veTETU
veTETU is a non-fungible token that serves as the foundation of TETU V2, an improved version of the TETU platform. It is designed to improve capital efficiency, liquidity, and asset management within the TETU ecosystem.
veTETU has the following characteristics:
It's non-transferable: it cannot be transferred or exchanged between different users or accounts. This ensures that the asset remains under the control of the original owner and cannot be used for illicit or unauthorized purposes. Also, it allows for fair locking of assets, as it eliminates the possibility of prematurely unlocking them through the sale of NFTs.;
It's lock period range from 1 to 16 weeks: it provides more flexibility and control over the tokens;
The voting power of veTETU decreases linearly during the lock period;
Rewards and a vote weights system: The rewards and vote weights for the asset depend on the power, meaning that the more powerful the asset is, the greater the rewards and vote weights will be. This is designed to incentivize users to acquire more veTETU assets and/or extend the lock-up period.
veTETU voting power determines the rewards and vote weights on the TETU platform. Voting power can be increased by extending the lock time or increasing the locked amount.
You can find the information on how to get veTETU in our Medium article.
If you own one or more veTETU tokens, there are two options to manage them: Merging and Splitting. The merging feature allows you to combine two veTETU tokens into one. On the other hand, the splitting feature allows you to divide a single veTETU token into two separate NFTs. Instructions on how to use these features can be found in the Medium article mentioned earlier.
Profit Share
veTETU still maintains the Profit Share properties of the Tetu Platform, receiving a share of Tetu's profits. The percentage of profit distributed to veTETU holders is called the PS ratio, and it is decided by the veTETU holders themselves through DAO voting. Currently, the PS ratio is 10%.
tetuBAL
The veTETU token governs the tetuBAL token within the 20WETH80BAL-tetuBAL LP. However, your influence over tetuBAL is not solely determined by your veTETU voting power. It is also influenced by the token ratio of tetuBAL to other tokens within the LP and the underlying bpt token for with veTETU.
veBal Mainnet voting address - https://etherscan.io/address/0x84169ea605619c16cc1e414aad54c95ee1a5da12
veTETU voting power
The calculation of total voting power is dynamic and subject to real-time changes. The total supply of tokens varies continuously, making it challenging to determine an exact figure. To address this, a snapshot is taken at a specific block height during each voting round, fixing the voting power for that round. Consequently, the voting power fluctuates with each new voting round.
Consider the provided screenshot as an example. The current round was snapshot at block height 40355031. As depicted in the numbers, the total supply is different because it evolves in real-time, particularly as the veTETU expiration date approaches, resulting in voting power decay. When you lock BPT tokens into veTETU, the user interface displays your voting power and its percentage relative to the entire pool.
Please note that your voting power is calculated based on the BPT tokens and not the individual TETU tokens. To illustrate this, let's examine two scenarios:
Locking TETU (for illustrative purposes, as TETU alone cannot be locked or staked).
Locking TETU-USDC BPT tokens.
In the case of locking 1 TETU for the maximum lock period, the user will receive 1 veTETU. However, when locking LP tokens, the reference is the LP tokens themselves, which contain both TETU and USDC.
For instance, let's assume locking 1000 TETU for the maximum lock period results in 1000 veTETU. If 1 LP token comprises 1000 TETU and 100 USDC, according to the veTETU power rate of 25%, it will provide 250 veTETU.
Now, suppose the TETU price drops, and the locked LP token represents 2000 TETU and 50 USDC. Despite the price decrease, the 1 LP token will still generate 250 veTETU at the maximum lock period. Therefore, veTETU remains unaffected, maintaining the same voting power even in the event of price fluctuations.
Regarding tetuBAL power:
veTETU governs tetuBAL within the 20WETH80BAL-tetuBAL LP.
Your veTETU voting power does not solely determine your tetuBAL power. It also depends on the proportion of tetuBAL within the LP compared to the amount outside the LP.
veTETU contract : https://polygonscan.com/token/0x6FB29DD17fa6E27BD112Bc3A2D0b8dae597AeDA4#readProxyContract 20WETH80BAL-tetuBal : https://polygonscan.com/token/0xb797adfb7b268faeaa90cadbfed464c76ee599cd tetuBal: https://polygonscan.com/token/0x7fc9e0aa043787bfad28e29632ada302c790ce33
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