Details about the veANGLE lock
The first thing to keep in mind when locking ANGLE into veANGLE is that veANGLE are non-transferrable by design. Once an address owns veANGLE, it cannot transfer or sell them in any way.
On a similar page, it should be noted that each account can only have a single lock duration meaning that a single address cannot lock certain ANGLE tokens for 2 years then another set of ANGLE tokens for 3 years etc. All ANGLE per account must have a uniform lock time.
When increasing the veANGLE balance by locking more tokens or extending a lock, this new veANGLE balance is not taken into account in the current vote allocation. Be careful to apply this new voting power to the gauges if you want to.
After an address starts owning veANGLE, its balance decreases with time to reflect the lock time expiration. This decrease in veANGLE balance is reflected in real time when voting for gauge rewards, but not in the boost. More info in the Boost Update section of the boost page.
Depending on the lock time, a specific amount of veANGLE are generated from the ANGLE locked. The lock scale is as follows:
- 1 ANGLE locked 1 year → 0.25 veANGLE
- 1 ANGLE locked 2 years → 0.5 veANGLE
- 1 ANGLE locked 4 years → 1 veANGLE
The general formula to compute the veANGLE balance at any point in time is:
It's only at the end of the lock time that it becomes possible to recover the locked ANGLE tokens.
During lock time, users can also increase their veANGLE balance by locking up ANGLE, extending the lock end date, or both.
Example: 12 ANGLE locked for 2 years and 8 months (with 30d/month) would give:
As detailed above, the quantity of veANGLE decreases constantly with time to reflect the reduction in lock time (lock expiration), down to 0 at expiration. For example, two months after the initial lock, the previous address would have a veANGLE balance of:
Like in Curve and Frax systems, smart contracts & DAOs require whitelisting by governance to lock ANGLE for veANGLE. Only externally owned accounts (EOA) can directly call the veANGLE stake locking function.
In order to have your protocol or DAO ownn veANGLE, you can begin the governance process with the ANGLE community in the governance forum by submitting a whitelisting proposal.