---
description: >-
  v33-X is an ecosystem incentive coordinator that offers a unique approach to
  liquidity incentives, token models, and on-chain governance.
---

# Background

## Highlights:

* A generalized ve33 System with an improved token model.
* Plugins to integrate any yield-bearing asset with gauges.
* TOKEN = SOLID. Distributed through a bonding curve. Always backed by a BASE token, price is always >= 1 BASE/TOKEN. BASE can be WETH, WFTM, MATIC, or any ERC20 token. BASE is what backs TOKEN in the bonding curve as liquidity.
* vTOKEN = veSOLID. Stake TOKEN to get vTOKEN. No more 4 year lock. Only locked while votes are active, reset votes to 0 to unstake. vTOKEN is the voting token that can vote on plugins to direct emissions towards their gauges and in return receive their respective yield as bribes.
* oTOKEN: Call option for TOKEN at floor price (1 BASE/TOKEN). Emitted to gauges as liquidity incentive based on vTOKEN votes. Can also be directly burned for voting power.
* vTOKEN earns swap fees from its bonding curve, earns oTOKEN staking emissions, and earns voting fees (plugin yield and bribes) from plugins it voted for.
* Borrow against vTOKEN with no interest and no liquidation risk. 1 TOKEN can always borrow up to 1 BASE. Floating LTV determined by market price of TOKEN.
