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Locks and veNFTs

Locking $RAPH creates a vote-escrow NFT position called veRAPH. The veRAPH NFT records the locked $RAPH amount and lock configuration, and it is the instrument through which a patron's voice is weighed.

Voting power​

Time-limited locks generally use a linear relationship:

V=AtremainingtmaxV=A\frac{t_{remaining}}{t_{max}}

where:

  • V is the current voting power;
  • A is the amount of locked $RAPH;
  • t_remaining is the time until unlock; and
  • t_max is the maximum supported lock duration.

A longer lock therefore provides more initial voting power for the same $RAPH amount, and voting power decays as the unlock date approaches. Commitment is weighted literally. The deployed vote-escrow contract is authoritative for time rounding and boundary behaviour.

If permanent locking is enabled, a permanent lock is treated as having maximum duration and does not decay while it remains permanent.

Common actions​

Depending on the deployed contracts, an owner may be able to:

  • add $RAPH to a lock;
  • extend its unlock date;
  • convert it to a permanent lock;
  • merge compatible locks;
  • split a lock;
  • delegate or vote with it;
  • withdraw $RAPH after expiry;
  • transfer the veRAPH NFT.

Some actions may be irreversible or unavailable while a veRAPH position is deposited in another contract, such as a Relay strategy.

Before locking​

  • confirm the maximum and selected duration;
  • understand whether the lock can be made permanent;
  • review transfer, split, merge and withdrawal rules;
  • consider $RAPH price and smart-contract risk;
  • do not lock funds you may need before expiry.
A veRAPH is a live position

Transferring the NFT transfers control of its locked $RAPH and every right attached to it. Treat the token id with the same care as the assets inside it.