How to use Pledge
Last updated
Last updated
Pledge introduces a novel veBoost delegation marketplace that merges the functionalities of Warden Boost V2 and Quest. Users seeking greater veToken boosting power through delegation can establish a Pledge, configuring it for a specified duration. This involves setting a fixed reward amount for each vote delegated through the Pledge.
When initiating a Pledge, the creator must define a target boosting power amount for the recipient. This target is the sum of the current veToken balance of the receiver & the veBoost to be received.
Pledges maintain flexibility in their lifecycle. They can be terminated by the creator at any point prior to their expiration. Such termination permits the creator to withdraw all unreleased rewards allocated within the Pledge. Alternatively, should a Pledge reach its designated duration, it will naturally expire. Subsequently, delegators lose the ability to delegate and receive rewards, while the creator can retrieve all unclaimed rewards.
Participation in a Pledge involves veToken holders delegating a portion or the entirety of their accessible boosting power through the Pledge system. This delegation can span any preferred timeframe, from the minimal duration to the Pledge's expiry. Upon entering a Pledge, delegators receive immediate rewards for the delegation—a consequence of the irreversible nature of veBoost delegation.
The magnitude of rewards corresponds to the reward per vote established by the Pledge creator and the delegated veBoost quantity. This calculation incorporates the diminishing of delegation over the boost period. For instance, if Bob commits 100 veBoost for a 2-week period, after 1 week, the delegated amount reduces to 50, ultimately dwindling to zero by the end of the 2-week span.
Fee are taken on user rewards when pledging.