Guide to the New V2 Governance Features

4 min readAug 24

One of the pivotal shifts from Velocore V1 to V2 is the transformation of the vote-escrow token. Previously obtained through locking ERC-20 tokens and receiving an ERC-721 token, it is now provided with the same ERC-20 token. This change from a non-fungible token to a tradable token enables you to either lock up LVC or make the locked LVC liquid at any moment using the Velocore dApp. The “GOV” menu’s veLVC tab is designed to make it easy for you to acquire veLVC tokens for voting, ensuring that you always receive the most favorable exchange rate with your LVC. It meticulously identifies the optimal path by assessing the veLVC/LVC liquidity, maximizing veLVC amount from every LVC. This feature ensures a seamless conversion from LVC to veLVC at the most beneficial rate. For user convenience, the tab specifically provides a unidirectional interface for the LVC to veLVC transition. Should you need to liquidate veLVC back to VC, you can use the “SWAP” feature.

Another defining divergence between V1 and V2 is the elimination of Epoch, transitioning the entire bribe-reward system to real-time. This upgrade eradicates the need for recurrent weekly voting. Users are now empowered to modify their voting pool selections and the extent of their votes on-the-fly. This modernization paves the way for a more adaptive bribe-reward mechanism, delivering rewards that mirror the market’s dynamics in the vote-escrow system. Users are provided with constant transparency with access to the voting APR offered by trading fees and external bribes, an overview of total votes, and the daily reward. An interface at the bottom helps you fine-tune your vcLVC distribution across pools. If navigating through this seems daunting, the “SMART VOTE” button is your shortcut. It intelligently evaluates pools based on liquidity and bribe metrics to suggest the most strategic veLVC vote distribution at any given time, ensuring an effortless voting experience.

Previous challenges related to the timing of bribe offerings in each pool, inherent to the Solidly-based system, have been addressed with the elimination of epochs. With insights from the “Top Bribe Pools” feature, bribers can adopt a more sophisticated strategy for external bribe offerings. Bribers can configure bribe emissions to spread linearly across a defined timeline for each constituent token of the pools. Find weekly bribe routines cumbersome? Modify your bribe timetable, spanning anywhere from 1 week to 2 months, or any desired period of time. An intuitive display provides an expected summary of bribe allocations to voters, detailed down to the hourly and daily distributions. However, a notable caveat is the inability to arbitrarily assign any token as a bribe to a pool. A 1000 LVC deposit is required as an external bribe for tokens that are not included in a pool.

In closing, the horizon is near where we will unveil Velocore’s novel and autonomously architected system. The realization of V2 stands testament to your steadfast support, endearing love, and enduring loyalty. As we forge ahead, anticipate the trailblazing journey of Velocore V2 at the vanguard of veDEX.

With heartfelt gratitude,

The Velocore Team


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