veDF

Vote-Escrowed DF

veDF stands for vote-escrowed DF, representing DF tokens locked for voting in the dForce DAO.

When users lock their DF tokens for voting, they will receive veDF based on the lock duration and the amount locked. Locking is irreversible, and veDF tokens are non-transferable. If users choose to vote-lock their DF tokens, they can only reclaim the DF tokens after the lock duration has expired.

Users must specify the amount of DF they wish to lock and their preferred lock duration. The minimum lock period is one week, while the maximum is four years.

Additionally, a user cannot have multiple locks with different expiry dates. However, a lock can be extended, or additional DF can be added to it at any time.

It is worth noting that unlike the veCRV model, the balance of veDF will NOT decay before participants unstake upon lock-up expiration. For example, if a holder locks DF for 4 years, their veDF balance will remain unchanged throughout the lock-up period. We believe this will provide more incentives for DF token holders to participate in long-term staking.

Voting Power

In order to support the broadest possible participation in dForce governance, two forms of staked DF (Free vs. Lock-up) will have different voting weights aggregated across all blockchains and layers we support:

• DF and iDF (lending certificate): each DF or iDF for 1 vote

• Free Staking: each staked DF for 1.2x votes

• Lock-up Staking: each veDF for 6.0x votes

Voting power favors long-term holders - the longer you lock your DF, the more voting rights you will get.