Note: Voting cycles start every Thursday at 00:00 UTC and end the next Wednesday at 23:59 UTC.
APR is recalculated daily.
Votes are due by Wednesday at 23:59 UTC, when the next cycle begins. Each veNFT can only cast votes once per cycle. Each veNFT's votes will be in effect for the next cycle, and will carry over to subsequent cycles if they are not changed. Voters will earn bribes no matter when in the cycle the bribes are added.
Each pool can have a gauge that controls the level of emissions distributed to Liquidity Providers. veNFT holders control the gauges by voting. To make the power of the veNFT as flexible as possible, you can distribute the veNFT's "voting power" across multiple pools.
It gets better, though. veNFT holders that vote receive the trading fees and bribes for the pools they voted for.
We measure the time periods where votes are cast in cycles. Rewards are accrued during a cycle, and after the end of the cycle a user can redistribute their voting power. Just remember: a veNFT's voting power can only be distributed once a cycle, through what we'll call here "actions". Once an action is made, you'll have to wait until the next cycle to perform another action with that veNFT.
- Distributing a veNFT's voting power
- Resetting a veNFT's votes
- Recasting a veNFT's votes
Why do we only allow one action per cycle? Because it prevents people from gaming the system and hurting the protocol.
If you intend to lock XCAL periodically, you're bound to be creating multiple veNFTs, and chances are each of the veNFTs will be voting similarly. To avoid the tedious management of voting the same way across multiple veNFTs, "Combining" gives users the ability to consolidate locked positions into a single NFT.
When you select two veNFTs to combine, the voting power of the two are joined, and the unlock date is set to the date furthest in the future of the two.