Ve (3,3) Process

Step 1 - Vesting

VOLT Holders will vest VOLT for up to 4 years to earn veVOLT NFT.

It is important to note that there will be a significant overlap between veVOLT lockers and Liquidity Providers.

Note: By specifying the lock expiry date, the veVOLT holders can vest their VOLT for any period ranging from 1 day to 4 years

Step 2 – Set Weekly Emission

Weekly emission will be proposed through a governance proposal. The team will propose the emission based on the curve tracking the original volt emissions schedule.

Step 3 - Bribes

Protocols on Meter Network trying to build liquidity have the ability to ‘bribe’ the veVOLT holders who vote for their liquidity pool to get larger weekly emissions and attract liquidity.

Initially, the tokens available to bribe for each pool are the two pool tokens and VOLT.

Note: Technically, the swap fees are distributed to the veVOLT holders as bribes. Since. it is the source of revenue for veVOLT holders, they will try to maximize their revenue by voting to liquidity pools with maximum fee potential. veVOLT holders who votes in the pool can get their share of the bribes reward regardless providing liquidity in the pool.

Step 4 - Voting

veVOLT holders will vote which permissionless pools should be incentivized to direct the weekly emissions to those liquidity pools. The veVOLT holders will have the ability to vote on the weekly emission throughout the week until Thursday. The weekly emissions for the next week will take effect every Thursday 00:00 UTC.

Conversely, veVOLT holders also have the ability to downvote votes to prevent spam liquidity pools.

Step 5 – Claim Swap Fees and Bribes

veVOLT holders will be able to claim swap fees and bribes (by independent users/ protocols to vote on emissions) from the liquidity pool they voted to.

Fees are generated each time a trade is completed on the exchange. These fees are then streamed back to the gauge voters in their proportionate share of the vote as bribes. You can claim these rewards as they accrue for your selected pair/s. ve(3,3) does not distribute fees in the native token (buyback), or as a stable (sell pressure), but instead as the asset in which the fee was accrued, and these are simply passed on.

Bribes are an additional opportunity for anyone holding veVOLT. Bribes are potentially allocated to a gauge to incentivize voters to vote for that pair. The bribes accrue and are only available for claim after the vote snapshot is taken. They are proportionate to your voting power cast to the relevant gauge.

Step 6 – Claim Weekly Emissions

Liquidity Providers will be able to claim weekly emissions allocated to the pool they have provided liquidity in.

The emissions are distributed over each epoch based on veVOLT votes before the start of the new epoch. The rewards will stream over the epoch available for claiming as they accrue.

Step 7 – Add new Token to Whitelist

From time to time, new protocols looking to add liquidity will add a new token to be whitelisted on Voltswap.

Step 8 – Vote on new Token to Whitelist

veVOLT holders with enough veNFT vote (calculated by the outstanding VOLT and VOLT locked in the NFTs) has the power to whitelist a token and add it to the weekly emission pools on vote page.