vlPOINTS

vlPOINTS is locking similar to the ve-style program of Curve.

Max lock

POINTS can be locked up to 1 years into vlPOINTS, which is non-transferable. They are at least locked for a week.

vlPOINTS balance

The duration of the lock gives the amount of vlPOINTS relative to the amount locked, locking for one year gives you a vlPOINTS balance equal to the amount of POINTS locked. Locking for 6 months gives you a vlPOINTS balance of 50% of the POINTS locked.

The balance decay overtime and can be pushed back to max value by increasing the lock back to the max lock duration.

vlPOINTS early exit

It’s possible to exit the lock early, in exchange for paying a penalty that gets distributed to the account that have vlPOINTS locked. The penalty for exiting early is the following:

    min(75%, lock_duration_left / 1 year * 100%)

So at most you are paying a 75% penalty that starts decreasing when your lock duration goes beyond 3 months.

vlPOINTS governance rights

• vote for the 15 candidates on the multisig
• set the treasury address in the vlPOINTS contract where the penalty is collected
• Quorum is 20%
• Voting is on snapshot for now, but at some point should be fully on-chain

members

• members need at least 1000 vlPOINTS to get access to the member area

Voting for the multisig

• candidates have to be members
• candidates for the multisig have to send 1000 POINTS to the treasury
• The 15 candidates with the most votes are eligible
• Out of the 15 candidates 5 are randomly drawn for the multisig

Replacment on multisig

• If one member wants to leave the multisig a replacement vote is held
• 3 candidates with the most votes are eligible
• 1 candidate is randomly drawn

vlPOINTS Treasury

Panalty from exit is collected in the treasury multisig. The 3/5 multisig is public voted at least yearly or if the majority of vlPOINTS holder ask for.

Setup

Install ape framework. See ape quickstart guide

Install dependencies

npm install

Install Foundry for running tests

curl -L https://foundry.paradigm.xyz | bash

foundryup

Compile

Install ape plugins

ape plugins install .

ape compile

Test

ape test