cryyptoprojforks/veyfi

veYFI

veYFI is locking similar to the ve-style program of Curve.

Max lock

YFI can be locked up to 4 years into veYFI, which is non-transferable. They are at least locked for a week.

veYFI balance

The duration of the lock gives the amount of veYFI relative to the amount locked, locking for four years gives you a veYFI balance equal to the amount of YFI locked. Locking for 2 years gives you a veYFI balance of 50% of the YFI locked. The balance decay overtime and can be pushed back to max value by increasing the lock back to the max lock duration.

veYFI early exit

It’s possible to exit the lock early, in exchange for paying a penalty that gets distributed to the account that have veYFI locked. The penalty for exiting early is the following:

    min(75%, lock_duration_left / 4 years * 100%)

So at most you are paying a 75% penalty that starts decreasing when your lock duration goes beyond 3 years.

Gauges

Gauges allow vault depositors to stake their vault tokens and earn YFI rewards according to the amount of YFI to be distributed and their veYFI weight.

Gauges boosting

Gauge rewards are boosted with a max boost of 10x. The max boost is a variable that can be adjusted by the team.

The boost mechanism will calculate your earning weight by taking the smaller amount of two values. The first value is simple, it's the amount of liquidity you are providing which in this example is 10,000 tokens. This amount is your maximum earning weight.

min(AmountDeposited, (AmountDeposited /10) + (TotalDepositedInTheGauge * VeYFIBalance / VeYFITotalSupply * 0.9))

When a user interact with the gauge, the boosted amount is snapshoted untill the next interaction. The rewards that are not distribbuted because the balance isn't fully boosted are distributed back to veYFI holders.

Gauge YFI distribution

Every two weeks veYFI holders can vote on YFI distribution to gauges.

veYFIRewardPool

Users who lock veFY can claim YFI from the veYFI exited early and the non distributed gauge rewards due to the lack of boost. You will be able to start claiming from the veFYI reward pool two or three weeks from the Thursday after which you lock before you can claim.

Setup

See ape quickstart guide

Compile

ape compile

Test

ape test