💎veERU

Lock your $ERU for voting power. VeERU stands for Vote escrow ERU. ERU holders are able to lock up their ERU tokens and gain vote powers in the protocol.

What is veERU?

veERU will be the governing scheme for EruSwap DAO. Anyone who stakes ERU will receive veERU NFT. The NFT holders will have the power to initiate and vote for the governance proposals. The rights and power will be determined by the ERU amount and lock duration.

• 1 ERU locked for 4 years = 1.00 veERU

• 1 ERU locked for 3 years = 0.75 veERU

• 1 ERU locked for 2 years = 0.50 veERU

• 1 ERU locked for 1 year = 0.25 veERU

veERU NFT will be the first tradable NFT with which there are juicy rewards to be distributed on a weekly basis in addition to the NFT value.

You are allowed to extend the locking duration before it expires. Once your lock expires, you can withdraw your ERU after you claim all the rewards.

veERU Utility

• Protocol revenue access: veERU holders can vote for gauges on a weekly basis, and access 80% of the trading fees (later 90%) and 100% of the bribes for the associated pot.

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

veERU voters receive:

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

• Bribes deposited for the pots they vote for

• Weekly veERU distribution (rebase)

veERU 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 veERU holders from dilution and to enable a dynamic distribution of veERU among participants over time, the anti-dilution level has been capped at 30%.

• Gauge: A pot with dynamic $ERU rewards based on veERU weekly voting allocation. No negative voting.

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

• Max Lock: 4 years.

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

• Flexibility: veERU 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 bribes and trading fees are distributed. You earn only from the gauges (pots) you have voted for.

• Trading fees and bribes 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 bribes, 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 bribes and trading fees.

How to create a veERU position?

Coming soon...

How to vote and earn with veERU?

Coming soon...

How to Stake

Details Coming soon...

FAQS

1.What’s veERU?

Stake ERU to get veERU NFT — a locked state of ERU, in the form of tradeable NFT. With veERU, you will be able to participate in eruSwap governance and receive eruSwap protocol fees.

2. What can I get from veERU?

In addition to fees distribution, veERU grants its holders voting power. Anyone who stakes ERU will receive a percentage of veERU, the power of which is determined by the locked ERU amounts and the locking durations. As per the scheme:

• 1 ERU locked for 4 years = 1.00 veERU

• 1 ERU locked for 3 years = 0.75 veERU

• 1 ERU locked for 2 years = 0.50 veERU

• 1 ERU locked for 1 year = 0.25 veERU

3. I lock ERU for 4 years, why am I getting less veERUs?

It is because locktime is rounded down to weeks. The locking period recorded by the veERU system is shorter than the actual one.

4. How many rewards will be distributed?

Details coming soon...

5. On which blockchain does veERU launch?

veERU will be launched on EVM chains as ERU is originally launched on EVM chains. And other chains. Further details coming soon...

6. How long should I lock ERU?

It’s totally up to you. The maximum lock-up time will be 4 years. The longer you lock ERU, the more benefits you receive.

7. When can I stake ERU?

Details coming soon...

8. When will the rewards begin?

Details coming soon...

9. When can I claim rewards?

Details coming soon...

10. How many times can I claim rewards?

You can claim rewards multiple times during the weekly emission period, but you need to pay attention to the gas fee of your claiming tx, which is proportionate to the number of weeks you claimed.

11. What could I do if I forget to claim rewards?

Your rewards build up and you can claim whenever.

12. How are rewards calculated?

Rewards will be calculated by the reward contract according to your power of veERU. The more veERU you hold, the more rewards you get.

13. What will happen to my veERU as time passes?

If you don’t extend the locking durations, your veERU power will decay linearly over time.