Users will be able to vest their VOLT for up to 4 years duration to get veVOLT NFT.
The number of veVOLT per VOLT vested increases linearly until the maximum period of 4 years. The user gets;
- 1 veVOLT per VOLT (lock duration of 4 years),
- 0.75 veVOLT per VOLT (lock duration of 3 years),
- 0.5 veVOLT per VOLT (lock duration of 2 years),
- 0.25 veVOLT per VOLT (lock duration of 1 years), and so on.
User can manage the veVOLT NFT to;
- Increase the lock amount - Higher veVOLT Voting Power
- Increase the lock duration - Higher veVOLT per VOLT locked
- Merge multiple NFTs - Easier to attach NFT to staking to receive up to 2.5x boost
Note 1: The lock duration can be extended only once per week
Note 2: When a user extends lock duration, the veVOLT distribution is determined by keeping the start duration of the current lock.
Note 3: When multiple NFTs are merged, the duration of merged NFT is the duration of the longest NFT before merge.
When a user merges NFTs for the first time, the user has to undergo 3 approvals;
- 1.Allow the veVOLT for merge
- 2.Reset any current veVOLT votes on gauges
- 3.Merge veVOLT NFTs