Details to keep in mind when locking up DFX for veDFX
The first thing to keep in mind when locking DFX into veDFX is that, veDFX is non-transferrable by design. Once a wallet address owns veDFX, it cannot be transferred or sold in any way.
On a similar note, it should be noted that each wallet address can only have a single lock duration. This means that an address cannot lock ‘X’ amount of DFX tokens for 2 years (24 Months), and then add another set of DFX tokens for 3 years (36 Months), etc. All DFX per ERC-20 address must have a uniform lock time or you will have to use another address.
To keep it simple and clear, you can choose to lock more DFX up for veDFX at any time, even if you already have some locked. However, you will have two options.
Increase voting weight by adding DFX to existing time lock.
Increase voting weight by extending current time lock.
Both options would result in a higher voting weight. However, the 2nd option would result in a higher voting weight since it's starting from a new time lock and with a higher amount of DFX.
When increasing your veDFX balance by locking more tokens or extending a lock, this new veDFX balance is not considered in the current vote allocation.
Be sure to apply this new voting power to the gauges if you want to.
After an ERC-20 address receives veDFX, its balance will start to decrease over time to reflect the lock time expiration. This decrease in veDFX balance is reflected in real time when voting for gauge rewards, but not in the boost. However, keep in mind that boosted APR will also decrease block-by-block.
Depending on the lock time, a specific amount of veDFX is generated from the DFX that is locked.
1 DFX locked 1 year → 0.25 veDFX
1 DFX locked 2 years → 0.5 veDFX
1 DFX locked 3 years → 0.75 veDFX
1 DFX locked 4 years → 1 veDFX
Note: You can most certainly lock for under a year. However, the voting weight you would receive would be a fraction of the overall DFX you are locking.
Gauges:Each liquidity pool has one and their weight (emission amount) is dependent on how the veDFX holders vote.
Epoch:The time it takes for a certain amount of blocks on the chain to be completed.
Emission:The rate and amount of rewards released to that gauge.