đĒvePAC
Last updated
Last updated
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 to learn more details.
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.
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 |
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.
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.
