The CVE token can be converted to veCVE, which follows a modified voting escrow model. This means that CVE can be locked up to gain access to DAO voting power and other benefits.
However, the locking mechanism varies from conventional methods, allowing for only a single duration of one year. Like many other systems, token voting power decreases linearly as the lock matures. We have also solved the issue of needing to constantly relock for maximum voting power with the "Continuous Lock" function. This function allows a user to keep their veCVE position at a full-duration lock that can be enabled or disabled at any time and even provides a modest boost to voting power.
Note: While on "Continuous Lock," a veCVE position will stay continuously at a full 12-month lock. This can be disabled anytime, allowing the lock timer and voting power to decrease linearly. It can also be re-enabled at any time, which will boost the lock duration back to full length and re-enable the boost to voting power. A user can do this an unlimited number of times.
Users can also opt into combining and condensing their locks; this re-extends the locks back to max duration and cleans up a user's UI/UX interface.
Rewards will be distributed proportionally to holders of veCVE. For example, if there is 100 CVE in existence and 10 of them have been locked into veCVE, and you own 1 of those locked tokens, you would earn 15% of all fees generated on the platform.
veCVE-lock Migration Service
Using Wormhole, Curvance has enabled the option for users to move their CVE and veCVE tokens from one chain to the other.
This has multiple benefits:
Make use of lower TX fees.
Make use of faster block times.
Never be stuck on one chain.
Example: Timothy locked CVE for veCVE in the continuous lock on Ethereum. He did this at a time when gas was really low. Times have changed and gas has increased significantly.
Thanks to the versatility of Curvance, Timothy is able to use the migration service to move his locked veCVE from Ethereum to Arbitrum, where he is able to enjoy lower transaction fees and faster block times.
The migration service allows for flexibility and consistency. Users can choose where to store and use their veCVE based on their preferences, whether for lower transaction fees, better security, or deeper liquidity.