📈Eywa token utility
Last updated
Last updated
EYWA is governance token of Eywa/Crosscurve, granting access to the EYWA DAO. The token will be used to vote and govern the platform, direct emissions, and fee distribution.
These utilities are unlocked by locking EYWA for veEYWA. 1 veEYWA = 1 EYWA locked up for 3 years. The voting power of veEYWA decreases linearly as the lock gets closer to the unlock through each epoch (an epoch lasts two weeks).
The EYWA token can be converted to veEYWA, which follows a modified voting escrow model, meaning that EYWA can be locked up to gain access to DAO voting power and other benefits.
Governance: When users lock their EYWA for veEYWA, they can vote on proposals made on the CrossCurve governance forum and make decisions on key parameters or the direction of the DAO.
The EYWA DAO is the governing entity of the protocol, controlled by the holders of veEYWA. The more veEYWA voting power you have, the stronger your voice within the DAO.
The EYWA DAO is a democratic, transparent, decentralized, strategic decision-maker involving stakeholders and incentivizing participation and contribution.
The primary goal of EYWA DAO is to create long-term incentives to attract sustainable cross-chain liquidity, accumulate and manage the protocol's own liquidity, through which we will provide the best conditions for cross-chain swaps in the market.
Locking for veEYWA allows holders to vote on the biweekly emissions using the Cross-chain Gauge System, shaping the overall incentive structure on the markets. Possible vote types include:
Direct Emissions: direct allocation of EYWA tokens for CrossCurve pools.
Bribery Emissions: a part of the allocated incentives goes to Curve, Convex (through Lobby aggregator) for bribe payments to incentivize key CrossCurve pools.
Bonds Emissions: part of the allocated incentives goes towards raising the protocol's own liquidity (POL) and accumulating its own votes in Curve and Convex DAO to participate in CRV Wars. We will use various methods such as Bond Protocol as well as mechanics similar to Convex to accomplish this goal.
Locking for veEYWA allows holders to gain a share of platform fees:
CrossCurve receives 50% of fees from swaps in CrossCurve stableswap-ng pools and 66.6% of fees from CrossCurve crypto v2 pools from Curve DAO.
CrossCurve receives fees from the Eywa Consensus Bridge.
All revenues from the protocol's own liquidity, as well as revenues from votes in other DAOs (Curve, Convex, Lobby, etc) will be distributed to veEYWA's vote holders.
CrossCurve introduces a new way to boost a user’s share of veEYWA voting power. EYWA DAO members can use Eywa NFT tokens to multiply their veEYWA votes, aiming to better align incentives between valuable long-term power users and other platform participants by removing friction and by offering more yield and flexibility.
EYWA DAO members (veEYWA holders) will be able to earn increased EYWA rewards by providing liquidity to CrossCurve pools.
EYWA DAO members will receive staking rewards in proportion to their voting strength (veEYWA amount) and total supply of locked EYWA.
Any players in the market can pay bribes to veEYWA holders to receive a combination of incentives from CrossCurve, Curve, Convex on CrossCurve pools they are interested in.
We intend to create votemarkets for veEYWA across all leading vote aggregation platforms such as Convex, StakeDAO, Yearn (cvxEYWA, sdEYWA, yEYWA).
