As part of our updated tokenomics veLTX is introduced as a Utility token which will be needed to participate in our governance decision making and platform fee sharing process.
Additionally veLTX holders can also participate alongside our $LTX holders in the Launchpad allocation staking.
veLTX is not tradeable and can only be obtained by staking $LTX on our platform.
While staking $LTX to obtain veLTX, holders will be able to choose a fixed staking duration which will increase their weight in governance votings, amount of fee sharing rewards and Launchpad allocation staking pools.
Important:
By staking $LTX with our smart contract, users will lock up their $LTX for a specific period of time and be granted veLTX during that time period in return.
100% of the veLTX granted during the lock up period is granted immediately when the lock is initiated.
veLTX is non-transferable and the lock up period cannot be reduced after $LTX is initially locked.
Longer $LTX lock ups will increase the proportion of rewards received.
The larger the proportion of the veLTX pool you own, the more rewards you will receive.
Upon completion of the lock up period, 100% of initially locked $LTX will be available to withdraw from the smart contract and the veLTX grant will expire.