ve-Mechanism & Utility V2
Last updated
Last updated
In Extra Finance, governance and utility are managed through two types of tokens: EXTRA and veEXTRA.
EXTRA is an ERC-20 utility token used to reward liquidity providers through token emissions.
veEXTRA is an ERC-20 governance token. It is obtained by locking (vote-escrowing) EXTRA tokens for a specified period.
When you lock EXTRA to receive veEXTRA, the amount of veEXTRA you receive depends on how long you choose to lock your EXTRA. The lock period (also known as vote-escrowed period, hence the ve prefix) can be up to 1 year (52 weeks), following the linear relationship shown below:
The longer the lock period, the more veEXTRA you get, which corresponds to a higher voting power and reward factor.
$veEXTRA
is the voting power in Extra Finance's on-chain governance process. Users could use it to initialize a proposal, or cast for/against community proposals.
$veEXTRA
holders can participate in governance through Snapshot. By holding >1 $veEXTRA
, holders can participate in voting. By holding >30,000 $veEXTRA
, holders can initiate proposals.
Review the historical proposals.
By holding $veEXTRA
, users can unlock the following benefits and features:
$EXTRA
token incentives.The protocol fee comprises various tokens collected into the treasury and is shared once per epoch. It is used to buy back $EXTRA
tokens from the market and then distribute them to holders of $veEXTRA
tokens.
A portion of the $EXTRA
tokens allocated to the community will also be assigned to $veEXTRA
token holders, subject to a specific emission plan.
At the end of each epoch, rewards will be collected for distribution.
Lending pools may experience high demand and potential shortages when implementing leverage farming. However, holders of $veEXTRA will have the privilege to borrow from these pools.
Advanced facilities including one-click position-rebalance tool.
Automatic strategy vaults.
Higher Leverage for Yield Farming Pools
10,000 veEXTRA
Premium Borrow for High Utilization Lending Pools
10,000 veEXTRA
One-click Rebalance Feature
4,000 veEXTRA
Propose a Governance Proposal
30,000 veEXTRA
Voting Power in Governance
1 veEXTRA