Aug 17, 2022
Ripae VELO Bribe
Solidly had a shaky start over at Fantom, we can all agree on that. What Velodrome has done is take the best parts of Solidly, expanded them, and released its platform on Optimism. The technicalities are all kind of the same when it comes to bribing and voting. If you have lived in a cave for the past months or automatically censored everything that has to do with bribes and voting, regardless of platform, then I’m here to tell you all* about it!
So where to start? Let’s do a quick recap about bribes.
Most past DEX had farms running in order to incentivize you to add liquidity pairs, in order to increase liquidity, in order to decrease price impact, in order to increase trades, and in order to earn more on trades done. They incentivized these farms with an infinitive emission of their DEX token, distributed over pairs that the DEX team thought were the best. Which made this system very dependent on the core team and their decisions as this had to be changed quite often to make the incentives profitable.
In comes the bribing system!
In the DEX that uses a bribing system, projects instead create incentives (bribes) each week for DEX token holders to vote for their LP pair to receive the highest emission of the DEX token. DEX token holders can each week check on a list of bribes and vote with their tokens to get a part of the specific bribe that was voted on. This creates a system where the emission of the DEX token is instead placed in the hands of the users rather than the DEX core team.
What Ripae is doing now is to add a bribe to our Velodrome $pETHo-$wETH farm so that people will vote to increase the emission of $VELO to the $pETHo-$wETH farm on Velodrome, and in return get a share of our bribe. It’s a win/win for Ripae, Ripae users, and $VELO voters.
Let me walk you through how to vote.
First, you have to get some $VELO tokens that you can use for voting. You get these at the Velodrome swap, just chose $VELO in the drop-down list of tokens.
https://app.velodrome.finance/swap
Now when you have some $VELO in your wallet, you go and lock these for a determined time in order to get your voting power. The longer you lock these $VELO tokens, the more voting power per $VELO you get.
Head over to the vesting section: https://app.velodrome.finance/vest
Click “Create Lock”.
Chose the amount of $VELO to lock, and the date you want them unlocked. You can also choose some pre-determined dates using the radio buttons. You can see how much voting power (veVELO) you get by changing the date. Then click “Lock”. (Remember, these tokens are now LOCKED)
Now when you have your voting power (veVELO), you head over to the Voting section of Velodrome.
https://app.velodrome.finance/vote
Here you search for pETHo to get our Ripae $pETHo-$wETH farm in the list.
You select your veVELO in the drop-down list and then drag the “My Vote %” slider to 100% and then click “Cast Votes”.
Sign the transaction and you have now voted for our Ripae $pETHo-$wETH farm to receive a higher $VELO distribution over the coming week.
Remember that you have to place your vote each week before Wednesday at 23:59 UTC for the voting power (and emission) to be used for the coming week.
Awesome work, High-Five!
So now you voted, but what about your reward? You get a reward for locking your $VELO tokens, and you get a reward for voting. You will find these rewards in the, you guessed it, the Rewards tab on Velodrome.
https://app.velodrome.finance/rewards
You can read more about when you can claim your reward in the Velodrome docs: https://docs.velodrome.finance/tokenomics#rewards-claim
You just voted on our $pETHo-$wETH farm to receive $VELO distribution. But what if you want to stake $pETHo-$wETH and earn that $VELO yourself?
Great question, just check out our staking article on how to stake which covers everything from buying, and creating LP, to staking both on Ripae and on Velodrome.
https://ripaefinance.medium.com/optimism-and-the-velodrome-story-7b999da4788f
That is all! Join our Discord for further discussion about Velodrome voting:
*Not really all, just the quick “I don’t read version”, and pretending that I actually know what I’m talking about.
We are Ripae Finance, a cross-chain algorithmic peg token pegged to each native chain we are deployed on. An Algorithmic Peg Token(APT) is a non-collateralized peg token tailored for improving price stability. The beauty of algorithmic peg tokens is that they are much more capital efficient than their collateralized cousins. Ripae finance will with its experienced teamwork, work towards expanding this idea of capital-efficient algorithmic peg tokens and build on previous iterations to expand the basis of the ecosystem.
Ripae Finance’s full focus is to build a true cross-chain algorithmic peg token protocol that is innovating around the DeFi Ecosystem. Ripae is a DAO which means that the holders of $PAE are also the owners of the protocol and move the protocol forward with decentralized voting.
We started on Fantom and with the partnership of Multichain.org, our main token $PAE is now available on Fantom, Avalanche, Binance Smart Chain, Cronos, Polygon, Abritrum, and Optimism.
Ripae: https://ripae.finance/
Discord: https://discord.gg/ripae
Telegram (only announcement): https://t.me/ripaefinance
