veANGLE stands for "voting-escrowed" ANGLE, and is the new governance token of the Angle Protocol.
It is a vesting and yield system based off of Curve’s veCRV and Frax's veFXS mechanisms. The key property of veANGLE, beyond being a governance token, is that it is non-transferable and it does not trade on liquid markets.
🧾 veANGLE Features
veANGLE can be obtained by locking ANGLE from 1 week to up to 4 years. A smaller balance of veANGLE is obtained when locking for a shorter time. veANGLE balances decrease linearly with time to reflect the reduction in lock-time, approaching 0 veANGLE when lock time is about to end and ANGLE locked to be released.
As mentionned above, veANGLE is the token used for voting for governance proposals and ANGLE emissions through gauge weights in the Angle protocol. As such, veANGLE holders are shaping the future of the protocol.
To facilitate the voting process, the governance module of the protocol will change after the upgrade. Votes for governance proposals happen on Snapshot, and are then executed by a multi-sig. This multi-sig will be composed of a mix of core team members and external people, including public figures if possible (anon or not) to increase accountability.
Votes for gauge weights will however take place on-chain. For more details on gauges, please refer to this page.
Beyond voting on governance proposals and gauge weights, veANGLE is useful in two main aspects:
The veANGLE system is modular and all-purpose. In the future, it can evolve in many different ways like by earning additional yield in new places/features, or be treated as a governance token bond rate of sorts.
It is designed to benefit the ANGLE system as a whole by:
Allocating voting power to long-term holders of ANGLE through veANGLE
Incentivizing farmers to stake (or lock, both are used equivalently) ANGLE
Creating a bond-like utility for ANGLE and create a benchmark APR rate for staked ANGLE
For more details on the benefits of the veANGLE model and its design, you can refer to the articles of the ANGLE Upgrade Series published on Angle's blog: