Vote-escrow LIT (veLIT) is used for voting for governance proposals and gauge weights.
veLIT is based on Curve's veCRV. See the Curve docs to learn more details.
How do you get veLIT?
veLIT is obtained by locking Balancer 80LIT-20WETH LP tokens. The longer you lock for, the more veLIT you get, and your veLIT balance decays over time.
What is the utility of veLIT?
- Governance voting: Vote on governance proposals such as listing new gauges, changing protocol parameters, and approving budgets.
- Gauge weights voting: Vote on how gauge rewards are distributed across different gauges.
- Boost gauge rewards: Hold veLIT to boost your yield earned from gauges.
- Receive bribes for voting: Get rewarded for voting on certain gauges.
- Receive protocol revenue: Earn a share of the protocol's revenue (coming soon).