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veNFT, bveRETRO, and veRETRO

This document outlines the core tokenomics components of our platform: veNFT, bveRETRO, and veRETRO. Understanding these elements is crucial for developers working on integration, modification, or extension of our protocol.

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veNFT (Vote-Escrowed NFT)

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What is veNFT?

veNFT is a non-fungible token representing locked RETRO tokens. It’s the cornerstone of our governance and reward system.

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Key Characteristics

• Non-transferable: veNFTs are soul-bound to the address that created them.
• Time-weighted: The voting power and reward accrual are based on the amount locked and lock duration.
• Expirable: veNFTs have an expiration date, after which they can be burned to retrieve the locked RETRO.

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Usage in the Protocol

• Governance voting
• Gauge weight voting
• Boost for liquidity mining rewards
• Access to certain protocol features

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bveRETRO (Boost veRETRO)

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What is bveRETRO?

bveRETRO is a tokenized representation of veNFT, allowing for a more liquid form of locked RETRO.

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Key Characteristics

• Transferable: Unlike veNFT, bveRETRO can be transferred between addresses.
• Mintable/Burnable: Users can mint bveRETRO by locking RETRO or burn it to retrieve locked RETRO.
• Rebasing: The token balance adjusts over time to reflect the decay of the underlying veNFT.

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Implementation Details

contract bveRETRO is ERC20, Ownable {
    veNFT public veNFTContract;

    function mint(uint256 amount, uint256 lockDuration) external {
        // Implementation logic
    }

    function burn(uint256 amount) external {
        // Implementation logic
    }

    function rebase() external {
        // Implementation logic
    }
}

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Usage in the Protocol

• Tradable version of veNFT
• Usable in certain liquidity pools
• Allows for more flexible strategies in the ecosystem

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veRETRO (Vote-Escrowed RETRO)

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What is veRETRO?

veRETRO is not a separate token, but rather a concept representing the voting power and reward-earning potential of locked RETRO tokens.

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Key Characteristics

• Not a token: veRETRO is a measurement, not a separate token.
• Dynamic: The amount of veRETRO changes based on lock duration and amount.
• Used for calculations: Determines voting power and reward multipliers.

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Usage in the Protocol

• Determining voting power in governance
• Calculating boost for liquidity mining rewards
• Weighting in gauge voting

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Relationships and Interactions

1. RETRO → veNFT:

   • Users lock RETRO to create veNFT
   • veNFT represents a time-locked position of RETRO

2. veNFT → bveRETRO:

   • bveRETRO is minted based on the veNFT’s locked amount and duration
   • bveRETRO balance rebases to reflect the underlying veNFT’s decay

3. veNFT → veRETRO:

   • veRETRO is calculated from veNFT’s locked amount and remaining duration
   • veRETRO determines the actual voting power and boost

4. bveRETRO → veRETRO:

   • bveRETRO holders indirectly possess veRETRO voting power
   • The protocol calculates equivalent veRETRO for bveRETRO in relevant functions