veOCX

Amplifying Governance

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

veOCX is the vote-escrowed version of OCX. Users can lock their OCX tokens for up to 2 years to get veOCX. The longer the lock, the higher the amount of veOCX voting power received.

To encourage continuous locking and sustained participation from stakeholders, the veOCX balance of users declines over time until it reaches zero at the conclusion of the initial locking period. veOCX positions can be increased, split, and resold on a secondary market.

veOCX Token Address: To be added soon.

veOCX Utility

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

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

veOCX voters receive:

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

  • Bribes deposited for the pools they vote for

  • Weekly veOCX distribution (rebase)

veOCXSpecifications

  • 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 veOCX holders from dilution and to enable a dynamic distribution of veOCX among participants over time, the anti-dilution level has been capped at 52% and decreases by 1% per week over 52 weeks.

  • Gauge: A pool with dynamic OCX rewards based on veOCX weekly voting allocation. No negative voting.

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

  • Max Lock: 2 years.

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

veOCXholders play a crucial role in determining the allocation of emissions among liquidity pools during each epoch. By voting on their preferred liquidity pool gauges, they influence the distribution of OCX emissions.

The emissions are proportionally distributed based on the total votes received by each liquidity pool. This ensures a fair and democratic process in determining the rewards.

In return for their participation, voters receive 100% of the trading fees and bribes collected from the liquidity pool they have voted for. This incentivizes active engagement and enables voters to benefit directly from their chosen pool's activity.

Rewards

Voting holds several enticing benefits that you should consider:

  1. Directing OCX Incentives: Your vote influences the allocation of OCX token incentives. By voting according to your preferences, you shape the distribution of rewards.

  2. Pro-rata Share of Trading Fees: When you vote on a pool, you become eligible for a pro-rata share of all trading fees generated by that pool. This benefit applies exclusively to LPs staked to receive OCX rewards.

  3. Pro-rata Share of Bribes: Voting on a pool also grants you a pro-rata share of all bribes added to the pool by third parties. Throughout an epoch, bribes can be contributed at any time. A snapshot of votes is taken at the end of each epoch (time to be set).

Remember: Casting your vote before the epoch snapshot is crucial to qualify for rewards. Remember, voting transactions do incur gas fees. If you skip voting in any week, while rewards will still go to the gauge, you'll miss out on your proportional share of those rewards.

  • Trading fees and bribes are claimable as a lump sum after the epoch has ended.

  • You have to vote weekly in order to be eligible for the fees and bribes.

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

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