veToken Newsletter — March 2022
Hey everyone! Welcome to our newsletter, where we share updates regarding veToken and our ecosystem each month. If you haven’t already, be sure to follow us on Twitter and join the community Discord to stay up to date.
March 2022 has been a very busy month for our devs team, as we have modified existing smart contracts with a large amount of changes to make generic contracts relatively easier to integrate broader ve-model defi projects. In the meantime, we’re referencing the contracts from Olympus Pro’s bond contract marketplace and adopting them to fit our needs. Additionally, we have finished refactoring for all existing contracts. We have also added more in-depth resources on https://bribe.vetoken.finance/ and https://vemarketcap.com/ as well, and will release some features in April in order to continue to draw community attention to keep track of broader ve-model adoption trends.
Finally, as we have changed and optimized the veToken Finance contracts quite a bit, we continue towards finishing the fee distribution model and token emission rate design to be implemented into the contract. We will need to finish the unit tests and integration tests before our audit, which we anticipate taking place by the end of April.
This month we made strong progress on project partnerships through veMarketcap, and have engaged with few more projects who have adopted ve-model tokenomics, including Idle, handle.fi; our next targets will be Angle Protocol and Balancer — which just launched their locker contracts last month.
Our tentative strategy will be focused on middle-sized projects during the initial veToken launch, as we see the biggest potential to address market needs, all while gradually engaging Curve, Frax and other bluechips projects.
We are close to completing the front-end development, and currently are primarily waiting for the contracts to be ready before a final test. There are few issues for us to work through regarding CSS and layout; our team is currently working towards finalizing these.
As mentioned in the aforementioned summary section, in March our entire team is mainly focused on refactoring and generalizing the contracts to make them easier to configure for broader ve-model projects. Another consideration is that as our token (VE3D) emission rate is dependent on how much veAsset users claim — and assigned a weight factor for each project — if there is only one ve-model project integrated during the initial product launch, we may end up giving up too many tokens at the beginning.
Since there are almost 20 projects that have now adopted the ve-model so far, we’ve learned a hard lesson that if we integrate each one by developing a complete set of contracts, we will take 2 months for each project — as the effort of integrating each project will be the same as developing a new Convex, which is simply not sustainable. We decided to convert our contracts as generic contracts, and keep the deployment script configurable. The goal is to reduce the development time when a new ve-model project wants to integrate with us.
Regarding this, we have finished the contract refactoring and will continue executing the unit test and integration test. Our current plan is to move towards an audit later in April.
APY, TVL Calc Backend:
The team has finished the generic APY and TVL calculation backend development, and validated the numbers against all of Convex’s 78 curve pools. Additionally, we have figured out the pipelines of adopting new projects in the future.
veMarketcap And Bribe Protocol:
We have added more datapoints beyond just TVL, including ve-model projects total holder count, and protocol revenues, which will be the main evaluation matrix to build the basis of ve-model project performance.
*Note that the above screenshots are just a mock-up page; the numbers displayed are not accurate.
As we have decided to maintain the bribe protocol for veCRV holders and deploy the website https://bribe.vetoken.finance/, we are currently working on expanding the features of Bribe Protocol, including subgraph development on tracking bribe revenue for native veCRV holders, and improving the existing bribe v2 contract. Expect further announcements throughout April.
- Finish the unit test for xVE3D pools and bond contracts
- Finish smart contract integration test scripts
- Continue to engage with projects that have implemented the ve-model
veToken Finance was created in 2021 with the intent of maximizing rewards without sacrificing token accessibility. veToken looks to continue to adopt new voting escrow projects as they come to market, with an expected initial launch date later this year. veToken enables and encourages governance, reward maximization, and liquidity — all in one place, encompassing a multitude of projects.
You can learn more about veToken Finance at our website below, and join the conversation with our Twitter and Discord communities below as well.
Stay tuned for more to come from the veToken Finance team.