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veBoba 101: Vote with veBoba, Our veTokenomics Campaign

Hello everyone! Today we’re announcing the exciting beginning of the Boba Network’s veTokenomics Campaign! Holders of veBoba will have the unique opportunity to take advantage of the incredible veTokenomics campaign where we have up to 19 million $BOBA up for grabs, of which up to 9M is available to Airdrop to early lockers.

If you’re as enthusiastic about this as we are, then read on.

First of All, What Is veBoba?

For those that don’t know, veBoba is the framework that takes all the benefits of veTokenomics such as:

  • Giving committed community members a larger weight in decision-making
  • Enabling a token flywheel to increase community engagement
  • Less liquid token supply / Less sell pressure 
  • Flexibility for token holders to forego voting in exchange for other reward options


So, what does this mean? With veBoba, holders of Boba tokens are
all able to convert their existing tokens into vote escrow locked $BOBA tokens (govBOBA).

OK, You Had Me at “Hello”. When Can I Get My veBoba?

veBoba is launching on our Mainnet at the end of Q4 2022. However, we’re also going to let some of you (our fantastic community members) start playing with it on our testnet beforehand.

Want to get notified? You got to stay tuned on Twitter to get notified the instant that we launch.

She’s Crying Tears of Joy at This Announcement

Image credit: Sony Pictures

So What’s the Process Needed to Lock My Tokens?

When we launch veBoba, the locking process will be 3 simple steps. All you need to do is:

  1. Login to the Boba Network Gateway
  2. Click on the “lock” tab
  3. Specify the amount of tokens that you want to lock and the time period that you want them locked. You can choose 3 months, 6 months, or 12 months.

How Do I Vote On Incentives?

First of all, there are two kinds of community-focused benefits:

  • Participating in the pool of airdropped 9M $BOBA for early lockers 
  • Voting on where 10M BOBA tokens emitted over the course of a year go


The first
benefit requires no voting at all. Simply lock your tokens for 3, 6, or 12 months in order to participate in the airdrop of 9M $BOBA. That’s it, there’s nothing else you need to do.

Once you’ve locked your tokens, you can take advantage of the second benefit, which enables govBoba owners to use each of their veNFTs once per week (also called an epoch) to cast votes on $BOBA emissions to whatever they like. Each veNFT’s votes will carry over into the next epoch.

 

Look at All That Voting Power…

How Does Voting Power Decrease?

Voting power decreases linearly over time, e.g. a user locks 1 BOBA for 1 year and receives 1 govBOBA in return. After 6 months have passed, 0.5 of govBOBA voting power remains to be utilized.  The locking duration can be extended at any time, should the user desire more voting power after 6 months have passed. This feature is intended to promote greater community oversight and governance opportunities in the ecosystem.

What Do I Get For Locking My Tokens?

Locking your tokens gives some major benefits! For instance:

  1. A veNFT representing your voting rights over $BOBA emissions of over 10M $BOBA tokens in the first year
  2. A locking bonus airdrop of up to 9M $BOBA for all early lockers of veBOBA
  3. Access to native token bribes via Redacted Cartel’s Hidden Hand marketplace
  4. A share of transaction fees generated on the Boba Network (to be announced at a later date)

How Long Can I Lock My Tokens For?

The veBOBA campaign will enable owners of $BOBA to lock their tokens for the following locking periods with linearly increasing voting power the longer users lock:

  • 1 BOBA locked for 3 months = 0.25 govBOBA
  • 1 BOBA locked for 6 months = 0.5 govBOBA
  • 1 BOBA locked for 12 months = 1 govBOBA


This means the longer you lock, the more emissions you get to direct to your favorite protocol LPs (Liquidity Provider), developer grants, and much more. Not to mention you’ll automatically qualify for our bonus airdrop for early lockers!

So What Do I Get if I *REALLY* Want To Participate in veBoba?

Now, for our most committed community members (i.e. those who have locked 50k govBOBA) are able to propose new suggestions and ideas to the entire Boba ecosystem, such as:

  1. Create and submit a written proposal for  the Boba DAO 
  2. Propose a gauge for $BOBA emissions (e.g. your favorite DeFi project’s liquidity pool, a new Boba project you would like to receive a dev grant, infrastructure providers to be funded to integrate Boba Network)


After a new DAO proposal has been submitted, then any and all govBOBA holders are allowed to vote on proposals. The more govBOBA you own, the more voting power you have. In order for a DAO proposal to pass, 250k govBOBA are required to be voting in favor of it.

Now, if you decide to submit a gauge for $BOBA emissions instead, the team will review the request and whitelist the gauge. With veBoba, because the community controls the ecosystem, the future of the Boba Network is in your hands.

 

Proposals Being Made on the DAO of the Boba Network

How Many Tokens Are Airdropped To Early Lockers?

The remaining unclaimed $BOBA airdrop to $OMG holders expiring on 12 November 2022 will be airdropped to early lockers of $BOBA. At the time of writing, 9,005,441 $BOBA are left to be claimed. You can check the remaining balance of the Boba airdrop wallets here and here.

The first batch of the remaining airdrop is distributed to early lockers as follows:

Start date:
Week 1 of veBoba launch

Total amount: 50% of remaining airdrop – 4,502,720.5 $BOBA  (at time of writing)

Lock period Percentage Calculated Share (at time of writing)
3 months 20% 900,544.1
6 months 30% 1,350,816.15
12 50% 2,251,360.25


All airdropped $BOBA tokens are vested, with the vesting schedule beginning with the expiry of early lock deadline (TBA):

Locking Time Vesting Period
3 months 3 months
6 months 2 months
12 months 1 month

The airdrop will be split into three separate events over the first three months after veBoba is launched on mainnet, with 50% of remaining balance dropped to early lockers in the first week of veBoba launch.

Soooo, You Mentioned That Boba Network is Also Giving Away 10M $BOBA Tokens. So How Does That Work?

Over the course of a year 9,935,278.60 $BOBA tokens are emitted. These token emissions follow weekly epochs, where $BOBA lockers can cast votes on which projects in the Boba ecosystem should receive them.

 

The Emission Schedule

How Do $BOBA/Native Token Bribes Work?

Alright, let’s break this into two scenarios:


Situation A: You want to have a big voice in Boba Network governance.

What you do is simply buy enough power by locking $BOBA tokens to receive govBoba and be able to spend it on whatever you like, knowing that essentially, the more you spend, the more weight your vote holds.


Situation B: You’re not really interested in participating in votes, but you still want to take advantage of this amazing opportunity (who could blame you?)

In this case, you can delegate your voting power to someone that does want voting rights in the Boba Network. Through systems like the Redacted Cartel, who are interested in having voting power in all emission directing tokens, you can easily make money from delegating your voting power to such third party protocols and do what’s called “taking a bribe”, meaning they’re buying your voting power in their native token (for example, if protocol A wanted to bribe you for your voting rights to capture emissions, they may bribe you in their native protocol A tokens that you can then convert to USD, if you wish).

As a user, the choice is yours. Just take a look at the weekly volume of bribes:
https://dune.com/funky/Redacted-Policy-Metrics

 


Learn more about Redacted Cartel’s Hidden Hand
here

So What Do I Do Next?

If you have more questions, be sure to follow us on Twitter in order to be notified of the 2022 veBoba campaign launch.

veBoba 101: Vote with veBoba, Our veTokenomics Campaign

Hello everyone! Today we’re announcing the exciting beginning of the Boba Network’s veTokenomics Campaign! Holders of veBoba will have the unique opportunity to take advantage of the incredible veTokenomics campaign where we have up to 19 million $BOBA up for grabs, of which up to 9M is available to Airdrop to early lockers.

If you’re as enthusiastic about this as we are, then read on.

First of All, What Is veBoba?

For those that don’t know, veBoba is the framework that takes all the benefits of veTokenomics such as:

  • Giving committed community members a larger weight in decision-making
  • Enabling a token flywheel to increase community engagement
  • Less liquid token supply / Less sell pressure 
  • Flexibility for token holders to forego voting in exchange for other reward options


So, what does this mean? With veBoba, holders of Boba tokens are
all able to convert their existing tokens into vote escrow locked $BOBA tokens (govBOBA).

OK, You Had Me at “Hello”. When Can I Get My veBoba?

veBoba is launching on our Mainnet at the end of Q4 2022. However, we’re also going to let some of you (our fantastic community members) start playing with it on our testnet beforehand. 

Want to get notified? You got to stay tuned on Twitter to get notified the instant that we launch.

She’s Crying Tears of Joy at This Announcement

Image credit: Sony Pictures

So What’s the Process Needed to Lock My Tokens?

When we launch veBoba, the locking process will be 3 simple steps. All you need to do is:

  1. Login to the Boba Network Gateway
  2. Click on the “lock” tab
  3. Specify the amount of tokens that you want to lock and the time period that you want them locked. You can choose 3 months, 6 months, or 12 months.

How Do I Vote On Incentives?

First of all, there are two kinds of community-focused benefits:

  • Participating in the pool of airdropped 9M $BOBA for early lockers 
  • Voting on where 10M BOBA tokens emitted over the course of a year go


The first
benefit requires no voting at all. Simply lock your tokens for 3, 6, or 12 months in order to participate in the airdrop of 9M $BOBA. That’s it, there’s nothing else you need to do. 

Once you’ve locked your tokens, you can take advantage of the second benefit, which enables govBoba owners to use each of their veNFTs once per week (also called an epoch) to cast votes on $BOBA emissions to whatever they like. Each veNFT’s votes will carry over into the next epoch.

Look at All That Voting Power…

How Does Voting Power Decrease?

Voting power decreases linearly over time, e.g. a user locks 1 BOBA for 1 year and receives 1 govBOBA in return. After 6 months have passed, 0.5 of govBOBA voting power remains to be utilized.  The locking duration can be extended at any time, should the user desire more voting power after 6 months have passed. This feature is intended to promote greater community oversight and governance opportunities in the ecosystem.

What Do I Get For Locking My Tokens?

Locking your tokens gives some major benefits! For instance:

  1. A veNFT representing your voting rights over $BOBA emissions of over 10M $BOBA tokens in the first year
  2. A locking bonus airdrop of up to 9M $BOBA for all early lockers of veBOBA
  3. Access to native token bribes via Redacted Cartel’s Hidden Hand marketplace
  4. A share of transaction fees generated on the Boba Network (to be announced at a later date)

How Long Can I Lock My Tokens For?

The veBOBA campaign will enable owners of $BOBA to lock their tokens for the following locking periods with linearly increasing voting power the longer users lock: 

  • 1 BOBA locked for 3 months = 0.25 govBOBA
  • 1 BOBA locked for 6 months = 0.5 govBOBA
  • 1 BOBA locked for 12 months = 1 govBOBA


This means the longer you lock, the more emissions you get to direct to your favorite protocol LPs (Liquidity Provider), developer grants, and much more. Not to mention you’ll automatically qualify for our bonus airdrop for early lockers!

So What Do I Get if I *REALLY* Want To Participate in veBoba?

Now, for our most committed community members (i.e. those who have locked 50k govBOBA) are able to propose new suggestions and ideas to the entire Boba ecosystem, such as:

  1. Create and submit a written proposal for  the Boba DAO 
  2. Propose a gauge for $BOBA emissions (e.g. your favorite DeFi project’s liquidity pool, a new Boba project you would like to receive a dev grant, infrastructure providers to be funded to integrate Boba Network)


After a new DAO proposal has been submitted, then any and all govBOBA holders are allowed to vote on proposals. The more govBOBA you own, the more voting power you have. In order for a DAO proposal to pass, 250k govBOBA are required to be voting in favor of it.

Now, if you decide to submit a gauge for $BOBA emissions instead, the team will review the request and whitelist the gauge. With veBoba, because the community controls the ecosystem, the future of the Boba Network is in your hands.

Proposals Being Made on the DAO of the Boba Network

How Many Tokens Are Airdropped To Early Lockers?

The remaining unclaimed $BOBA airdrop to $OMG holders expiring on 12 November 2022 will be airdropped to early lockers of $BOBA. At the time of writing, 9,005,441 $BOBA are left to be claimed. You can check the remaining balance of the Boba airdrop wallets here and here.

The first batch of the remaining airdrop is distributed to early lockers as follows:

Start date: Week 1 of veBoba launch

Total amount: 50% of remaining airdrop – 4,502,720.5 $BOBA  (at time of writing)

Lock period Percentage Calculated Share (at time of writing)
3 months 20% 900,544.1
6 months 30% 1,350,816.15
12 50% 2,251,360.25


All airdropped $BOBA tokens are vested, with the vesting schedule beginning with the expiry of early lock deadline (TBA):

Locking Time Vesting Period
3 months 3 months
6 months 2 months
12 months 1 month

The airdrop will be split into three separate events over the first three months after veBoba is launched on mainnet, with 50% of remaining balance dropped to early lockers in the first week of veBoba launch.

Soooo, You Mentioned That Boba Network is Also Giving Away 10M $BOBA Tokens. So How Does That Work?

Over the course of a year 9,935,278.60 $BOBA tokens are emitted. These token emissions follow weekly epochs, where $BOBA lockers can cast votes on which projects in the Boba ecosystem should receive them.

The Emission Schedule

How Do $BOBA/Native Token Bribes Work?

Alright, let’s break this into two scenarios:

Situation A: You want to have a big voice in Boba Network governance.

What you do is simply buy enough power by locking $BOBA tokens to receive govBoba and be able to spend it on whatever you like, knowing that essentially, the more you spend, the more weight your vote holds.

 

Situation B: You’re not really interested in participating in votes, but you still want to take advantage of this amazing opportunity (who could blame you?)

In this case, you can delegate your voting power to someone that does want voting rights in the Boba Network. Through systems like the Redacted Cartel, who are interested in having voting power in all emission directing tokens, you can easily make money from delegating your voting power to such third party protocols and do what’s called “taking a bribe”, meaning they’re buying your voting power in their native token (for example, if protocol A wanted to bribe you for your voting rights to capture emissions, they may bribe you in their native protocol A tokens that you can then convert to USD, if you wish).

As a user, the choice is yours. Just take a look at the weekly volume of bribes:
https://dune.com/funky/Redacted-Policy-Metrics


Learn more about Redacted Cartel’s Hidden Hand here

So What Do I Do Next?

If you have more questions, be sure to follow us on Twitter in order to be notified of the 2022 veBoba campaign launch.