vote-lock.md

Vote Lock

Users locking LE will receive a vote-escrowed LE (veLE) NFT. The longer a user locks their LE, the more veLE they will receive.
veLE allows users to vote on the incentive levels for each gauge and receive revenue generated by the protocol.
Locked LE also accrues LE rewards as to not be diluted by the gauges' LP emissions. These rewards are linearly correlated with the share of a user's lock balance and the remaining time on the lock, according to the following formula:

$$ \text{LE_rebates}(\text{epoch}) = \text{total_rebates}(\text{epoch}) \times \frac{\text{lock_balance}}{\text{total_locked}} \times \frac{\text{remaining_locktime}}{\text{MAX_LOCKTIME}} $$

Here's how voting for a gauge works:

1. Users lock their veLE NFT in the voting escrow smart contract, which allows them to then vote towards the desired incentive levels for each gauge and to start accumulate protocol revenue.
2. The smart contract aggregates the locked tokens and determines the overall vote for each gauge.
3. Based on the results of the vote, the protocol adjusts the incentive levels for each gauge accordingly.

Locking tokens will also boost a user's LP gauge rewards all the way up until 2.0x.