$VIRES Token & Early-bird campaign
Vires.finance is a pool-based liquidity protocol, facilitating lending and borrowing capabilities at the rates defined by the market equilibrium.
On July 21, 2021, the Vires.finance liquidity protocol was launched. Now, it’s time to share some of the details and, specifically, the governance token mechanics.
What is $VIRES?
⚠️ Be careful: the $VIRES token has not been launched yet. We’ll announce the $VIRES launch on our blog.
$VIRES is the protocol’s governance token. After the token launch, scheduled for Oct. 2021, $VIRES will govern the future of Vires.finance, including tokens onboarding, configuration changes and the protocol updates through voting.
$VIRES Distribution
A total maximum supply of 10 mln $VIRES will be gradually emitted.
- 5% of the total emission is allocated for early-bird rewards, with a 1-year vesting period.
- 20% of the total emission is allocated for the team, vested for 1 year.
- The remaining amount (75%) is allocated for gradual emission to protocol participants and other needs under full governance control.
Distribution to early-bird liquidity providers
Early-bird rewards will be distributed between liquidity providers in proportion to their average deposit over the early-bird reward program. Generally, borrowing doesn’t affect the result, but if a user has both a deposit and a loan in the same token, the effective_deposit at that time for that token will be counted as max(0, deposit-borrow), which is simply deposit if the asset is not borrowed.
The early-bird VIRES reward will be unlocked gradually within a year after the launch, on a per-block basis.
Distribution to liquidity providers after the token launch
Over a fixed period of time — for example, 3 months — an amount of $VIRES will be minted for the liquidity providers in the asset pools. On the one hand, the more tokens are distributed during that period, the more liquidity providers are incentivized in the form of $VIRES. On the other hand, more aggressive minting increases total circulation. This is where the governance comes into picture: the amount of $VIRES to be emitted during each period will be decided through voting by holders and stakers of the $VIRES token.
$VIRES staking
$VIRES staking will be live immediately after the token launch. Staking your $VIRES tokens will yield additional VIRES, granting them more power within the protocol.
Follow us on social media for the latest updates, the protocol roadmap and more:
