veWISP (vote-escrowed WISP) is a governance and profit-sharing token of the protocol, which is escrowed and non-transferable. It represents staked WISP and can be acquired through on-the-spot conversion from WISP tokens or as a reward from our Yield farms.
The conversion ratio of WISP to veWISP is always fixed at 1:1, providing a straightforward and transparent process for users to obtain the protocol's profit-sharing and governance token.
veWISP provides users with a wide array of benefits that revolve around its main use case of facilitating staking for various purposes. By staking veWISP into the token contract and assigning it to a specific staking program on our DEX, users can access a range of advantages, such as Sharing Protocol Profits, Governance, Farm Boosting and Lacunhpad Allocation.
By staking veWISP into Dividends Pool, users participate in a profit-sharing model where they can earn a portion of Protocol earnings in the form of veWISP and and stablecoins. The earnings distributed to users are a reflection of the WispSwap's overall performance and success. This model aligns the interests of the community with the long-term sustainability and growth of the protocol.
At WispSwap, community empowerment is one of our core values. To ensure that our users have a say in the evolution of our platform, we are committed to implementing a robust governance framework. This framework will enable all veWISP holders to participate in decision-making processes by using their tokens as a voting fuel. The amount of voting power you hold is directly proportional to the amount of veWISP tokens in your possession. This mechanism ensures that our community has a significant voice in shaping the future of WispSwap.
veWISP can be used by users to increase the farming yields of their selected pools, providing an additional advantage to holding the token. While the maximum boosting multiplier for each pool can vary, the default maximum multiplier is set at x2.
It is important to note that not all pools are eligible for farm boosting, and the community decides which pools are available through DAO Voting. This ensures a fair and transparent process for determining which pools can benefit from the boost feature.
By allocating veWISP to Wisp-Launch, users gain access to a range of benefits provided by projects launching on our Launchpad, as well as partner projects that may not directly launch through WispSwap. These benefits include, but are not limited to, whitelist spots, discounts, airdrops, and various incentives.
The process of converting veWISP to WISP includes a linear vesting period, with a minimum duration of 2 week. Upon claiming after 2 weeks, a penalty will be imposed based on the duration between 2 weeks and 16 weeks. The penalty amount will be burned, and the remaining amount will be transferred to the user. The maximum penalty that can be imposed is 50%, and it gradully decreases as the duration between 2 weeks and 16 weeks increases.
There is vesting for veWISP --> WISP conversion.
- 50% of tokens in 2 Weeks
- 100% of tokens in 16 Weeks
These are not the final numbers and are subject to change.