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veNFT, bveBEAM, and veBEAM

This document outlines the core tokenomics components of our platform: veNFT, bveBEAM, and veBEAM. Understanding these elements is crucial for developers working on integration, modification, or extension of our protocol.

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veNFT (Vote-Escrowed NFT)

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What is veNFT?

veNFT is a non-fungible token representing locked BEAM tokens. It’s the cornerstone of our governance and reward system.

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Key Characteristics

  • Non-transferable: veNFTs are soul-bound to the address that created them.
  • Time-weighted: The voting power and reward accrual are based on the amount locked and lock duration.
  • Expirable: veNFTs have an expiration date, after which they can be burned to retrieve the locked BEAM.

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Usage in the Protocol

  • Governance voting
  • Gauge weight voting
  • Boost for liquidity mining rewards
  • Access to certain protocol features

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bveBEAM (Boost veBEAM)

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What is bveBEAM?

bveBEAM is a tokenized representation of veNFT, allowing for a more liquid form of locked BEAM.

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Key Characteristics

  • Transferable: Unlike veNFT, bveBEAM can be transferred between addresses.
  • Mintable/Burnable: Users can mint bveBEAM by locking BEAM or burn it to retrieve locked BEAM.
  • Rebasing: The token balance adjusts over time to reflect the decay of the underlying veNFT.

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Implementation Details

contract bveBEAM is ERC20, Ownable {
    veNFT public veNFTContract;

    function mint(uint256 amount, uint256 lockDuration) external {
        // Implementation logic
    }

    function burn(uint256 amount) external {
        // Implementation logic
    }

    function rebase() external {
        // Implementation logic
    }
}

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Usage in the Protocol

  • Tradable version of veNFT
  • Usable in certain liquidity pools
  • Allows for more flexible strategies in the ecosystem

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veBEAM (Vote-Escrowed BEAM)

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What is veBEAM?

veBEAM is not a separate token, but rather a concept representing the voting power and reward-earning potential of locked BEAM tokens.

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Key Characteristics

  • Not a token: veBEAM is a measurement, not a separate token.
  • Dynamic: The amount of veBEAM changes based on lock duration and amount.
  • Used for calculations: Determines voting power and reward multipliers.

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Usage in the Protocol

  • Determining voting power in governance
  • Calculating boost for liquidity mining rewards
  • Weighting in gauge voting

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Relationships and Interactions

  1. BEAM → veNFT:
    • Users lock BEAM to create veNFT
    • veNFT represents a time-locked position of BEAM
  2. veNFT → bveBEAM:
    • bveBEAM is minted based on the veNFT’s locked amount and duration
    • bveBEAM balance rebases to reflect the underlying veNFT’s decay
  3. veNFT → veBEAM:
    • veBEAM is calculated from veNFT’s locked amount and remaining duration
    • veBEAM determines the actual voting power and boost
  4. bveBEAM → veBEAM:
    • bveBEAM holders indirectly possess veBEAM voting power
    • The protocol calculates equivalent veBEAM for bveBEAM in relevant functions