veGEM

Voting rights obtained by locking GEMC

veGEM (Vote-Escrowed GEM) is a voting token obtained by locking GEMC. To encourage active voting, the following utilities are given:

veGEM utility

  • Distribution of protocol revenue: veGEM holders can claim 80% of the pool transaction fee (which later becomes 90%) and 100% of the bribe in proportion to the amount of votes cast, with weekly voting activity.

  • Participation in governance: veGEM and GEMC holders can later join the DAO and be involved in proposing improvements to GEM Web3 Vision.

Users who vote with veGEM will receive the following benefits:

  • Can claim a distribution of transaction fees for the pools they vote in

  • Can claim bribes that went into the pool they voted in

  • Subject to weekly veGEM rebasing

Specification of veGEM

  • veGEM is generated by ERC-721 and can be merged, divided, bought and sold.

  • The veGEMs obtained by locking GEMC are as follows.

GEMC Lockup period% of veGEM acquired

2 week

1.59%

6 month

24.6%

1 year

49.53%

2 year

99.4%

4 year

200%

Voting

  • You may vote once for each epoch using veGEM.

  • 7 days are counted as one epoch.

  • Transaction fees and bribes can be claimed after the end of an epoch and across the next epoch.

  • If you do not vote for each epoch, you are not entitled to a reward in the corresponding epoch.

  • Once you have voted for a veGEM, you can get it back by using the reset operation.

Rebase

veGEM voters are entitled to receive GMEC for rebasing (30%).

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