veSKY

Voting rights obtained by locking SKY

veSKY (Vote-Escrowed SKY) is a voting token obtained by locking SKY. To encourage active voting, the following utilities are given:

veSKY utility

• Distribution of protocol revenue: veSKY holders can claim 80% of the pool transaction fee (which later becomes 90%) and 100% of the bribe in proportion to the amount of votes cast, with weekly voting activity.

• Participation in governance: veSKY and SKY holders can later join the DAO and be involved in proposing improvements to Sky Web3 Vision.

Users who vote with veSKY will receive the following benefits:

• Can claim a distribution of transaction fees for the pools they vote in

• Can claim bribes that went into the pool they voted in

• Subject to weekly veSKY rebasing

Specification of veSKY

• veSKY is generated by ERC-721 and can be merged, divided, bought and sold.

• The veSKYs obtained by locking SKY are as follows.

SKY Lockup period	% of veSKY acquired
2 week	1.59%
6 month	24.6%
1 year	49.53%
2 year	99.4%
4 year	200%

Voting

• You may vote once for each epoch using veSKY.

• 7 days are counted as one epoch.

• Transaction fees and bribes can be claimed after the end of an epoch and across the next epoch.

• If you do not vote for each epoch, you are not entitled to a reward in the corresponding epoch.

• Once you have voted for a veSKY, you can get it back by using the reset operation.

Rebase

veSKY voters are entitled to receive SKY for rebasing (30%).

Rebase refers to the additional distribution of SKY tokens to veSKY. Unclaimed Rebases can be received for each weekly Epoch from the Reward page. It's important to note that you don't receive SKY tokens directly; instead, they are converted to veSKY, and it's the veSKY that gets Rebased (meaning veSKY increases).