-$veARC is designed to fully represent the governance rights of Arctic.
-$veARC, calculated by the locked ARC number and time, describes the voting power.
-$veARC is compatible with the ERC721 standard, which could be transferred and traded as other NFT.
2.How to calculate the voting power of $veARC?
-χ1: locked number (ARC)
-χ2 : locked time left (block), maximum 4 years
-$veARC voting power =χ1 ∗(χ2 /4yrs)
Note: This algorithm sets the voting power of $veARC to be both amount- and time-weighted, which is suitable to represent a community member’s support and confidence in the Arctic.
3.What are the functions of $veARC?
DAO governance and Quadratic voting will be adopted to determine key issues. Every cycle’s ARC emissions will be determined and allocated according to $veARC voting power. The owner of the $veARC can delegate the voting right to another address.
With NFT staked, $veARC will be used to boost the Farm pool APR up to 2.5x. The boost mechanism will calculate your earning weight by taking the smaller amount of two values. The first value is simple, it's the amount of vliquidity calculated from the Arctic LP NFT the user staked on the ARC platform. This amount is your maximum earning weight.
4.How to get $veARC？
-Any address could mint $veARC by locking ARC for a certain locked time.
-Any address could transfer or receive veNFT.
-Any address could add ARC into any $veARC without affecting the locked time.
-Any address could combine A veNFT to B veNFT if B’s locked time is longer than A’s, and A’s locked number will be added into B’s.
-Only the owner’s address could extend the locked time up to 4 yrs, unlocking in advance is not supported.
5.How to redeem $veARC？
The users could redeem $veARC and get back locked ARC after the locked time (block) has been reached.
6.How to use/stake $veARC with your address?
-Staking: every address could stake one and only one $veARC.
-Unstaking is available anytime after you claim all rewards. If you unstake $veARC before claiming rewards of a farming pool, your farming rewards may be reduced due to the cancellation of boosting.
7.Why do you need $veARC？
-$veARC reduces the circulation of ARC in the secondary market.
-$veARC could get staking rewards every month, making it into an interest-bearing asset.
-Stake $veARC once and it could be used unlimited times to boost the reward of farming pools.