veNEWO Tutorial
This post provides a guide on how to use veNEWO. Before we get started, here’s some background information:
Today, we launched veNEWO! This allows NEWO holders to lock their tokens for a minimum of 3 months to a maximum of 3 years in order to receive protocol perks. Original announcement here.
What is New Order?
New Order is a community-driven venture DAO facilitating the edge-of-the-edge of DeFi through Incubation and Acceleration. More info here.
What is veNEWO?
veNEWO is a locking system that distributes protocol perks in favor of token holders with long-term conviction rather than simply the amount of tokens held. This transforms the NEWO token into a yield-generating index of the most innovative projects in DeFi and means that lockers will be guiding the criteria for future incubated and accelerated projects, allowing them to participate in pre-seed stage rounds and to pave the way for value creation in the New Order ecosystem. More info here.
Quick Disclaimer: This tutorial is not a recommendation and interacting with DeFi protocols can be risky. Please do your own research and use your best judgement.
Obtaining NEWO (New Participants)
For new users that wish to participate in veNEWO, obtaining NEWO is a necessary step. Swapping for NEWO is likely the ideal route for new participants. This can easily be done by clicking “Get $NEWO” in the top-right corner of the UI here.
Note: At time of writing, NEWO is most liquid on Sushiswap.
Obtaining NEWO (Single-sided Stakers)
On June 17th, single-sided staking rewards will be redirected to veNEWO lockers as mentioned here. This means users that currently have staked NEWO positions must unstake and lock for veNEWO in order to continue receiving rewards.
Note: If you’re reading this before June 17th, it may be worth waiting until then to lock for veNEWO.
Locking NEWO
After completing the steps above, you’ll need to head to the veNEWO UI here.
For the sake of brevity, we will not cover the locking process as the UI provides all of the necessary steps and info. Instead, let’s cover the nuances that aren’t displayed on the UI:
- Users can lock NEWO for a minimum of 3 months to receive a 1x boost, up to a maximum of 3 years to receive a 3.3x boost. The boost dictates the amount of veNEWO a user receives (e.g. locking 100 NEWO for three years will return 330 veNEWO).
- After locking NEWO, users cannot unlock their position until the end-date for their selected locking duration is reached or unless a protocol emergency arises.
- Each wallet can only have a single lock duration, meaning that a single address cannot lock numerous tranches of NEWO tokens for different lengths (e.g. one tranche of NEWO for 2 years, another tranche of NEWO for 3 years, etc.). All NEWO per account must have a uniform lock time.
- If a user wishes to increase their veNEWO balance, they can do so by locking additional NEWO for the same duration, extending the existing locking period, or both.
Options for Current LP Stakers
First, current LP stakers need to unstake from the Sushi LP vault on the UI here. This is mandatory as this vault will not receive emissions going forward.
After doing this, LP stakers have 3 options:
- Stake their position in the new veLP vault to receive normal emissions (not participating in veNEWO).
- Stake their position in the new veLP vault and lock additional NEWO to receive an emissions boost (this is step 3 in the veNEWO UI).
- Participate in the Olympus Pro bonding program (live on June 20th), where users can bond their LP position for NEWO at a discount and then lock for veNEWO.
