A first glimpse into the ve(3,3) Universe, credit goes to Andre for implementing this.
you can lock DEUS into veDEUS here:
Intro
veDEUS is a direct fork of the solidly veNFT or “ve(3,3)” model, meaning your veDEUS position is an NFT & and is protected against dilution.
This blog should give a first understanding about the Idea around forking veNFT for DEUS as veDEUS but also how exactly the inner workings function.
Roadmap around borrowing and veDEUS:
- Activate the Borrowing on app.dei.finance/borrow again.
2. Implement the FLUID system.
3. Implement the reward distribution system(then you will be able to claim your APY.) rewards are accruing until then and will be made claimable as soon as the system launches.
All of this (including adding 20+ lending pools ) should be done in 1–2 months maximum.
Update:
With DEI depeg, the FLUID system fDEUS and fDEUS lending are postponed until further notice.
The APY calculation
The veNFT & veDEUS model protects you against dilution, as every DEUS minted/released into circulating Supply will also be added to your veDEUS holding.
The APY dissects into 3 Categories:
Bribes flowing from other projects.
DEI flowing from Lending Plattform fees
DEUS emitted through the “anti-dilution ve(3,3)” mechanism
The BRIBE APY formula:
bribesPerWeek * (yourVeDEUS / totalVeDEUS)
The DEI APY formula:
feesAccruedPerWeek * (yourVeDEUS / totalVeDEUS)
The DEUS anti-dillution formula:
(deusEmittedToCirculationPerWeek * (lockedSupply / circulatingSupply)) * yourVeDEUS / totalVeDEUS
Rewards claim mechanism
Rewards coming from Bribes will be claimable over intervals defined by the project Bribes.
Rewards coming from DEI Lending are currently accrued in the Lending Contracts and will be made available after implementing the system in April. Then rewards will flow weekly.
Rewards coming from the “Anti-Dilution” mechanism are credited to your locked DEUS balance, meaning the underlying value of your veDEUS increases.
Locking duration
If you lock 1 DEUS 4 years, you get one veDEUS
If you close 1 DEUS 2 years, you get 0.5 veDEUS
If you lock 1 DEUS 1 year, you get 0.25 veDEUS
In the veDEUS mechanisms, only the amount of veDEUS you hold counts, meaning if you only lock one year, you also only get ¼ of the APY, etc.
Voting with veDEUS
Additionally, veDEUS holders will be able to vote for the DEI emissions (to LendingPools) on the Lending Plattform.
For example, you hold vAMM-DEUS/DEI, and there is a Lending pool for the Solidex LP from vAMM-DEUS/DEI, you could then vote so your pool has a higher ceiling of DEI so that you can borrow more.
The voting will be similar to solidly.vision
gauge weight voting, you decide the percentage of the emissions going to your Lending pool
Make the veDEUS liquid.
The best way to tackle this, and I think this is also what Andre and Daniele wanted to work on, is to create a Lending Market on top of the veNFT so you can borrow against it.
Additionally, you will also be able to liquidate your veDEUS position by exiting into fDEUS, a FLUID™ version of the veDEUS NFT.
The veDEUS Fluid system will be a direct fork of our veNFT fluid system called “FLUID.”
The FLUID system for veNFT is described in those pictures:
There will also be a market created for fDEUS/DEI or fDEUS/DEUS like described in that picture for FLUID/SOLID.
