What is veARCH?How to obtain veARCH?Using veARCHRewardsUtilityPluginsResourcesFrequently Asked Questions (FAQs)
What is veARCH?
veARCH is a non-standard ERC-20 token that can be obtained by providing liquidity into the Archimedes 80ARCH/20WETH Balancer pool and then locking the LP tokens on the Archimedes site. The length of time the LP tokens are locked corresponds to how much veARCH you'll receive. veARCH holders receive a portion of the protocol fees and ARCH rewards.
This is used for voting on governance proposals submitted to the Archimedes DAO. More on Governance here… Governance
How to obtain veARCH?
- Provide Liquidity: The first step to obtaining veARCH is to provide liquidity into the specified Balancer pool. This involves depositing the required tokens into the pool. In Archimedes case, the tokens you can deposit are ARCH, ETH, and WETH.
- Receive LP Tokens: After providing liquidity, you will receive LP (Liquidity Provider) tokens. These tokens represent your share of the liquidity pool.
- Lock LP Tokens on Archimedes Site: After receiving your LP tokens, you need to go to the Archimedes site to lock your LP tokens. This is a crucial step. If you lock your LP tokens in the Balancer UI, you will not receive veARCH or ARCH rewards. The amount of veARCH you receive is based on the amount of LP tokens you lock and the duration of the lock period.
- Update Your Locked Position: After receiving ARCH rewards from your current locked position, you can update your current lock position if you choose to convert your earned ARCH into more LP. When adding to a current position, the minimum lock period is the expiry date from your current position. If you wish to lock longer, your new position and old position will be re-locked for that newly selected time. Users cannot open separate positions, only add to a current expiry date or extend the lock time.
Once you have veARCH, there are several things you can do with it:
- Participate in Governance: veARCH holders can vote on proposals that affect the Archimedes protocol. This includes changes to protocol fees, rewards distribution, and more. To vote, you simply need to hold veARCH tokens or have someone delegate their voting power to your address and then vote on Snapshot. For more information about Snapshot, visit the page here
Loom video coming soon…
- Receive Rewards: veARCH holders receive ARCH emissions in the form of rewards currently. The amount of rewards you receive is based on the amount of LP tokens you have locked and the duration of the lock period. ARCH rewards will start at 214% APY for the first month after launch. APY and reward types are subject to change based on Archimedes DAO proposals.
- Future Use Cases: Future use cases can be proposed and decided upon via the Archimedes DAO governance process. Be the change you want to see!
Remember, veARCH tokens cannot be transferred. They only represent a locked LP position in Archimedes contracts. The rewards and benefits of holding veARCH make it a valuable asset for participants in the Archimedes ecosystem and will continue to evolve in the future. Post ideations on what youd like to see implemented!
veARCH rewards will be paid out in ARCH tokens every Thursday. Current ARCH rewards start at 182% APY for the first month after launch. veARCH rewards are subject to change based on Archimedes DAO proposals, community ideas, and user feedback.
veARCH rewards will be paid out in ARCH tokens and starts at 214% APY for the first month after launch. veARCH rewards are subject to change based on Archimedes DAO proposals, community ideas, and user feedback. Further utility for veARCH is top of mind for the Archimedes team and Archimedes DAO.
Discord Ideation - Link
Snapshot Proposals - Link
Snapshot Information page -
Frequently Asked Questions (FAQs)
- Can I transfer my veARCH tokens? veARCH tokens cannot be transferred. They are locked on the Archimedes site.
- What happens if I lock my LP tokens in the Balancer UI? If you lock your LP tokens in the Balancer UI, you will not receive veARCH or ARCH rewards. You must lock your LP tokens on the Archimedes site to receive these rewards.
- What are the benefits of holding veARCH tokens? veARCH holders receive ARCH rewards and other other forms of benefits and rewards in the future. The amount of rewards you receive is based on the amount of LP tokens you have locked and the duration of the lock period.