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VeMulti
VeMulti stands for vote escrow Multi. Multi holders are able to lock up their Multi tokens and gain vote powers in the protocol.
We are thrilled to announce that veMULTI mainnet is officially launched today May 9th, 2022. Stake your MULTI to mint veMULTI NFT and make your voice heard in Multichain community. Q1 2022 Multichain bridge fees ($ 3,901,975.04) will be distributed in USDC over the following 9 weeks, until July 14th.
Supported chains: Ethereum, BNB chain, Fantom chain
When:
- The first snapshot was on May 12th at 02:00 AM (UTC)
- Reward claims started on May 12th after 02:00 AM (UTC)
Snapshots take place every Thursday at 02:00 AM (UTC), and reward claims begin shortly afterward. Rewards are calculated on a weekly basis after every Thursday’s snapshot.
What is veMULTI?
veMULTI is the governing scheme for multiDAO. Anyone who stakes MULTI will receive veMULTI NFT. The NFT holders will have the power to initiate and vote for the governance proposals. The rights and power are determined by the MULTI amount and lock duration.
- 1 MULTI locked for 4 years = 1.00 veMULTI
- 1 MULTI locked for 3 years = 0.75 veMULTI
- 1 MULTI locked for 2 years = 0.50 veMULTI
- 1 MULTI locked for 1 years = 0.25 veMULTI
veMULTI NFT is the first tradable NFT with which there are juicy rewards to be distributed on a weekly basis in addition to the NFT value.
You are allowed to extend the locking durations before it expires. Once your lock expires, you can withdraw your MULTI after you claim all the rewards.
How to Stake
- 1.Get your MULTI prepared
2. Visit https://app.multichain.org/#/vest and connect to any of the supported networks (Ethereum, BNB chain, Fantom chain)
3. Create Lock
4. Enter MULTI amount and confirm contract approval
5. Select locking duration and lock MULTI
Contract Address
More info:
- 1.What’s veMULTI?
Stake MULTI to get veMULTI NFT — a locked state of MULTI, in the form of tradeable NFT. With veMULTI, you will be able to participate in Multichain governance and receive Multichain bridge fees.
2. What can I get from veMULTI?
In addition to bridge fees distribution, veMULTI grants its holders voting power. Anyone who stakes MULTI will receive a percentage of veMULTI, the power of which is determined by the locked MULTI amounts and the locking durations. As per the scheme:
- 1 MULTI locked for 4 years = 1.00 veMULTI
- 1 MULTI locked for 3 years = 0.75 veMULTI
- 1 MULTI locked for 2 years = 0.50 veMULTI
- 1 MULTI locked for 1 years = 0.25 veMULTI
3. I lock MULTI for 4 years, why am I getting less veMULTIs rather than 1 MULTI : 1veMULTI
It is because locktime is rounded down to weeks. The locking period recorded by the veMULTI system is shorter than the actual one.
4. How many rewards will be distributed?
According to the veMULTI proposal, 45% of the quarterly bridge fees will be distributed as rewards and dispersed every quarter. $3,901,975.04 bridge fees from Q1 2022 will be distributed in Q2 2022.
5. On which blockchain does veMULTI launch?
veMULTI is launched on Ethereum as MULTI is originally launched on Ethereum.
6. How long should I lock MULTI?
It’s totally up to you. The maximum lock-up time is 4 years. The longer you lock MULTI, the more benefits you receive.
7. When can I stake MULTI?
Staking will be open on May 9th at 10:00 AM UTC and you can stake anytime after that.
8. When will the rewards begin?
Rewards distribution started on May 12th at 02:00 AM UTC and it's ongoing.
9. When can I claim rewards?
USDC rewards will be calculated on a weekly basis after every Thursday’s snapshot. For example, if you stake MULTI before the first snapshot on May 12th at 02:00 AM UTC, you will be able to claim rewards afterward.
10. How many times can I claim rewards?
You can claim rewards multiple times during the weekly emission period, but you need to pay attention to the gas fee of your claiming tx, which is proportionate to the number of weeks you claimed.
11. What could I do if I forget to claim rewards?
Your rewards build up and you can claim whenever.
12. How are rewards calculated?
Rewards will be calculated by the reward contract according to your power of veMULTI. The more veMulti you hold, more rewards you get.
For more information, please refer to the reward contract https://etherscan.io/address/0x44529a37a43bab8af2336698e31f2e4585ad7db6
13. What will happen to my veMULTI as time passes?
If you don’t extend the locking durations, your veMULTI power will decay linearly over time.
Last modified 1yr ago