veTHE Specs

Lock your $THE into veTHE to start accessing the revenue of THENA

veTHE Utility

  • Protocol revenue access: veTHE holders can vote for gauges on a weekly basis, and access 90% of the trading fees and 100% of the voting incentives for the associated pool.

  • Governance participation: veTHE holders can partake in governance and cast votes for the protocol improvement proposals.

veTHE voters receive:

  • Trading fees generated by the pool(s) they vote for.

  • Voting incentives deposited for the pools they vote for.

  • Weekly veTHE rebase (early adopter anti-dilution mechanics).

veTHE 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) Mechanics concept. To safeguard veTHE holders from dilution and to enable a dynamic distribution of veTHE among participants over time, the anti-dilution level has been capped at 30%.

  • Gauge: A pool with dynamic $THE rewards based on veTHE weekly voting allocation. No negative voting.

  • Voting incentives: Custom amount of tokens deposited by a protocol on a gauge to veTHE holders in exchange for their votes.

  • Max Lock: 2 years.

  • Farming Boost: This feature has not been included to prevent from the emergence of any profit maxi protocols on top of THENA. Conversely, a dynamic and decentralized governance over $THE emissions is fostered over time.

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

Voting

For voting, you need to be aware of epochs. Each epoch lasts for 7 days, after which the voting incentives and trading fees are distributed. You earn only from the gauges (pools) you have voted for.

  • Trading fees and voting incentives are claimable as a lump sum after the next Epoch has ended (n+2).

  • You have to vote weekly in order to be eligible for the fees and voting incentives, unless you use an optimizer.

  • You can pre-approve your vote for a number of weeks in advance (coming soon).

  • You can change or reset your vote at any time.

  • Vote weights reset each Epoch. You need to vote every Epoch in order to earn the voting incentives and trading fees.

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