veRBN is Live
Today, we are super excited that veRBN is finally live as a result of RGP-9: Ribbonomics passing. As part of this launch, the veRBN contracts and gauges have been deployed, as well as a fresh new governance portal.
Lock your RBN here today: https://vote.ribbon.finance/
To start locking your RBN tokens, you can now visit our new governance portal. RBN holders can lock their tokens for up to 2 years to maximize their veRBN voting power.
As part of RGP-9, the veRBN contracts also allow users to “early unlock” their tokens, but have to pay a penalty for doing so.
The penalty is calculated by taking the minimum between 0.75 and (time left until unlock) / 2 years. For example, if you have 1 year left on your lock, the penalty is min(.75, 1/2) = 0.5. So the penalty is 50%. All penalties will be redistributed to the remaining lockers pro-rata.
An integral part of veRBN is the ability to perform gauge voting, a.k.a choosing which vaults the RBN emissions flow to. Although the governance portal is live, the emissions will only start next week, at 3am UTC on 7th of March 2022 — users will be able to vote on gauges then.