veBBT
BlueBit's governance token
What is veBBT
veBBT is BlueBit platform's governance token that enable holders to be eligible for a range of benefits and participate in governance. veBBT can be obtained by locking BBT.
Utility
There will be three main utilities for BBT token, all require veBBT:
50% platform fee rebate weekly
up to 2.5x boosting on BlueBit vaults liquidity mining incentives
voting rights (coming soon)
potential treasury bonus and airdrops
How exactly is veBBT calculated?
Currently, BBT can be locked for up to 1 year. The number of veBBT you receive depends on the time you lock your BBT for. The minimum locking time is 1 week, and for every BBT locked, veBBT increases linearly from 0 to 1 as you increase your locking time from 0 to 1 year.
1 BBT locked for 3 months = 0.25 veBBT.
1 BBT locked for 6 months = 0.5 veBBT.
1 BBT locked for 9 months = 0.75 veBBT.
1 BBT locked for 12 months = 1 veBBT.
Without increasing the locking time or the number of BBT, your veBBT decreases linearly as the end date of the locking period approach. When your lock period expires, you can choose to either extend lock duration, or withdraw your BBT.
What is included in the weekly rebate pool?
The weekly rebate pool contains 50% of all protocol income during the week, in the form of wNEAR and $BBT equally.
How do I participate in the weekly rebates?
Lock BBT and you will be automatically enrolled in rebate.
Detailed rules:
On Week 0, Thurday 00:00 UTC, BlueBit registers individuals' and the total amount of veBBT enrolled for rebate. The recorded veBBT will be eligible for the following week's fee rebate.
On Week 1, Thurday 00:00 UTC, BlueBit sums up the 50% total fees accumulated throughout the week and divides proportionally amongst the recorded veBBT enrolled. The fee rebate will be claimable thereafter.
For example:
On Week 0, before Thursday 00:00 UTC: Alice enrolls 100 veBBT whilst the total rebate pool is 10,000.
Between Week 0, Thursday 00:00 UTC to Week 1, Thurs 00:00 UTC: If BlueBit collected 10000 USDT as fees for the week, the rebate allocated to Alice would be (100/10000)*10000*50% = 50 USDT. Alice can claim $25 worth wNEAR and the other half in BBT any time post Week 1, Thursday 00:00 UTC.
Note: Any new veBBT gained during the week (Week 0, Thurs 14:00 UTC to Week 1, Thurs 00:00 UTC) can be enrolled but will only receive rebates post Week 2, Thurs 00:00 UTC
How is the boost factor calculated?
You can use the boost factor calculator to calculate your boost factor. Input the pool type, your deposited LP amount, your veBBT amount, you will get a calculated result of your boost factor as well as how many extra veBBT you need to reach a 2.5x max boost.
Your boost factor in a given pool will be affected by 1) Pool liquidity 2) Your deposited LP amount 3) your veBBT share. For More math, please check below:
Maths
the amount of veBBT
The BBT tokenοΌlet amount be NοΌ can be locked for a selectable locktime t_l, where t_l < t_max, and t_max = 1 year. After locking, the time left to unlock is t β€ t_l. The amount of veBBT token(n) is :
Boost factor calculation
Your boost factor depend on your veBBT share, total liquidity of the pool, your deposited liquidity in the pool.
Note: This algorithm is designed according to the CURVE boosting algorithm.
Last updated
