veFLAKE is the Staking option that rewards long-term FLAKE Stakers.
veFLAKE stakers can be benefited from:
- 1.Distribution of protocol fees
- 2.Participation in the protocol governance
- 3.Enjoying boosted rewards in the FLAKE mining pools
FLAKE holders can choose to stake their FLAKE tokens and earn yields from protocol fees. veFLAKE tokens will be transferred when FLAKE tokens are staked.
- Hexagon will accumulate 80% of the transaction fees charged in our pools for liquidity suppliers, while 20% will be accumulated as protocol fees. A percentage (set to be 50%) of the protocol fees will be as rewards to the veFLAKE contract. FLAKE will be bought back from the market periodically and redistributed to the veFLAKE stakers pro-rata.
- veFLAKE tokens can be freely transferred to different addresses.
- veFLAKE can be converted back to FLAKE at an increasing exchange rate, based on the reward rate. When the function of converting veFLAKE to FLAKE is triggered, there is a 90-day waiting period, which means that one needs to wait for 90 days to claim his/her equivalent FLAKE tokens.
- veFLAKE secondary market might be established at a later stage.
The Hexagon Voting system will be deployed, with veFLAKE and possibly LP tokens on Hexagon Finance representing users' voting power.
Thus, staking in the FLAKE staking pool will provide the main and simplest route through which our community can effectively join the governance system. Importantly, it will have a call on the periodical allocation of the FLAKE mining rewards in some of the mining pools.
veFLAKE can be designated to the FLAKE mining pools for boosted mining rewards. Please check the section below for more details.