To empower long-term committed Solarbeam investors, we are introducing veSOLAR — a token which will replace the functionally of SOLAR vaults, allowing users to decide on the lockup time — dialing in your time commitment and APRs — as well as retain the flexibility of SOLAR.
veSOLAR is inspired by the governance concept of Curve's veCRV token model, which has one of the best token design in the industry for long-term holders, encouraging long-term staking and active community involvement through governance.
veSOLAR will allow our most loyal stakeholders to fully benefit from the platform by receiving the most rewards.
The single staking pools are changing to exclusive veSOLAR staking. You will be able to earn SOLAR and partner tokens with veSOLAR.
Multipliers for Eclipse
We envision veSOLAR as a natural upgrade to SOLAR vaults — the multipliers for Eclipse will work the in same way: users will have multipliers for their amounts staked, as well as longer lockups.
Each veSOLAR will represent the user voting power in Solarbeam ecosystem. Thefull governance model is yet to be released.
Being a token, veSOLAR gives us extreme flexibility to build on top of it. We expect to have many more use cases and we are excited to hear the community suggestions.
Initial lock formula
veSOLAR received = SOLAR x (LOCKDAYS / 1460)
Maximum lock of 4 years (1460 days) with 1000 SOLAR
1000 SOLAR x (1460 / 1460) = 1000 veSOLAR
Minimum lock of 7 days with 1000 SOLAR:
1000 SOLAR x (7 / 1460) = 4.79 veSOLAR
After initially locking you will be able to increase your veSOLAR balance in two ways: extending the lock of the investment, or by increasing the amount of SOLAR locked.
Extending lock formula:
New veSOLAR balance = veSOLAR balance + ((Locked SOLAR x Extra Locked Days) / 1460)
Increasing amount formula:
New veSOLAR balance = veSOLAR balance + (Additional SOLAR x (Time Elapsed / 1460))
10 SOLAR and 7 days lock.
Early Exit Penalty
Unstaking veSOLAR before the lock-in period ends incurs an early exit penalty of 75%.
The early exit penalty effectively burns SOLAR immediately.