💍veMAGIC

veMAGIC

Lock your $MAGIC for voting power

veMAGIC Utility

  • Protocol revenue access: veMAGIC holders can vote for gauges on a weekly basis, and access 80% of the trading fees (later 90%) and 100% of the bribes for the associated pool.

  • Governance participation: veMAGIC holders can partake in governance and cast votes for the protocol improvement proposals.

veMAGIC voters receive:

  • Trading fees generated by the pool(s) they vote for

  • Bribes deposited for the pools they vote for

  • Weekly veMAGICdistribution (rebase)

veMAGIC Specifications

  • ve(3,3) Mechanics: The Olympus DAO anti-dilution method, commonly known as the rebase mechanism, is combined with Curve's vote-escrowed model in the Solidly-initiated ve(3,3) Mechanics concept. To safeguard veMAGIC holders from dilution and to enable a dynamic distribution of veMAGIC among participants over time, the anti-dilution level has been capped at 30%.

  • Gauge: A pool with dynamic $MAGIC rewards based on veMAGIC weekly voting allocation. No negative voting.

  • Bribes: Custom amount of tokens paid by a third party on a gauge to veMAGIC holders in exchange for their votes.

  • Max Lock: 2 years.

  • Farming Boost: This feature has not been included to prevent from the emergence of any profit maxi protocols on top of Pixelisland. Conversely, a dynamic and decentralized governance over $MAGIC emissions is fostered over time.

  • Flexibility: veMAGIC positions can be merged, split, and sold on the secondary market.

Voting

For voting, you need to be aware of epochs. Each epoch lasts for 7 days, after which the bribes and trading fees are distributed. You earn only from the gauges (pools) you have voted for.

  • Trading fees and bribes are claimable as a lump sum after the next Epoch has ended (n+2)

  • You have to vote weekly in order to be eligible for the fees and bribes, unless you use an optimizer

  • You can pre-approve your vote for a number of weeks in advance

  • You can change or reset your vote at any time

  • If you forget to vote, the weight of your vote remains, but you lose the bribes and trading fees

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