Governance and Incentives
Raphael uses a vote-escrow model to coordinate liquidity incentives. To hold and lock $RAPH is to become a patron of the protocol: patrons decide, epoch after epoch, which markets deserve the protocol's emissions.
The idea in one paragraph
Participants lock $RAPH into an NFT position called veRAPH, also referred to generically as a veNFT. The veRAPH position carries voting power. Each epoch, voters allocate that power across eligible pools, and $RAPH emissions are distributed to pools according to their share of valid votes. Liquidity follows emissions, trading follows liquidity, and fees flow back to the voters who steered them.
Voters may receive:
- trading fees allocated by the protocol;
- incentives deposited for the pools they support;
- anti-dilution or rebase amounts, where enabled by the deployed contracts.
In this section
- Protocol Flywheel: how the whole cycle reinforces itself.
- Token Model: $RAPH, veRAPH and the value flows between them.
- Locks and veNFTs: creating and managing a lock.
- Epochs and Emissions: the recurring rhythm of the protocol.
- Voting: allocating voting power well.
- Voting Fees and Incentives: what voters earn and when.
- Relay Automation: automated voting and compounding strategies.
Locking $RAPH is a long-term decision. Review the lock rules, decay, extension behaviour and available exit paths before creating a veRAPH position.