🎑Overview
v33-X draws inspiration from ve33, exhibiting both parallels and distinctions.
The two main differences between ve33 and v33-X are:
Token model: v33-X introduces a novel token model that allows for deep/single-sided liquidity, capital efficiency (borrowing against liquidity with no liquidation risk), stability by backing TOKEN with a BASE token (WETH, USDC, etc.), no more lengthy token lock ups, and sustainable emissions of call options (oTOKEN).
Gauge system: v33-X introduces gauge-plugins, which transfer the logic or deposits/withdraws and harvests from the gauge contract to a flexible plugin contract that can support any yield-bearing asset.
| Feature | ve33 | v33-X |
|---|---|---|
Primary Token | SOLID | TOKEN |
Voting Token | veSOLID | vTOKEN |
Incentive Token | SOLID | oTOKEN (call option on TOKEN, strike price = floor price, no expiration) |
Base Token | NA | BASE (can be any ERC20 token WETH, WFTM, MATIC, OP, ARB, st-yETH, etc.) |
Vote Escrow Lock | Fixed lock in NFT (4 years) | 1 week unlock period |
Gauge Structure | Gauge -Built for Solidly AMM LP -Cannot support other asset types | Plugin -Flexible deposit/withdraw and harvest logic -Support for any yield bearing asset |
Primary Token Liquidity | Incentivized by SOLID emissions | Token Owned Liquidity (TOL) through Bonding Curve |
Voting Token Revenue | -SOLID rebase (locked) -Voter rewards: swap fees | -oTOKEN emissions -Voter Rewards: swap fees, yield, interest, etc. -Swap Fees: TOKEN + BASE from bonding curve volume |
Floor Price | NA | 1 BASE/TOKEN |
Borrow against voting token | NA | Borrow at floor price, no liquidation, no interest |
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