vlY2K
Last updated
Last updated
After has successfully passed, we are ready to introduce $Y2K and $vlY2K.
$Y2K is the governance token that will be used to define important parameters of the Y2K ecosystem. $Y2K is available for trading in the following Balancer Pool:
$Y2K can be further locked for $vlY2K, allowing lockers to accumulate a larger share of governance power and accrue protocol fee revenue. Note that vanilla $Y2K is not eligible for protocol revenue distributions.
$vlY2K is a locked 80Y2K:20wETH BPT. The BPT is a Balancer Pool Token that serves as the liquidity base for Y2K, this token can be obtained by providing liquidity in the Y2K Balancer pool. More information on BPT’s is available: . This pool token can be locked for 2 periods: 16 weeks and 32 weeks. Note that $vlY2K is non-transferable.
Obtaining $vlY2K
IFO Participants
Claim $Y2K rewards on the “Claim Page”
Provide 80Y2K : 20wETH Liquidity to the Balancer pool
Lock the LP token for 16 or 32 weeks on the “Lock” page of the Dapp
New Participants
Buy $Y2K on the
Provide 80Y2K : 20wETH Liquidity to the
Lock the LP token for 16 or 32 weeks on the “Lock” page of the Dapp
Locking
As mentioned above, $Y2K holders will be able to provide liquidity in the Balancer LP and lock that LP token for $vlY2K. The lock has 2 periods: 16 weeks and 32 weeks. 32 week lockers will receive 2x more protocol fees and governing power than 16 week lockers to ensure protocol alignment.
Fee Accrual
$vlY2K holders are eligible for 50% of all protocol fees generated on Y2K, the other 50% is reserved in the DAO Treasury for protocol maintenance, this allocation is based on the ongoing which is set to conclude on December 20th.
Locks are grouped into weekly vl Y2K epochs which start on Friday December 23rd at 23:59 UTC. Deposits during the current epoch do not count towards currently active epoch fee distributions. Users need to lock their $Y2K for $vlY2K before the beginning of the epoch to be eligible for protocol revenue of that epoch. The first epoch will begin on Friday December 23 at 23:59 UTC, and will follow a weekly structure thereafter, as such, users need to lock prior to December 23 23:59 UTC to be eligible for epoch 1 rewards.
Note: the first epoch will be allocated 50% of all of the IFO protocol fees on top of the current vault epoch revenue. Hence the first $vlY2K epoch will have a vastly outsized reward rate.
Governing Power
Gauge System to determine Liquidity Mining distributions
Currently, liquidity mining emission direction is done via a pre-launch team member committee. With the introduction of $vlY2K a portion of liquidity mining emission direction will be done via a gauge system.
Gauges are contracts that allow $vlY2K lockers to direct which markets (vaults) to allocate $Y2K emissions to. Gauges will follow Snapshot votes that will include all available markets, with $Y2K token emissions being allocated to the said markets based on the outcome of the vote. The voting power of $vlY2K will be based on the lock period.
Based on the outcome of , $Y2K tokens have 1 vote, $Y2K locked for 16 weeks have 5 votes, $Y2K locked for 32 weeks have 10 votes.
Decentralizing the emissions allocations allows for a Bribe Market to establish around the said emissions, and $vlY2K holders will be able to rent out their voting rights on the marketplace soon after launch of the Gauge system.
