOOF at any time. veWOOF can be increased, split up, and resold on a secondary market.

The lock period (also known as the vote-escrowed period, hence the ve prefix) can be up to 2 year.

The longer the vesting time, the higher the voting power (voting weight), and the rewards the veWOOF holder receives.