The Governance value originates from the veYB holder's ability to manage YB rewards allocations to various Yield Basis LP tokens (in exchange for trading fees yield generated by these pool shares) and general DAO decisions.
Yield Basis
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The Governance value originates from the veYB holder's ability to manage YB rewards allocations to various Yield Basis LP tokens (in exchange for trading fees yield generated by these pool shares) and general DAO decisions.
[3] = ƒ([7], [8], user_vote_allocations, user_voting_strategy)
user_vote_allocations — represents the allocation of the user's voting poweruser_voting_strategy — represents the user's strategy in voting (the estimated value of the voting outcome)The Conditional Action represents the necessity to vote to receive the Governance value.
[8] = binary
The Future Cashflow represents the protocol fees (trading fees collected in liquidity pools) allocated to veYB stakers.
[2] = ƒ([7], ybBTC_staked_share, minimal_admin_fee, fee_total, veYB_held, veYB_total)
ybBTC_staked_share — is the share of ybBTC that is staked; this determines the share of protocol fees allocated to veYB holdersminimal_admin_fee — is the lower bound of the portion of the fees allotted to veYB holdersfee_total — is the totality of the fees generated by the protocolveYB_held — is the number of veYB owned by the userveYB_total — is the total number of veYB in a voting-escrow contractThe Risk Exposure represents the requirement to lock YB in the vote-escrow contract to activate its utility. During the lock-up period, the transferability of the token is temporarily disabled in exchange for governance power and protocol fees.
[7] = ƒ(lock_time, YB_number, value_at_lock)
lock_time — is the length of the lock-up period set up by the userYB_number — is the number of tokens locked up by the uservalue_at_lock — is the market value of the locked token position at lock time