LIQ and vlLIQ
The Liquis governance token
Overview
LIQ is the native governance token of Liquis. It has three use cases:
Allocate veLIT across Bunni gauge votes
Vote on Timeless Finance governance proposals
Vote on Liquis Finance governance proposals
For a user to receive the governance power associated with their LIQ, however, they must first commit it to a 16-week lock in the form of vlLIQ.
The LIQ token address is 0xD82fd4D6D62f89A1E50b1db69AD19932314aa408.
LIQ Token Distribution
LIQ has a fixed supply of 100,000,000.
50,000,000 are to be emitted on the basis of oLIT earned by protocol liquidity providers
50,000,000 will be emitted or vested on a fixed schedule
Variable Emissions (50%)
50,000,000 LIQ to be distributed to Liquis liquidity providers on the basis of oLIT earned.
The emission schedule assumes that Liquis acquires 80% of net-new oLIT emissions.
Four-Year Vest (34%)
10,000,000 LIQ to be vested to Launch Partners
10,000,000 LIQ to be distributed to liqLIT secondary liquidity providers
10,000,000 LIQ to be vested to the Liquis treasury
4,000,000 LIQ to be vested to the Aura, Convex, and Moneta DAOs
Two-Year Vest (14%)
10,000,000 LIQ to be vested to Liquis contributors
2,000,000 LIQ to be distributed to LIQ secondary liquidity providers
1,000,000 LIQ to be vested to the Timeless Finance treasury
1,000,000 LIQ to be vested to veLIT holders who vote for Liquis
Liquis needs to be approved as a liquid locker by Timeless / Bunni governance.
Six-Month Vest (2%)
2,000,000 LIQ to be vested to Pre-Launch Program participants
vlLIQ: Vote-Locked $LIQ
vlLIQ is used for allocating Liquis-owned veLIT across Bunni Pro gauges as well as for participating in Timeless Finance governance. Users can lock their LIQ for vlLIQ on the Liquis website as highlighted in the screenshot below.
Lock Duration
Unlike with veLIT, users only have one choice for the duration when locking their LIQ, which is 16 weeks. Please note that these 16 weeks are measured in terms of one-week epochs, meaning that LIQ locked in the middle of an ongoing epoch will be locked for the 16 epochs following it.
Lock duration for vlLIQ can be up to 17 weeks, depending on when the lock occurred.
Liquis epochs advance every *TBD* at 0:00 UTC.
Idle Bounties
In order to discourage passive lockers, Liquis allows for vlLIQ positions to be kicked permissionlessly after four epochs of inactivity. Inactivity is defined as failure to either re-lock or withdraw upon the conclusion of a given vote lock.
The bounty awarded for doing so is equivalent to 0.25% of the locked $LIQ amount for each inactive epoch that has passed after the four-epoch grace period for the given position. This means that a position kicked after eight epochs of inactivity would pay a fee of 1% of its locked amount; one kicked after 12 epochs of inactivity would pay a fee of 2%; and so on.
Vote Delegation
In order to reduce the risk of an inactivity kick, Liquis allows for position delegation. Delegation allows a user to pass on their Liquis voting power to another Ethereum address. You can find the below interface on the Liquis website here.
Please note that delegation and locking remain separate actions. If you delegate without locking, you will pass on 0 voting power to your target. That said, if you lock after this delegation, the newly-calculated voting power will indeed be passed on to your target.
The Liquis team address for delegation is 0x0..........
Bribes and Fees
vlLIQ holders can expect to receive some share of protocol revenue earned on $oLIT emission fees. Please refer to the page below for the current breakdown.
pageFeesIn the event that a marketplace forms for directing Liquis governance power as has occurred for both Aura and Convex, vlLIQ holders would be the recipients of such bribes.
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