veNFTs are non-liquid. Lets change that.
Yugen Finance aims to provide users with an innovative way to utilize their veNFTs (voting locked escrow NFTs) for veSync 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.
This section will provide a brief introduction to the DeFi project, its motivation, and the value proposition for users.
- The user can deposit his veVS or his VS into the Locker which will auto lock the VC for 4 years.
- The user can also supply ygnVS-VS 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 lockers job is to lock veVS to the max limit.
- VS 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.
- The Voter Smart Contract also votes for the ygnVS-VS gauge as well.
- 60% will be used to vote on bribes where as 40% of the ygnVS will be used to vote on the ygnVS-VS gauge.
- The veSync DEX will be used to sell the bribes to buy more VS and lock them in to the veNFT.
- The ygnVS-VS LP will also be deposited in the gauge on the DEX.
- ygnVC allows users to deposit their veNFT and get them tokenized. These tokens then can be sold on the open market on the ygnVS-VS pair.
- Users can also use the tokenizer to optimize their veVS.
- 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 VS received in emissions giving the entire system more voting power week after week.
- Since we using the bribes to buy VS we are also pushing up the price of VS.
- When ygnVS-VS is deposited into our vault VS is sold for ygnVS which pushes up the price of ygnVS.
- ygnVS is also staked on veSync which also increase the TVL and volume generated by the DEX.
- All the VS that enters the system is locked in a veNFT which reduces the circulating supply of the token, reducing emission even futher.