Bribes and New Locker Design
Bribes / Voting Gauges
Platypus Finance launched their gauge voting yesterday, on September 6th. The Vector team has been getting ready on our end and we are extremely excited to participate in voting + bribes. Locked VTX holders will be able to vote on their favorite pools, and where applicable, receive bribe rewards for doing so!
What are voting gauges?
Voting Gauges are how Platypus Finance will determine the base APRs for their pools. Voters will be able to vote for their favorite pools and/or protocols using their vePTP, or in Vector’s case, using their locked VTX. The gauge weights will determine how much PTP is emitted to each pool and hence, influence the APR for each pool.
We built an interface so that VTX holders can interact with and benefit from Platypus voting gauges. Vector’s vePTP will be allocated pro rata to locked VTX holders. As the largest vePTP holder, you can be sure we’re gonna have a massive say in voting! You can read more about Voting Gauges from Platypus Finance here.
What’s the benefit of voting?
- Users of Platypus & Vector will now have a say in how PTP emissions are directed. This means you can vote for your favorite pools that you like to stake in
- Voting gauges also give protocols who have tokens listed on Platypus the opportunity to further bolster their liquidity. These protocols will be able to “bribe” users to vote their way, so that they receive more PTP emissions.
- Locked VTX holders will be able to receive revenue from these bribes. Vector will distribute the revenue proportionally to the pools that users are staked in.
How can I vote?
If you hold locked VTX, you will be able to vote on Vector via our new voting page. You will be able to allocate votes however you choose (you can vote on multiple pools). Some Platypus pools will offer bribing rewards, where protocols will try to incentivize you to vote for them.
What if I don’t want to actively manage my voting power?
If you don’t want to actively manage your voting power on Vector, you can delegate your votes to our “Vector Managed Pool”. This managed pool will distribute voting power across the highest paying voting gauges to ensure the best APR for its participants. Once delegated to the managed pool, you don’t have to do anything but claim your rewards!
Note: the Vector Managed Pool will not be ready upon initial launch. We hope to have it released by the end of the month.
New Locker Design and Migration
In addition to the release of our voting platform, we are also moving to a new locker design which allows us to better integrate with Platypus and their new voting gauges — highlights below:
- Lock your VTX at any time
- By locking VTX, users receive revenue-sharing rewards (in xPTP & zJOE), as well as VTX rewards
- By locking VTX, users can also participate in voting gauges on Platypus and receive bribe rewards
- VTX can be unlocked at any time, triggering a 4 week unlocking period
- Locking rewards (revenue sharing and VTX emissions) will still be received during the unlocking period
- Bribes will not be received during this time
What if I currently have locked VTX?
Locked VTX holders will be able to migrate to the new locker upon release. All revenue sharing rewards will be redirected to the new locker. For the next 4 weeks, we will continue to supply base VTX emissions to the old locker (at approximately the same rate), in order to help users who are slow to migrate. However, users still in the old locker will not be able to vote, receive bribes, or receive revenue sharing rewards. After 30 days, all rewards to the old locker will be cut off.
What if my lock period is currently more than 4 weeks?
Note, these examples are in reference to each individual lock slot. You may have varying times of unlock)
You will be able to migrate to our new locker, continue receiving locked rewards and participate in governance (vote & receive bribes). If you decide at any point that you would like to unlock, you can do so, and trigger a 4 week unlock period (shorter than you had before).
Step by step guide:
- Migrate to new locker with the box unchecked under the “Migrate to unlock slot” column
2. Now you may either (a) stay in the locker and enjoy the rewards, or, (b) begin your unlock period.
What if my lock period is currently less than 4 weeks?
Note, these examples are in reference to each individual lock slot. You may have varying times of unlock)
You will have 2 options:
- Stay locked and continue receiving all benefits of locking, but now if you unlock, it will trigger a 4 week unlock period. To do this, uncheck the box and click “Migrate to New Locker”
2. Begin to unlock (if you no longer wish to hold locked VTX). Since your lock period was less than 4 weeks, we will honor your time and allow you to unlock according to that initial unlock date; however, note that you will not be eligible for bribing during this time. To do this, check the box and click “Migrate to New Locker”
What if I have VTX with a lock period that is complete?
We will automatically transfer this VTX back to you and it will appear in your wallet upon your migration.
How do I lock my VTX?
Locking is now super easy. No more worrying about how many lock slots you have and resetting their timing. Instead, locking your VTX adds it to your locked stockpile. It will remain locked until you decide to unlock it. While locked, you will receive all locking rewards, plus be able to vote and receive the bribe APRs from whatever gauges you vote for.
How do I unlock my VTX?
You can start the unlocking process at any time. You’ll select how much VTX you’d like to unlock, and then add it to one of 6 unlocking slots. Your VTX will then unlock after 4 weeks.
At any point during the unlocking period, you may cancel your unlock and re-lock your tokens.
Will I still receive yield during the unlocking period?
During the 4 week unlock period, you will still receive yield for locking VTX (comprised of VTX emissions, and xPTP + zJOE from revenue sharing), but will not be able to vote or receive APR from bribes.
How do I migrate my VTX to the new locker?
If you’re locked in our old locker design, but want to participate in voting and bribe rewards, you can migrate your locked VTX to our new locker design. You can do so from the “Lock” page on our site. Once migrated, you will be able to vote and receive bribe rewards. You’ll also be able to start the unlock process, but keep in mind it will take 4 weeks to unlock. After 4 weeks, our old locker design will no longer receive any rewards, so we encourage you to move to the new locker as you can.
Wen?
We are working as quickly as possible to release our voting dashboard and we expect to launch no later than September 12th. Stay tuned for announcements for the exact date & time
In the meantime, rest assured, Vector is voting on your behalf for the highest APR pools, and we will distribute these rewards to locked VTX holders upon release of our dashboard.
What else is coming?
Bribe szn on Avalanche is coming into full swing, but it’s not the only thing to look forward to on Vector! Our roadmap is ambitious over the next several months, as we look to bring even more value to VTX lockers, and our protocol’s users. Watch out for more news on autocompounding pools, unique yield strategies, and on Trader Joe’s V2 AMM, Liquidity Book.
Be sure to join our Discord and follow us on Twitter for the latest news & updates!
