# Welcome, Pacman Pacman is the first decentralized leverage yield & liquidity aggregation protocol, community-oriented on Arbitrum. ### Introduction Pacman Finance will be a community-driven project where token holders can vote on proposed changes to the protocol, ensuring transparency and fairness. All performance fees will be distributed to VePAC token stakers who hold the governance power of the system. Pacman Leverage yield farming is supported by the combination of a robust incentivization system **CFOO** - a unique **vetokenomics** system and **multi-liquidity leverage yield farming** provided by SushiSwap, UniSwap and Ve(3,3) permissionless liquidity market.
### The benefits of Pacman Finance **1. Concentrated Liquidity** Pacman leverages its liquidity in order to concentrate capital by farming ETH Pairs which greatly improves capital efficiency for liquidity providers and reduces liquidation risks. **2. Unique Vetokenomics** Pacman built a vetokennmics system based on Curve and FOO around VePAC and oPAC to reduce the frequency of farm and dump scenarios and increase longevity. **3. ETH Liquidity Extension Aggregator** By increasing the utilization rate of ETH funds on the lending side, Pacman allows you to draw interest-free loans against Ether used as collateral. Moreover, projects can get further efficiency boosts from the vetokenomics, offering LSD services on Arbitrum. ### Useful Links * Website: * Twitter: * Medium: [https://medium.pacman.finance/ ]() * Discord: # Multi-liquidity leverage yield farming Yield farming is the biggest growth driver of the still-nascent deFi sector. Instead of depending on one principle decentralized exchange, Pacman finance is providing multi-liquidity leverage yield farming combines multiple liquidity pools and leverages them to maximize returns. Popular DEX platforms on arbitrum like Uniswap, Sushiswap, and ZyberSwap all offer different liquidity pools with varying rewards and risks. Pacman finance will open a leverage position on ETH-USDC pair for each dex with high trading volumes to ensure that the liquidity pools have sufficient demand (The reason to add WETH\_USDC first is this pair usually occupies 50% of liquidity for most DEX). The decision-making process for determining the new DEX and pairs will become more sophisticated. In the future, the community will be able to participate in a governance process that involves voting for or against proposals submitted by veToken holders.
Since most decentralized exchanges (DEXs) on Arbitrum operate using different governance models, Pacman Finance will be utilized as a middleware layer to provide normal users with decentralized yield farming services. The advantages will be : * LPs' share of fees is adjusted dynamically to target the optimal level of liquidity * Protocols(Dexes on Arbitrum) are able to bribe vePAC holders to cheaply secure permanent liquidity
# LSD Finance LSD War on Arbitrum **Mission:** Pacman committed to building a permissionless DeFi product for **LSD liquidity staked token** on Layer2.\ \ Pacman allows for the transfer of assets from Layer 1 to Layer 2 through either the Arbitrum Bridge or LayerZero's bridge. The low transaction fees and high-speed network performance of Layer 2 will help Pacman build decentralized financial products based on LSD (*liquid staking derivatives*) staking assets more efficiently.
## What are the Motivations? Our goal is to develop a platform that can meet the needs of two stakeholders: * **LSD holders** * The higher yield for low-risk * Lower the cost of staking and utilizing LSD assets. * Gain exposure to DeFi yield by retaining the liquidity of their assets. * **Other LSD-relative protocols** * Provide deeper liquidity for their LSD assets. * Provide a leveraged composable DeFi ecosystem for their LSD assets. ## How does Pacman LSD Finance work?
Pacman has developed a comprehensive *LSD staking + Leverage trade + bribing* system by using the **Stake-Vote-Bribe-Leverage-Farm** process. LSD staking users can earn interest income and token pledge rewards in the ecosystem, as well as receive bribes from other LSD projects.\ \ Pacman has built a complete *LSD staking + Leverage trade + bribing* system through: * Stake * Vote * Bribe * Leverage Farm * Farm LSD staking users can earn income through: * Interest * Staking rewards * Bribe Revenues of the Stake Model come from lending interest, subsidies of oPAC from protocol, bribery from other LSD protocols, and the LSD treasury. * **Lending interest:** When an LSD asset is added to the Lend module, a *Staked-LSD-ETH +* ETH leverage trading pair will be added to the Leverage Farm. Users who stake their LSD ETH can earn transaction fees generated from lending in the leverage trading pair. * **Subsidies of oPAC from protocol:** In the early stages of the project, Pacman will provide subsidies to all ipTOKENs in the Stake module to increase the protocol's liquidity depth. The weighting of individual users in a single Stake module also uses the C\&FOO model. This means that users holding vePAC can earn more protocol income. * **Bribery from other LSD protocols (*****LSD War*****):** As more and more LSD-related protocols appear in the market, what they need most is LSD/ETH liquidity. Pacman Protocol can efficiently help them boost their initial liquidity. Each protocol can add additional subsidies to a single Stake mining pool in Bribe, which will be claimed after the end of the Epoch. > The Vote module will add emission voting related to LSD assets. * **LSD treasury:** Pacman aims to provide sustainable, long-term returns on LSD assets to our investors while increasing the efficiency of asset utilization in the Lend module. In addition to ensuring stable lending rates and asset safety on the Farm side, we will also launch lock-up products with durations of 7, 14, and 30 days to further optimize asset utilization.\ \ The potential strategies are : * Stake-incentivized low-liquidity LSDs have better mechanism designs and returns compared to Lido. * Injecting ETH into Aura and the Balancer pool related to LSD assets * Providing rETH-WETH pair liquidity on Aura * Providing LSD for Gearbox passive pool * Providing LP rETH-WETH Aura liquidity on Pendle, etc. * Converting ETH into frxETH and staking in Frax to obtain sfrxETH for a base rate * Converting ETH into wstETH and using a lending strategy in Aave V3 ## LSD Assests Bridge base on LayerZero As the majority of ETH and ERC-20 assets exist on the Layer 1 mainnet, users can only transfer these assets from Layer 1 to Layer 2 by using the Arbitrum Bridge. Unfortunately, there are no interoperable channels between different Layer 2 solutions at the moment.
Pacman is committed to providing improved LSD services for Layer 2 and acquiring more LSD assets from Layer 1. To achieve this, it is crucial to develop a cross-chain bridge that supports LSD assets. Currently, Pacman is building an LSD cross-chain bridge based on LayerZero's technology. We will announce the latest development progress on GitHub after the project is launched. {% tabs %} {% tab title="Arbitrum Official Bridge" %} {% endtab %} {% tab title="LayerZero Development Docs" %} {% endtab %} {% endtabs %} # C\&FOO Controllable & Fungible Ownership Optimization [**PAC**](/tokenomics/pac) is Pacman's native incentive token, which is used to incentivize liquidity providers on Pacman leverage yield farming. Pacman built a ve-tokenomics system based on Curve and **FOO**(Fungible Ownership Optimization) by using [**VePAC**](/tokenomics/vepac)(Voting Power Token) and [**oPAC**](/tokenomics/opac)(Option token) to reduce the frequency of farm and dump scenario and provide long-term liquidity Pacman Finance promotes continuous improvement based on the [FOO model.](https://blog.timelessfi.com/posts/foo/#call-option-as-reward-token) It imports the Ve(3,3) governance model to become the **C**&**FOO**(Controllable & Fungible Ownership Optimization, which eliminates barriers for users to join the governance and increases the protocol reliability. Pacman’s unique tokenomics **C**&**FOO** innovations: * Improved **vePAC** model with trusted governance, reasonable unlocking mechanism, and native tokenization * The C\&FOO keeps the swap protocol based on the **PAC** token and **oPAC** token (a call option token that lets its holder purchase **PAC** at a discount to the market price), imports the formula of the variable strike price, and determines the discount rate based on the current market conditions, which is an important metric for evaluating the system’s economic viability * Offer discounted IDO investment rates for Ve-Token instead of LBP. Pacman’s unique tokenomics **C**&**FOO** advantages: * Providing VeToken is an innovative way to provide fair rewards to early supporters during VeIDO. * ```
``` * The call option token unbinds the mandatory relationship between the Defi farmer of token holders. It balances the two parties with total supply and Fully Diluted token amount, helps the stakeholders manage risk, generates additional income, and increases flexibility.
# Functionality Introduction to product Paceman Finance offers a diverse range of products for our users to participate in the decentralized financial (DeFi) ecosystem based on their risks appetite and expected return on Arbitrum. # Lending Lending function is critical component of leverage yield farming protocol. They provide liquidity to the platform and enable users to earn passive income. The interest rate is determined by the demand and supply of the assets on the platform. The lending function in Pacman Finance can provide higher yields compared to traditional lending protocols. Investors can choose the leverage ratio and farming strategy that suits their investment goals and risk appetite
# Leverage Yield Farming Pacman Finance allows investors to gain higher returns on their investments by using borrowed funds. With the ability to earn interest on borrowed funds, investors can increase their yield without needing to invest more capital. In addition, Pacman Finance uses a yield aggregator to automatically compound and reinvest the profits from yield farming, generating even higher returns.
# Stake The Pacman Stake module improves the capital utilization rate and maximizes asset returns for Lend users. Users can use ipTokens interest-bearing assets to stake to obtain income.
## What are ipTokens? * When a user supplies their assets to Pacman Finance's lending pools, ipTokens (interest-pacman Tokens) are used to keep track of the funds they have deposited as well as any interest earned. * Each time a user supplies funds to the lending pool, they are issued a corresponding balance in ipTokens. This balance of the ipTokens is directly proportional to the stake they have in the lending pool, which accrues interest every block. * Each lending pool has its own ipToken; for example, if a user lends USDC to the protocol, they will receive a corresponding balance of ipUSDC. ## How do ipTokens earn interest? * Each deposit vault earns interest. However, the interest isn't distributed. Instead, simply by holding ipTokens, you'll earn the interest. * ipTokens accumulate interest through their exchange rate; over time, each ipToken's value increases, becoming convertible into a larger amount of its underlying asset with every block, even while the number of ipTokens in your wallet stays the same. * Each deposit pool has its own utilization which will also reflect how much the corresponding ipTokens will appreciate over time. * The longer a user holds ipTokens, the higher the value of those tokens appreciates. This is the accumulation of interest. * You do not need to stake ipTokens to enjoy this price appreciation, although you will still earn it while your tokens are staked. ## How to maximize my Stake income? oPAC protocol subsidy refers to the C\&FOO model, which alleviates the massive dumping of Staker users. The module sets Boost and Binding operations, and users can bind/unbind/replace any vePAC NFT at any time to obtain the highest income. {% hint style="info" %} Note: The operation of binding vePAC NFT will not affect the voting function and dividend function of the NFT {% endhint %} # Voting Voting for your favorite Dex and Trading Pairs
The main purpose of the vePAC NFT is to direct emissions to Leverage LP token pairs. This is achieved through voting for the pair. Emissions are distributed proportionally to the total percentage of votes in the epoch. The expected emissions can be calculated using a simple division formula as such: $$ emissions(PAIR) \ = \ % \ of \ total \ votes \ \div 100 % $$ For example, in the first epoch, 5,000,000 PAC will be distributed. If 10% of all votes are allocated to the *SushiSwap* ETH-USDC pair; that pair will receive 500,000 PAC tokens distributed linearly throughout the epoch. {% hint style="info" %} Each vePAC can distribute its voting power to multiple leverage LP pairs in each epoch. Once a vePAC votes, its result cannot be changed during the current epoch. {% endhint %} ### The rewards of voting activity. The user needs to hold vePAC to participate in voting ([How do you get vePAC](/tokenomics/vepac)). vePAC are specialized ERC-721 tokens that implement the vested-vote escrow (ve) model, representing a user's underlying position. VePAC has a multitude of benefits in the Pacman ecosystem. such as: * Voting Incentive during the first 1-2 epochs * Vote on gauge emissions * Vote on pools to earn Vote Bribes, and leverage farm Fees * Transfer/Merge NFT positions * Enjoy Protection Rebases * Get a lower oPAC strike price(For [Genesis veNFT holders](/tokenomics/vepac#genesis-vepac-nft)) ### vePAC Revenue Distribution Schedule after Voting **Vote Bribes and Vote Incentive:** Users earn vote bribes immediately after the epoch flips. For example, if there is a 1000 USDC bribe or $1,000 oPAC on a pair, and you are the only voter, you will receive 1000 USDC or $1,000 oPAC claimable at Thursday 00:00 UTC. **Swap Fees:** Voters earn trading fees in real-time throughout the week, based on the pool(s) they voted for before the epoch flips. # Bribing Pacman borrows and incorporates the ve(3,3) governance model. There are two types of bribes within the system: * **Vote Bribes** - Users/Protocols can bribe voters to direct emissions to specific token pairs, and in return receive a proportional distribution of the bribes. * **Leverage Farm Lps Bribes** - Similarly to emissions, tokens can be bribed directly to Leverage Farm Lps stakers to incentivize liquidity growth of the targeted pair. This is mainly useful for protocols who want to bootstrap liquidity efficiently on the Pacman. # Bribing Whitelist Pacman will thoroughly check the risks and safety of each decentralized exchange. It will also consider the liquidity and sustainable development of each DEX. It will set a whitelist for each leverage farm LP pair and bribe LP pair. To be listed on the bribing list, each product must open-source its code and submit an audit report. After testing and review by Pacman, it will be added to the list. All projects can contact Pacman through official Twitter direct message or the Google form in the Discord community. # Vesting and Getting Rewards ## vePAC Management At the core of it all, managing your vePAC(veNFT) positions is a crucial part of the Pacman model. Whether you are a user or a project builder, it is important to routinely visit the vesting page to adjust your vePAC lock lengths, merge, or create a new vePAC position. The existing functions within the vesting\&reward page are: * Create Lock * Merge vePAC Positions * Manage Lock * Increase Lock Amount * Increase Lock Length [You can learn more about vePAC and veNFTs.](/tokenomics/vepac) ## Getting rewards The Pacman protocol provides several ways to collect benefits and distribute them to users. ### Treasury Dividend All vePAC holders can get the benefits from the treasury without any locking
### Protocol Income Protocol income includes these parts： * Lending & pToken rewards; * Leverage Farming rewards; * [Voting Reward](/functionality/voting#can-yu-tou-piao-ke-yi-huo-de-de-jiang-li) * Fees * Bribes * Voting incentive * Protection Rebases # oPAC Strike **oPAC** is a call option token for **PAC** that lets its holder purchase **PAC** at a discount to the market price. Unlike regular options, oPAC does not expire. Here is an example of converting oPAC to PAC: ``` PAC Price: $0.78 ETH Price: $1600 Strike Price: $0.39 Discount: 30% + 20% 1 oPAC + 0.00024375 ETH = 1 PAC After selling PAC, the user can get $0.78 Treasury Income: 1 oPAC + 0.00024375 ETH User earns：$0.39 ```
For more details read [oPAC](/tokenomics/opac). # Roadmap Crypto moves fast, and we move fast too. ### Ongoing/Recurring * Review and provide users with more secure underlying liquidity exchanges. * Optimize Leverage yield farming strategies and provide automated/semi-automated income strategies. * To foster a more engaged community and encourage active participation, we will introduce an incentive voting system on an Epoch basis. ### 2023 Q2 #### **Foundational product development** * Promote the development of the project's official website and various social media platforms, and expand our network of native Arbitrum DEX projects. * Promote and complete VeIDO. ### 2023 Q3 #### Launch Automated Leverage Strategy Products & Integrate More Arbitrum Projects * Launch semi-automated treasury strategy * Launch UniSwap V3 leverage strategy products * Integrate more Arbitrum projects and participate in project governance ### 2023 Q4 #### Arbitrum ETH Liquidity Aggregator * Optimize the leverage lending model and increase the utilization of lending-side funds. * Based on Treasury revenue funds, provide interest-free loans with ETH as collateral, and launch the PUSD stablecoin. * Provide ETH LSD Stake-ReStake service ### 2024 Q1 #### AI Strategy Driven Investment & Multichain Implement * Multichain Expansion * Affiliate and Ambassador Program * Launch AI strategy product * More Defi products to come!
# PAC PAC is the native token of Pacman Finance. ### Token Details `Pacman` **Token** * Name: `Pacman` * Symbol: `PAC` * Decimals: `18` * Total Supply: 30,000,000 PAC * Address: TBD
VeIDOToken reserved for VeIDO. The unlock part of the token will circulate immediately after IDO and the locked part will be locked in the VePAC.
TeamAll of the team's shares will be locked into a 2-year vePAC when the protocol launches.
TreasuryThe treasury will hold the LP tokens of PAC/USDC and PAC/ETH. Its funding will come from VeIDO, the transaction fees of the protocol, and the discount fees in the option token. For details, please refer to the treasury.
Liquidity IncentiveReserved for liquidity mining. The pool allocation will be announced and can be adjusted by governance.
Airdrops/ Marketing3% of this amount will be airdropped to early users and early liquidity providers in multiple rounds. Additionally, 4% of this amount will be distributed as incentives for campaign activities, marketing, collaboration, and other contributors.
# veIDO ## Why Choose veIDO Instead of the common IDO method where only fully unlocked tokens are sold, Pacman Finance implements a new vesting model for vote-escrowed tokens earned through IDO, preventing dumping and promoting long-term investment. During the vePAC sale, investors were given the option to choose the duration for which they wanted to lock their tokens. This decision directly impacted the number of tokens they received. Those who invested more ETH and chose to lock their tokens for a longer period of time received a higher number of tokens. It is important to note that we sold vePAC tokens instead of just PAC tokens, which allowed investors to have control over the duration of their lock-up period. We initialized our PAC-ETH pool with a starting price at which buyers locked their PAC for zero days. As a result, all participants bought PAC (as vePAC) at or below its starting market price. **We will add at least 30% liquidity of veIDO unlock amount.**
After the successful completion of veIDO, each investor who joins the lock-up process will receive vePAC. However, vePAC will not be eligible for the discount process. Nevertheless, vePAC holders will receive an additional 10%\~50% governance voting power. ### Benefits of participating in veIDO * **Favorable purchase price.** We have provided a more favorable purchase discount for all locked-up users who participated in veIDO and minted veNFT. {% hint style="info" %} For all veIDO participating users, no matter which round of veIDO you participate in, all $PAC purchase costs are the same, which can greatly guarantee the fairness of the project. {% endhint %} * **Higher initial voting rights.** During the veIDO phase, users can obtain 1.5, 1.3 and 1.1 times of additional vePAC voting bonuses according to their participation rounds. * **Lower oPAC strike price.** Holding [Genesis veNFT](/tokenomics/vepac#genesis-vepac-nft) can help you obtain $PAC at a lower strike price in the early stage of the project. * **Enjoy priority repurchase rights.** For the [xPAC](/tokenomics/xpac) converted by the 2-years locked Genesis veNFT in the veIDO phase, the team will conduct a priority buyback. ## How does veIDO work? The total amount of PAC for veIDO: 4,500,000 (15% of the Total Amount) Users can choose whether to lock their tokens during the IDO. During the veIDO period, users who mint the genesis vePAC NFT will receive a higher strike price for option tokens. We will open three rounds of veIDO, each with different rules and fundraising caps. The nominal price of each round of veIDO will be consecutive. The nominal price of the second round of PAC will be higher than the price in the first round, and the nominal price of the third round will be higher than the price in the second round. The final listing price of PAC tokens will not be related to the round number of the veIDO attended by users. Therefore, all users who join any round of veIDO will have the same cost at the end. The round will only influence the [voting weight of their genesis vePAC NFT](/tokenomics/vepac#genesis-vepac-nft). ### Priority White List Pacman will offer priority whitelist access to early contributors, allowing them to purchase PAC and vePAC during the early stage of veIDO. Whitelist users will have around 15 minutes to join veIDO first, after which all users will be able to purchase PAC and vePAC. ### veIDO purchasing rule Total Fundraising cap: 700 ETH Fundraising cap of PAC (non-lock): 500 ETH Locking time options：180 days, 360 days, 540 days, 720 days. Pacman will reward all users who stake their vePAC NFT for 720 days by converting it to ERC-20 xPAC. Additionally, the treasury has the ability to buy back xPAC as a priority. {% hint style="info" %} Each address can only attend one round of veIDO； {% endhint %} | Lock period (days) | Token Discount | | ------------------ | -------------- | | 0 | 0 | | 180 | 12.50% | | 360 | 25% | | 540 | 37.50% | | 720 | 50% | **veIDO Fundraising cap in three rounds and limitation of each address:** {% tabs %} {% tab title="First Round" %} First round non-Lock Fundraising cap：150 E First round Locked Fundraising cap：150 E First Round vePAC Genesis NFT Bonus: 1.5 Personal Minimum Deposit（non-Lock）：0.1 E Personal Maximum Deposit（non-Lock）：5 E Personal Minimum Deposit（Lock）：1 E Personal Maximum Deposit（Lock）：5 E {% endtab %} {% tab title="Second Round" %} Second round non-Lock Fundraising cap：150 E Second round Locked Fundraising cap：50 E Second Round vePAC Genesis NFT Bonus: 1.3 Personal Minimum Deposit（non-Lock）：0.1 E Personal Maximum Deposit（non-Lock）：2 E Personal Minimum Deposit（Lock）：1 E Personal Maximum Deposit（Lock）：5 E {% endtab %} {% tab title="Third Round" %} Third round non-Lock Fundraising cap：200 ETH Third round Locked Fundraising cap：0 E Third Round vePAC Genesis NFT Bonus: 1.1 Personal Minimum Deposit（non-Lock）：0.1 E Personal Maximum Deposit（non-Lock）：1 E Personal Minimum Deposit（Lock）：0 E Personal Maximum Deposit（Lock）：0 E {% endtab %} {% endtabs %} Here is an **example** of veIDO: {% hint style="info" %} Token for sale: 4,500,000 PAC Total deposits: $1,260,000 Total PAC weight: 1,589,143 PAC Init Price: $0.353 FDV: $10,594,286 {% endhint %} | Example | ETH deposited | Lock period (months) | Lock period (days) | Token Discount | Token Weight | Token allocation | veToken Weight | Vetoken Ratio - First Round | veToken received - First Round | Price per Token | | ------- | ------------- | -------------------- | ------------------ | -------------- | ------------ | ---------------- | -------------- | --------------------------- | ------------------------------ | --------------- | | User 1 | $324,000 | 24 | 720 | 50.00% | 648,000 | 1,834,951 | 1,157,142 | 1.5 | 1,735,714 | 0.1765714286 | | User 2 | 0 | 24 | 720 | 50.00% | 0 | 0 | 0 | 1.5 | 0 | 0 | | User 3 | 0 | 12 | 360 | 25.00% | 0 | 0 | 0 | 0.75 | 0 | 0 | | User 4 | $36,000 | 6 | 180 | 12.50% | 41,143 | 116,606 | 128,571 | 0.375 | 48,214 | 0.309 | | User 5 | $900,000 | 0 | 0 | 0.00% | 900,000 | 2,548,544 | 0 | 0 | 0 | 0.353142 | | User 6 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 7 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 8 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 9 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | | User 10 | $0 | 0 | 0 | 0.00% | 0 | 0 | | | 0 | | {% hint style="info" %} **Users can use the following links to calculate the parameters of the veIDO phase:** [**https://docs.google.com/spreadsheets/d/1cznwK0pxes8RXCfxTQNwpS2yhPNv5uC6C1TMkLYGebQ/edit#gid=0**](https://docs.google.com/spreadsheets/d/1cznwK0pxes8RXCfxTQNwpS2yhPNv5uC6C1TMkLYGebQ/edit#gid=0) According to the rules of veIDO, the listing price range of $PAC is around **$0.36**, with a maximum CM of **$0.9M** and FDV is around **$10M**. **We may adjust the above parameters before the official veIDO, please follow our official Twitter for details** {% endhint %} # Init PAC Supply Due to the particularity of VeIDO, the initial token supply of Pacman (VeIDO unlocked portion + the initial liquidity of PAC token) will be within this range:： | veIDO - no lock | Init Liquidity PAC Supply | 0 epoch Emission | | --------------- | ------------------------- | ---------------- | | 8.5% | 6.5% | 320,825 PAC | # vePAC
Vote-escrow PAC (vePAC) is used for voting for governance proposals and gauge weights. vePAC is obtained by locking PAC tokens. The longer you lock for, the more vePAC you get, and your vePAC balance decays over time. Vote-escrow PAC (vePAC) is a non-fungible token (NFT) based on the ERC-721 standard, but it is non-transferable. It represents a user's vote weight and the locking amount/time of PAC tokens. vePAC is based on Curve's veCRV. See the [Curve docs](https://resources.curve.fi/governance/vote-locking-boost) to learn more details. ### How do you get vePAC There are two ways to obtain vePAC. Users can either join veIDO to receive the genesis vePAC or mint the vePAC token by clicking the "Create" button on the reward page.
#### Genesis vePAC NFT The Genesis vePAC NFT token is the same token as other normal vePAC. Users can only obtain this version through the veIDO. During the early stages of governance and gauge allocation, Genesis NFT can gain significant advantages. Genesis vePAC NFTs will carry more voting weight compared to normal vePAC NFTs. The voting weight coefficient is related to the veIDO round in which the user participates. The voting weight in the first round will be 150%. The voting weight in the second round will be 130%. The voting weight in the third round will be 110%. | Lock period (days) | Normal Value | VeIDO Value - First Round | VeIDO Value - Second Round | VeIDO Value - Third Round | | ------------------ | ------------------ | ------------------------- | -------------------------- | ------------------------- | | 0 | 0 | 0 | 0 | 0 | | 180 | 1 PAC = 0.25 vePAC | 1 PAC = 0.375 vePAC | 1 PAC = 0.325 vePAC | 1 PAC = 0.275 vePAC | | 360 | 1 PAC = 0.5 vePAC | 1 PAC = 0.75 vePAC | 1 PAC = 0.65 vePAC | 1 PAC = 0.55 vePAC | | 540 | 1 PAC = 0.75 vePAC | 1 PAC = 1.125 vePAC | 1 PAC = 0.975 vePAC | 1 PAC = 0.825 vePAC | | 720 | 1 PAC = 1 vePAC | 1 PAC = 1.5 vePAC | 1 PAC = 1.3 vePAC | 1 PAC = 1.1 vePAC | ### What is the utility of vePAC * **Governance voting:** Vote on governance proposals such as listing new gauges, changing protocol parameters, and approving budgets. * **Gauge weights voting:** Vote on how gauge rewards are distributed across different gauges. * **Receive bribes for voting:** Get rewarded for voting on certain gauges. * **Receive protocol revenue:** Earn a share of the protocol's revenue. ### vePAC lock time to choose **veIDO** participants can mint with options of 6 months, 12 months, 18 months, or 24 months. When the Pacman protocol begins, **PAC** holders can choose to lock their tokens for 1 week, 1 month, 6 months, or 24 months. **OPAC** holders can choose to lock their tokens for 6 months, 12 months, 18 months, or 24 months. This means that the minimum locking time for a vePAC holder is 6 months. # Merge vePAC NFT Pacman users can merge two different types of vePACs, including those with different locking times or different voting PAC amounts, into a new vePAC. The locking time for the new vePAC token will be the longer of the previous vePAC tokens, and the locking amount will be the sum of these two vePAC tokens. # Rebase Represent `$vePAC` distributed to `$vePAC` holders in order to reduce the voting power dilution. These rewards are available for claim as these accrue and are streaming proportionally to all `$vePAC` holders. # xPAC xPAC is a tokenized version of 2-year locked vePAC and is a standard ERC-20 token. Users can freely convert between 2-year locked vePAC and xPAC at a 1:1 exchange rate. xPAC must be converted to vePAC in order to begin receiving protocol revenue. Mint address: TBD # oPAC **oPAC** is a call option token for **PAC** that lets its holder purchase **PAC** at a discount to the market price. Unlike regular options, oPAC does not expire. Pacman Finance will automatically adjust the discount of oPAC based on these parameters to ensure it is reflective of the current protocol and market: * Market Volatility of PAC * Amount of outstanding oPAC token * Emissions of PAC in each gauge * Diluted Market Cap ### Why oPAC Liquidity mining has become a popular method for bootstrapping liquidity in decentralized exchanges and lending protocols. In this method, the protocol offers token incentives to people who provide liquidity. However, the liquidity incentivized in this way is often short-term and profit-driven, with farmers immediately dumping the reward tokens. ### How to get oPAC oPAC is given to Pacman liquidity providers as an incentive. Provide liquidity on Pacman and stake in gauges to receive oPAC incentives. * Stake LP tokens in gauges * provide funds in the lending protocol * Participate in governance to receive oPAC incentives. ### How to use oPAC You can use oPAC to buy back PAC at a discount. Visit the oPAC page on the Pacman website. ### How to determine the Strike Price Strike Price = PAC Price \* (1 - Discount Rate) Here is an example： {% hint style="info" %} PAC Price = 1 ETH, Discount Rate = 60%, Strike Price = 0.4 ETH {% endhint %} The higher the discount rate, the better the price user can use as the strike price, and the more benefits you can get. #### what are the factors that influence Discount Rate? **Discount Rate = B(x) + L(x)**
Users who receive a [Genesis NFT](/tokenomics/vepac#genesis-nft) during the VeIDO will be eligible for a higher Base Discount Rate during the first two epochs. When the PAC token price rises (i.e., the PAC token TWAP price increases by more than 10% in two consecutive epochs), users are more likely to hold onto their option tokens. The protocol responds by increasing the B(x) value, which in turn lowers the strike price for users. When Treasury revenue keeps rising, the system will adjust the value and buy back the circulating PAC token.
*ValueLp* represents the USD value of the LP tokens (PAC-ETH and PAC-USDC) that a user has staked in the protocol. *Lock Time* represents the asset locking time of user. *Weight* is the weight of each user
*Lock Time.avg calc at Day* *L(x)* is a cubic function of *Weight*
### Convert oPAC to vePAC In order to incentivize more Pacman users to mint vePAC and receive the bonus from the protocol, The protocol will support a direct swap from oPAC to vePAC. This means that when a user swaps vePAC from oPAC, the protocol will use the same PAC ratio for oPAC ([PAC CONVERT vePAC](/tokenomics/vepac)). **Attention:** oPAC only supports the Create new vePAC NFT, it can not add more PAC tokens for existing vePAC NFT Pacman will also support merging different vePAC tokens to minimize the cost of operations. ###
# Emissions Schedule The core business of the Pacman protocol is leveraged yield farming. As the product becomes more advanced and the number of users increases, the revenue of Pacman finance farmers will depend on the protocol charge fee. In the early stages, Pacman will incentivize early contributors such as lending suppliers, leverage farmers, and governance voters to attract more users and funds. Pacman's emissions will be divided into three phases, with a different reduction in emissions for each phase. 18,000,000 PAC will be distributed over the course of more than 120 epochs, at a 10%\~1% exponential decay.
$$ Emissions.theory.max = E0\*Coff^t $$
epochstE0Coff
[0,3]epochs6375000.9
[3,11]epochs-3464737.50.95
[11,]epochs-11308316.35280.99
{% hint style="info" %} The theoretical PAC emission period is from epoch 66.28 to epoch 87.72. {% endhint %} In our design of PAC emissions, we also consider the impact of locking vePAC. Emissions are distributed in a system of decreasing inflation, resulting in a smaller amount of PAC tokens being minted over time. {% hint style="info" %} PAC emissions are dependent upon the ratio of `vePAC` to total `PAC` circulating supply: ​ ***Emissions.max = Emissions.theory.max \* (1 - vePAC.totalSupply / PAC.totalSupply)*** ***We will introduce this function after the 12th Epoch. In the first 0 to 11 epoch：*** ***Emissions.max = Emissions.theory.max*** This design ensures that the PAC will have enough liquidity at the beginning and incentivizes users to mint the vePAC. After the 11th epoch, the more PAC users lock-in, the smaller the rewards distributed to Leverage Liquidity Providers. This results in a greater deceleration of emissions and a smaller future total supply.\ \ Also the higher the % of `PAC` locked in relation to the supply, the lower the PAC circulation supply will be in the future. {% endhint %} # Pool Allocation ***TBD.*** # Gauge [oPAC](/tokenomics/opac) incentives are distributed among different gauges both based on how vePAC holders vote on the gauge weights and funds staked in the gauge. Pacman users can stake their LP tokens in gauges, provide funds in a lending protocol and Participate in governance to receive oPAC incentives. **How to earn oPAC rewards from gauges** * Provide liquidity to a Pacman leverage yield pool that has a gauge. * Stake your LP tokens into the gauge. * You will now receive oPAC rewards over time. You must claim the rewards from the gauge contract. ### Boosting Boosting is a mechanic in Pacman tokenomics where holding **vePAC** increases the rate at which you receive oPAC rewards from staking in a gauge. #### The Pacman model for Boosting [CFOO: Controllable & Fungible Ownership Optimization](/welcome-pacman/c-and-foo) #### Why am I receiving max boost in one gauge but not another? The amount of boost you receive depends not only on your vePAC balance, but also on the vePAC balances of everyone else in the gauge you're in. Remember: staking weight is ultimately relative, since all the stakers are competing for the same pie! For instance, if you're staking in a gauge where you're the only one who owns vePAC, then your boost has a much more significant effect. If everyone else has a lot of vePAC, then your vePAC has less of an effect since everyone else is much more competitive.
# Treasury ### What is the role of the Treasury Pacman Finance's income and profits will be saved in the treasury. The funds in the treasury will be used to maximize benefits for users, shared with VePAC holders, and continuously purchase back **PAC** and **xPAC**. The treasury will also be used as a funding pool for releasing the stablecoin and LSD. ### What are the revenue sources of the Treasury The income of the Pacman finance will be from the commission charge of protocol, the governance revenue, the profit from option discount, and the restaked ETH. ### Where does the protocol revenue go Currently, the revenue is directly saved in the protocol treasury. Governance can pass proposals on how to distribute the revenue.
# Audits {% embed url="" fullWidth="false" %} {% file src="/files/JvVffnuW7Bk9jiT3SQKv" %} # Bug Bounty Programs ***TBD.*** # Contract Addresses
Smart ContractAddress
Treasury0x621d7f1895b04892027d79249f05d5f9c4b4a111
veIDO0x2A2B96DB305b73AFcAA62416FB9D82c4D42aD455
PAC0x7e325091e5525D3ea4D54A1488eCcA8d1Df732F3
# Brand Assets {% file src="/files/NcEgb2DXXfaeqPVuUq2B" %} {% file src="/files/NcEgb2DXXfaeqPVuUq2B" %} {% file src="/files/BKr0ajvQwcoJ1qe3Q1up" %} {% file src="/files/M1yxlKtkMejonFobDCGA" %} {% file src="/files/AqR3W2wz1njeOQSMZKOC" %} {% file src="/files/GMU5zw8bUag0fa2kRV7A" %}