High APR for Gov 2.0 Staking Now LIVE 🟣
Governance 2.0: Unlock Higher APR Opportunities with Orion’s veORN Token
Orion offers ORN token holders an exclusive opportunity to maximize their rewards – the veORN token. With this new form of tokenomics, holders can lock their ORN tokens in a smart contract for a time duration of their choosing, between 7 days to 2 years. The more prolonged the lock, the larger your rewards and the more substantial your voting power. The platform aims to reward its most loyal and involved users with higher Annual Percentage Rates (APR).
What is veORN?
veORN is a non-transferable token you receive at the beginning of the locking process. It represents the ratio between the number of tokens you have locked and the time you have locked them for. Over time, the number of veORN will decrease proportionally; however, you can renew your position at any time to regain the same number of veORN by increasing your locked ORN balance, or increasing the lock period.
Benefits of Governance 2.0
Locking your tokens via veORN allows you to participate in staking governance and gives you voting power. Orion has crafted this tokenomics solution to reward the most dedicated and active users on the platform with higher Annual Percentage Rates (APRs) as the more veORN they hold, the higher the rewards. Orion enables ORN holders who have locked their tokens for the longest duration to directly benefit from Orion’s growth.
User-centric rewards: Orion rewards the most loyal users with higher APRs.
Flexibility: Users have discretion over the lock duration, between 7 and 730 days.
Renewable Positions: Users can add more veORN by staking more ORN or renewing their lock periods.
Access to Unique Features: Locked tokens unlock features like Governance and voting.
The Role of Voting
Voting through smart contracts enable the user to help direct which pools ORN emissions go to. To vote, you must have veORN. This mechanism, popularized by protocols like Curve and Frax Finance, allows token holders who have chosen to lock their ORN tokens to vote to decide which pools should be rewarded with further ORN issues.
Key Features
✅ Enables voting for your preferred Orion Pool.
✅ Possibility to deposit the LP tokens of the Orion Pools for a rewards boost.
✅ Each veORN is equivalent to one vote.
✅ Distribute your voting power across multiple pools or a single pool, as per your preference.
Transitioning to the higher APR of Governance 2.0
You asked for higher APR, we listened! To give our users the most seamless experience transferring from Old Governance to Governance 2.0 as early as possible, the 5% fee for early removal of staking has now be dropped, meaning you can unstake immediately and begin earning a far higher APR straight away.
The current Old Governance rewards will continue until December 13th, 2023, giving you plenty of time to unstake your current ORN and begin earning far higher rewards through Orion’s Governance 2.0.
This enables ORN holders to maximise their ORN rewards as soon as possible via locking your ORN through veORN for up to 2 years. The longer the lock, the better the rewards!
Converting ORN -> veORN
In order to convert ORN into veORN the user needs to create a position, by specifying the initial lock amount of ORN and the lock period. This period can be up to 2 years, maximizing the user’s position up to multiple times!
Right after that, the rewards will start to be accrued.
Getting started with locking your ORN tokens is easy. All you have to do is:
1️⃣ Visit trade.orion.xyz/gov-v2
2️⃣ Visit our Governance 2.0 Staking and Locking ORN Guide
Need to unstake from Old Governance to Governance 2.0 first? See our Transition Guide.
**Important Note: For the user it is necessary to use the checkpoint function highlighted in the GitBook in order to start receiving the rewards. If this step is not performed, no rewards will be credited.
Staking Metrics
Here is a list of the metrics available for consultation on the Governance 2.0 page:
1️⃣ Yield Per Week – the number of tokens distributed each week.
2️⃣ Time left – time left before the next rebalance of reward amount.
3️⃣ Personal APR – specific APR percentage that is unique relative to the users position and total supply.
4️⃣ veORN balance – user’s personal veORN balance that depreciates over time.
5️⃣ Global APR – APR percentage across all veORN positions and total supply.
Voting for Pools
After the user has created their veORN position they can vote by choosing the percentage of veORN to allocate to a specific pool. This action is handled by the slider.
Voting affects a distinct pool weight across all user votes.
Embark on a staking plan with purpose, and towards heightened APR opportunities with Orion’s veORN tokens. Lock your ORN tokens, gain enhanced rewards, and make the most of your voting rights.
Be part of building the future of DeFi and join the Orion community!
Get Started with veORN today.
Stake now: trade.orion.xyz/gov-v2
