YAKA & veYAKA
Last updated
Last updated
Yaka Finance uses two tokens to manage its utility and governance:
$YAKA — Utility token of the protocol
$veYAKA — Governance token in the form of an NFT (non-fungible token)
$YAKA is distributed to liquidity providers through emissions.
$veYAKA is used for governance. Any $YAKA holder can vote-escrow their tokens and receive a $veYAKA (also known as Lock or veNFT) in exchange. Additional tokens can be added to the $veYAKA NFT at any time.
The lock period can be up to 2 years, following the linear relationship shown below:
100 $YAKA locked for 2 years will become 100 $veYAKA
100 $YAKA locked for 6 months will become 25 $veYAKA
The longer the vesting time, the higher the voting power (voting weight).
$veYAKA UtilityProtocol revenue access: $veYAKA holders can vote for gauges on a weekly basis, and access 100% of the trading fees and the bribes for the associated pool.
Governance participation: $veYAKA holders can partake in governance and cast votes for the protocol improvement proposals.
$veYAKA voters receive:
Trading fees generated by the pool(s) they vote for
Bribes deposited for the pools they vote for
Weekly veYAKA distribution (rebase)
$veYAKA Specificationsve(3,3) Mechanics: The Olympus DAO anti-dilution method, commonly known as the rebase mechanism, is combined with Curve's vote-escrowed model in the Solidly-initiated ve(3,3) Mechanics concept.
Gauge: A pool with dynamic $veYAKA rewards based on $veYAKA weekly voting allocation. No negative voting.
Bribes: Custom amount of tokens paid by a third party on a gauge to $veYAKA holders in exchange for their votes.
Max Lock: 2 years.
For voting, you need to be aware of epochs. Each epoch lasts for 7 days, after which the bribes and trading fees are distributed. You earn only from the gauges (pools) you have voted for.
Trading fees and bribes are claimable as a lump sum after the next Epoch has ended (n+2)
You have to vote weekly in order to be eligible for the fees and bribes
You can change or reset your vote at any time
