Gauges Voting
Use your veTP to vote and decide how TP emissions is to be distributed
What is a gauge?
To understand gauges voting, you may think of any products that require TP emissions as a series of gauges. This includes farms, TP weekly reward pool, position manager vaults, etc.
veTP holders can now use their veTP as votes to decide how much % of TP goes to which product. The more veTP a gauge accumulates through Gaguges Voting, the more TP emissions will be allocated to the underlying liquidity pool / position manager vault.
Gauge Types
There are two types of gauges - 'core' and 'non-core'. TP emissions to the former are controlled by the Team, while the community influences emissions to 'non-core' pools by voting with veTP.
'Core' gauges include pairs with major tokens and stablecoins - the Team will make sure these pairs receive sufficient TP rewards as they contribute significantly to the protocol's revenue.
'Non-core' gauges represent all other gauges not classified as 'core' gauges
How to Vote?
1 - Understand the voting schedule
Gauges weight voting is conducted every two weeks. The beginning of an epoch, just like revenue sharing, is at 00:00 UTC every even Thursdays.
In the above example:
Epoch 1 is starting at 00:00 UTC, 1st, Thursday on Week 1.
Epoch 1 is ending 2 weeks later, at 00:00 UTC, 15th, Thursday on Week 3.
Users can vote during 00:00 UTC from 1st to 14th.
NO votes can be cast during 00:00 UTC from 14th to 15th as votes are being adjusted and tallied.
Voting results will be snapshotted at 00:00 UTC on the 15th. The end of Epoch 1.
Voting results will be applied within 72 hrs after an epoch is closed.
2 - Become eligible
Since veTP is gradually decreasing according to the remaining lock time, voting results will be taken via a snapshot at the end of every epoch. This incldues the number of total veTP, and the veTP each user has.
In the above example:
Results for Epoch 1, will be based on the veTP balances at 00:00 UTC, 15th.
Users whose veTP position is unlocking before or equal to the 15th, will have 0 veTP balance at the snapshot time. Therefore they have no voting power for Epoch 1.
Therefore, to become eligible, you must obtain an active veTP position, which unlocks AFTER the end/ snapshot time of the current epoch.
In the above eample:
If you want to vote in epoch 1, you must have veTP position which unlocks on the 21st or later than the 21st, or Thursday on week 3.
3 - Check the current voting results
Head to "TP staking", scroll down and look for the "Gauges Voting" section, then click "Check Gauges".
At the top-left section. You may find:
Your veTP
Snapshot time and voting end time for the current epoch.
The total number of TP rewards to be distributed in the next epoch based on the voting results from the current epoch.
The total amount of veTP votes casted.
At the top-right, you may find a pie chart representing the % of each gauge received.
At the bottom, there is a complete list of every voting gauges. With the number of votes they received and the expected % weight, they are gaining in the current epoch. There is also a "boost" and "caps" field, detailing two important gauge characteristics. Continue reading for more details.
Gauge Boost and Emission Caps
To ensure TP rewards go to the most productive gauges. Each gauge can be applied with a boost and/or an emission cap. Two of the characteristics can both exist at the same time.
Gauge Boost is a multiplier applied to the number of votes a gauge receives, ranging from 1x to 2.5x (gauges for V3 pools are capped at 2x). This is to encourage votes and liquidity for important trading pairs.
Emission cap is a maximum cap on the % weight a gauge can receive, ranging from 2% to 20%. This is to promote fairness in allocation and prevent abuse of the gauge system.
For example:
A gauge has 10 votes, 2x boost and 15% cap. The total vote is 100.
After applying the boost, this gauge will have 20 votes, 20% weight against the total (100).
However, since it has a 15% cap, the final % of TP rewards this gauge receives in the next epoch will be adjusted to 15%.
How are Gauge Boost and Emission Caps determined?
During the process of a gauge application, we ask applicants to propose the value of the boost multiplier and emissions cap % they wish to assign to the gauge. These have to be voted on by veTP holders, along with the entire gauge application.
The default option for all gauges is 1.00x multiplier and 5% emission cap. They can be changed with future proposals.
4 - Add gauges to vote
To vote on a gauge, scroll down and look for "My Votes" section. Click "Add Gauge".
In the pop-up window, you may add gauges to your list of votes by clicking the blue "+" icon. You may find the current voting results in the list, along with boost and caps.
To quickly locate a gauge, you can use filtering to filter gauges by blockchains, fee tiers and liquidity types. Or type in the token ticker into the search field.
5 - Select how much % veTP to vote on each gauge
Once you have added the gauges, you may select how much % of your veTP goes to each of the gauges.
This is because:
veTP gradually decreases with the remaining lock time. It is impractical to estimate and calculate how many exact veTP to vote.
It is troublesome to re-vote in every upcoming epoch. Therefore, gauge voting is designed to carry your voting decisions throughout the upcoming epoch until you cast a new one.
6 - Update your votes
Once your vote is submitted, you may see your votes being updated to "Current Votes". And the remaining veTP gets updated.
Please note that the voting decision for each gauge can only be updated every 10 days. Once you submit a vote request, all voted gauges will be applied a 10-day cooldown period before you can submit another request for updates.
To update your vote decision, change the % percentage and submit again.
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