What is veCRONA?
veCRONA stands for voting escrow CRONA. They represent your CRONA tokens that are locked for voting. The longer you lock your CRONA tokens, the more voting power you have, and you will get a higher boost (mining rewards).
- Every 1 CRONA locked for four years is equal to 1 veCRONA.
- You can vote lock 1,000 CRONA for a year to have a 250 veCRONA weight.
- The number of veCRONA you will receive depends on how long you lock your CRONA for.
- Minimum lock time is one week.
- Maximum lock time is four years.
- Your veCRONA weight gradually decreases as your escrowed tokens approach their lock expiry.
- User holding veCRONA get boosted farming rewards.
- Farmers that hold veCRONA can receive a max boost of up to 2.5x(Locked 4 years) in farming rewards. For example, a farmer, with no veCRONA, could farm CRO-CRONA for 100% APR. Whereas a farmer with sufficient veCRONA to achieve max boost could farm CRO-CRONA for 250% APR.
- The farm boost is determined by the following equations:
DerivedBalance = UserBalanceInFarm * 0.4AdjustedBalance = TotalDepositedInFarm * UserVeCRONABalance / veCRONATotalSupplyBoostFactor = min(DerivedBalance + AdjustedBalance, UserBalanceInFarm) / DerivedBalance
Examples: There are 1,000 veCRONA total and 10,000 CRO/CRONA LP total in the farm.
- User A has 0 veCRONA and 1,000 CRO/CRONA LP in the farm --> BF = 0.4 --> 0.4/0.4 = 1x boost
- User B has 10 veCRONA and 1,000 CRO/CRONA LP in the farm --> BF = 0.46 --> 0.46/0.4 = 1.15x boost
- User C has 100 veCRONA and 1,000 CRO/CRONA LP in the farm --> BF = 1 --> 1/0.4 = 2.5x boost
- User D has 400 veCRONA and 1,000 CRO/CRONA LP in the farm --> BF = 1 --> 1/0.4 = 2.5x boost
Other benefits of veCRONA:
1. Voting governance for various public activities in the community.
2. Accelerate Farm Mining, allowing you to enjoy a higher APR.
3. Vote to determine the reward weight of the Farm Pool.
4. Vote to determine the new project partner’s Farm Pool and reward weight.
5. Airdrop rewards by project partners will be given priority to users who hold veCRONA
6. Participate in IFO activities. The new version of IFO will use veCRONA as an admission entry (which will be reflected in the IFO Base Sale).
7. Users who hold veCRONA will enjoy a partial buyback dividend in IFO (we will cancel the CRONA burn mechanism, and use the CRONA-CRO LP buyback to reward veCRONA holders)
8. Users who hold veCRONA will enjoy the weekly transaction fee repurchase dividend (we will cancel the CRONA burn mechanism, and use the CRONA-CRO LP buyback to reward veCRONA holders)