# $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.
