To empower long-term committed Solarflare investors, we are introducing veFLARE — a token which will replace the functionally of FLARE vaults, allowing users to decide on the lockup time — dialing in your time commitment and APRs — as well as retain the flexibility of FLARE.
veFLARE is inspired by the governance concept of Curve's veCRV token model, which has one of the best token design in the industry for long-term holders, encouraging long-term staking and active community involvement through governance.
veFLARE will allow our most loyal stakeholders to fully benefit from the platform by receiving the most rewards.
The single staking pools are changing to exclusive veFLARE staking. You will be able to earn FLARE and partner tokens with veFLARE.
Each veFLARE will represent the user voting power in Solarflare ecosystem. Thefull governance model is yet to be released.
Being a token, veFLARE gives us extreme flexibility to build on top of it. We expect to have many more use cases and we are excited to hear the community suggestions.
Initial lock formula
veFLARE received = FLARE x (LOCKDAYS / 1460)
Maximum lock of 4 years (1460 days) with 1000 FLARE
1000 FLARE x (1460 / 1460) = 1000 veSOLAR
Minimum lock of 7 days with 1000 FLARE:
1000 FLARE x (7 / 1460) = 4.79 veFLARE
After initially locking you will be able to increase your veFLARE balance in two ways: extending the lock of the investment, or by increasing the amount of FLARE locked.
Extending lock formula:
New veFLARE balance = veFLARE balance + ((Locked FLARE x Extra Locked Days) / 1460)
Increasing amount formula:
New veFLARE balance = veFLARE balance + (Additional FLARE x (Time Elapsed / 1460))
10 FLARE and 7 days lock.
Early Exit Penalty
Unstaking veFLARE before the lock-in period ends incurs an early exit penalty of 75%.
The early exit penalty effectively burns FLARE immediately.