What is veIB
Overview
The veIB mechanism is based on veCRV and ve(3,3) token model, which is explained so far in three write-ups:
veIB is deployed on Fantom Opera network and then migrated to Optimism network, which will significantly reduce the gas cost required to participate in the veIB system.
Holders of IB tokens will be able to lock their IB tokens to acquire veIB. Success of the Iron Bank is shared with its long term supporters. 25% of Iron Bank protocol fees will be shared regularly with veIB holders, with a future gauge vote to be determined. For details, please visit our website for veIB on Optimism network.
How veIB Works
veIB is the staking mechanism derived from veCRV and ve(3,3). It allows token holder to stake IB for veIB by creating a time lock as NFT.
Like ve(3,3), one wallet can have multiple veIB time locks / NFT at the same time, and total veIB balance is calculated by all NFT in the wallet.
Like veCRV, veIB is a linear time-decay balance. IB token holder can stake from 1 week to 4 years, and the IB-to-veIB exchange rate varies based on the staking duration. The longer you stake, the more veIB balance you get.
However, the NFT that represents time lock is transferable.
IB token holder can manage time lock in the dashboard.
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