veLT & Checkpoint Mechanism

veLT

HOPE ecosystem's voting power is determined by both the amount of $LT held and the duration of their holding.

Here we introduce veLT which implemented vote-escrow ("ve”) concept. veLT stands for "vote-escrowed $LT". Users can lock their $LT to get veLT, as well as gain voting power.

veLT is not transferable or tradable. Holders of veLT can participate in governance activities such as voting for Gauge weights, creating DAO proposals, and voting on proposals.

Time-weighted voting

When users vote lock their $LT, tokens are locked in a vote-escrow contract for a selectable lock time (up to 4 years).

When lock amount is $a$, lock time is $t_{i}$, $t_{i}<t_{max}$ and $t_{max}$= 4 years. At time $t$, the time left to unlock is $t_{i}-t$. The voting weight is equal to:

$$w = a * \frac{(t_{i}-t)}{t_{max}}$$

Return the time-weighted voting weight $w$ and the sum of all of those weights $W= ∑w_i$ respectively. This is typical governance token.

Weight-Time graphic

Users may lock $LT tokens and also extend the time with increased lock function or increased amount. Withdrawal can remove tokens from the escrow contract when the lock has expired.

Checkpoint Mechanism

The user's voting power decreases linearly until lock time expires. To optimize the process, the system abstains from periodic check-ins. Instead, the system records and checks the user's movements, such as stake, unstake, or change lock time. This results in the total voting power changing with each check-in, with feedback from each user. However, the system limits the end of user locks to times rounded to whole weeks.

Every time when you stake/unstake/claim from liquidity gauges, your veLT amount are recorded as checkpoints in the gauge contract.

If you have veLT and your boosted rewards have not started although you staked your LP tokens to gauge, claim your accumulated rewards from the gauge contract and provide checkpoint, your boosted rewards will be activated.