FAQ and User Guide
Frequently Asked Questions and How-to Guide
Last updated
Frequently Asked Questions and How-to Guide
Last updated
VIRES locking reflects your commitment to the protocol governance and therefore grants you the ability to earn your share of the protocol's income directly.
After locking, you can claim protocol revenue at any time.
Proceed to Claim Revenue section. The first bits should appear in the next block; use the "Claim Revenue" button and confirm your transaction with your provider.
Relocking VIRES boosts your Vires Weight back to 100%.
Every block, the participant receives a share of the revenue proportional to his/her gVires.
Vires.finance markets take a cut of the interest that borrowers pay. The corresponding cut for each market is labeled as 'Protocol share' on the asset details page. This value can vary for different markets, configurable through governance.
The per-block revenue is calculated based on current market conditions(Utilization, Borrow APR, Waves Leasing APY, etc.) and market configuration(Protocol Share). Approximate dollar value is then calculated based on the oracle prices. Daily, Monthly, and Yearly estimations are performed based on the average block time being 60 seconds(1440 blocks per day).
The distribution is continuous, e.g., as the interest accumulates every block, does the distribution for Vires stakers. Participants can start claiming revenue the following block(usually within 1 minute after the lock).
There's no minimum lock amount. Unlocking starts right after the transaction is confirmed.
50% of tokens are unlocked in 6 months,
75% of tokens are unlocked after 12 months since lock start,
87.5% of tokens are unlocked after 18 months since lock start,
100% of tokens are unlocked after 24 months since lock start;
You can learn more about gVires unlocking mechanics in the section above.
To increase revenue share, relock VIRES as it unlocks. This can be done during claiming revenue. You can always lock additional VIRES(this resets locking). Simply input the amount on the My Vires page and confirm your transaction after clicking on the "Lock" button.
As time passes, your VIRES gets unlocked. You can always withdraw the unlocked part at My Vires page. Full unlock happens within 24 months of last lock.
- To migrate from Legacy Staking, simply use locking dialog and make sure "Migrate my Vires" is on, the assets will be moved automatically under the hood.
- To withdraw from Legacy Staking, just use "Withdraw Unlocked" dialog at My Vires page.
The locking dialog has been removed from the interface. The legacy staking APY of 12.5% is now reduced.
