Equalizer 101: veEqual & financial NFTs
Welcome to the first instalment of Equalizer 101, where we will be taking a simplified look at segments of the project. We’re going to be taking a look at vested Equal (veEqual) & how it’s used within the app
Key words throughout this article:
NFT: A non fungible token, a 1 of 1 digital product or identifier
Epoch: the 7 day intervals where users are allowed to vote
Emissions: fresh equal tokens distributed as rewards to liquidity providers
Liquidity pool / provider: the area & users who supply their tokens to allow swaps to happen on the platform
The Equalizer vested equal NFT (or veEqual NFT) is the gateway to voting and earning bribes on the Equalizer platform. It allows users to lock up their liquid equal tokens for a period of time in exchange for a share of voting power on the platform. But what does this really mean?
What is voting?
Voting on Equalizer is your way to choose how the flow of emissions is spread over the next epoch. To keep things simple, lets say every week 50,000 equal tokens are emitted and sent to the liquidity providers as rewards. The way that the amount of emissions per pool are decided is through the voting process. veEqual holders vote for the pools that they want the emissions to be sent to, and are rewarded in the trade fees for the pool which they voted for.
What are bribes?
As you can imagine, getting more votes puts your pool in a better position to have liquidity provided for it, since there is more rewards and higher APRs for providers. This is where bribes come in, a protocol or user can bribe a pool using any whitelisted token on the platform. These bribes are distributed to voters as additional bonuses to the trading fees and are available to claim immediately after the epoch flip (when the next epoch begins).
How to get veEqual?
There is currently 2 ways to acquire veEqual. The first way is to lock fresh Equal tokens using the vest page of the website here. You will be able to choose how long you want to lock your tokens for, however locking for 26 weeks is ideal to get the maximum amount of voting power out of your NFT. Choosing to lock for any other duration will give you only 25, 50 or 75% of the voting power.
The second way to get veEqual is through the secondary NFT market on Paintswap. Paintswap allows users to buy and sell already locked veNFTs. Equalizer veNFTs are liquid this way, meaning you are able to purchase & merge together various different NFTs to potentially build a position at a discount depending on the price you bought the NFT for.
How our metadata is changing the game
The team at Equalizer has been putting time into making our veEqual NFT simple to understand & track. The metadata & artwork for all veNFTs is dynamic and shows important statistics such as your lock duration, your underlying equal balance and the value of the NFT in both fantom and dollar price. This not only helps to protect investors who are buying NFTs on the secondary market, but allows us to push the standard of what a veNFT should look like.
Summary
By locking up equal tokens for a set period of time, users can receive trading fees and bribes generated by the platform. veEqual NFTs can also be obtained through the secondary NFT market. The Equalizer team has been working hard to make it easier to track and understand veEqual NFTs through dynamic metadata, artwork & education pieces like this one and our selection of Youtube tutorials
