VW3
Token details.
Name: VW3
Address: Not yet deployed.
Type: SafeERC-20.
Hard Cap: 13,333,333,332. (4x the 3Fi Hard Cap)
Overview.
Exclusively accessible to 3Fi token holders, VW3 are earned by staking 3Fi tokens. VW3 are used to apply weight to specific components in and of 3's ecosystem.
Key information:
A maximum of four (4) VW3 tokens may be earned for each 3Fi token staked.
VW3 tokens are earned at a rate of one (1) VW3 token per calendar year, per 3Fi token staked.
VW3 tokens may only be moved to whitelisted contract addresses.
Claiming VW3 tokens locks 3Fi token deposits.
Returning VW3 tokens unlocks 3Fi token deposits.
3Fi token withdrawals follow a FIFO model. This results in a time equivalent number of VW3 tokens to be returned at or prior to the point of withdrawal.
VW3 tokens follow a set and forget model, similar to Signals. This means: once claimed, VW3 holders may allocate their tokens to the desired whitelisted contract address, with no need to 'recast' their vote; the vote persists until the VW3 tokens are removed/moved from the credited contract address.
Example whitelisted contract addresses: PODs and Arb.Engines.
Issuance.
VW3 tokens are exclusively issued to staked 3Fi tokens at a rate of 1 (VW3) token per calendar year for a maximum of four years (4x VW3 per 3Fi after 4 calendar years).
VW3 are minted in parallel with 3Fi token allocations and at a rate of 4x the 3Fi token allocations. This ensures the VW3 supply is always 4x that of the 3Fi token supply.
Accrual.
With staked 3Fi tokens, VW3 will be earned at a fixed rate per (3Fi) token, per block.
A maximum of four (4) VW3 tokens can be earned per staked 3Fi token over a period of four (4) calendar years.
Earned VW3 tokens are immediately claimable.
On Claim.
Claimed VW3 tokens are NOT credited to the participants connected wallet. Instead, VW3 are credited to 3's Distribution Contract.
Participants retain the use of their VW3 until they are returned to the VW3 source contract.
On Allocation.
VW3 may be allocated to one or more whitelisted contract addresses to signify 'vote weight'.
Allocations persist until participants adjust their allocations independently.
On Return.
VW3 may only be returned to the source via the Distribution Contract. Hence:
VW3 allocations must first be withdrawn to the Distribution Contract before returns may occur.
VW3 in the Distribution Contract may be returned to their source at any time.
Returns are required to withdraw staked 3Fi tokens.
Return requirements will vary depending on the number and age of staked 3Fi tokens.
Note. 3Fi token withdrawals follow a FIFO model. This results in a time equivalent number of VW3 tokens to be returned at or prior to the point of withdrawal.
Reiterated: Older 3Fi deposits require more VW3 to be returned because they've earned more VW3. (Yes, the 4x ratio cap does apply).
Function.
The role of VW3 tokens within 3 is varied and its use cases are expected to expand over time. Below are examples of current and expected use cases:
Arb. Engines.
VW3 allocated to Arb. Engines aids the Arb. Master Node determine how to allocate stables received from 3Bond sales.
PODs.
Purpose Orientated Distribution vehicles are 3's way of profit sharing. VW3 allocated to each POD aids the Distribution Contract calculate ETH distributions at the end of each epoch.
Learn more about PODs.
Efficiency.
100% of VW3 supply is always utilised by the Distribution Contract when calculating weight. Here are highlights describing how it works:
Not all 3Fi tokens will be staked. Until they are, un-allocated and un-claimed VW3 are each provided a weight of one (1) and used by 3 to direct weight towards the Creditor POD.
VW3 are only allocated when staked 3Fi tokens earn claiming rights.
VW3 are only claimed when staked 3Fi tokens exercise their claiming rights.
On claim, each VW3 token exerts a weight of one (1), and may be applied to one whitelisted contract.
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