veVC Tokenizer

veNFTs are non-liquid. Lets change that.

Overview

Yugen Finance aims to provide users with an innovative way to utilize their veNFTs (voting locked escrow NFTs) for Velocore called veVC. Users will be able to deposit these veNFTs into a smart contract, which will then mint ygnVC as a receipt token. By taking advantage of voting on bribes that offer the best returns, the project aims to automatically compound the tokens received into veVC.

1. Introduction

This section will provide a brief introduction to the DeFi project, its motivation, and the value proposition for users.

2. How it works

User

  • The user can deposit his veVC or his VC into the Locker which will auto lock the VC for 4 years.
  • The users will be given ygnVC which is a tradable ERC-20 on Velocore
  • The user can also supply ygnVC-VC on in the gauge to earn APR.
  • Users will also be able to deposit the LP in a vault to earn auto-compounding benefits.

The Locker

  • The lockers job is to lock veVC to the max limit.
  • VC can also be deposited which will also be locked into an NFT.
  • The veNFT which is locked will then be sent to the Voter Smart Contract.

Voter Smart Contract

  • The Voter Smart Contract is responsible to vote on the highest bribes offered by the Velocore
  • The Voter Smart Contract also votes for the ygnVC-VC gauge as well.
  • 60% will be used to vote on bribes where as 40% of the ygnVC will be used to vote on the ygnVC-VC gauge.

VC DEX

  • The VC DEX will be used to sell the bribes to buy more VC and lock them in to the veNFT.
  • The ygnVC-VC LP will also be deposited in the gauge on the DEX.

3. Tokenomics

  • ygnVC allows users to deposit their veNFT and get them tokenized. These tokens then can be sold on the open market on the ygnVC-VC pair.
  • Users can also use the tokenizer to optimize their veVC.
  • Instead of voting on bribes every week the users can deposit it into the system and passively vote on the highest paying bribes.
  • We also auto compound the VC received in emissions giving the entire system more voting power week after week.
  • Since we using the bribes to buy VC we are also pushing up the price of VC.
  • When ygnVC-VC is deposited into our vault VC is sold for ygnVC which pushes up the price of ygnVC.
  • ygnVC is also staked on Velocore which also increase the TVL and volume generated by the DEX.
  • All the VC that enters the system is locked in a veNFT which reduces the circulating supply of the token, reducing emission even futher.

4.. Security Considerations

This contact will run a bug bounty on immunefi.com​
Last modified 4mo ago