Locked ANGLE that provides multiple benefits
veANGLE stands for "voting-escrowed" ANGLE, and is the 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 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.
Votes for gauge weights are however taking 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 could gain additional utility by like being eligible to the yield generated through other Angle protocol features.
As of now, 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
The following pages explain in more detail how the essential features of the veANGLE system work.