veCREDIT

Migration from xCREDIT

The xCREDIT Model was officially migrated to veCREDIT on 2/19/2022. In order to upgrade our single staking, the new veCREDIT model will introduce a fair way to determine governance and distribution of fees generated by the protocol. The main differences between the models is that veCREDIT has a locking time and is not a ERC20 token.
You can migrate from our old site at revenant.finance or on our new website revenantlabs.io.

What is veCREDIT?

To participate in Creditum governance or gain a share of Creditum protocol fees, users need to lock their CREDIT for veCREDIT. Your share of voting power and fees is determined by the amount of CREDIT locked and the duration of the locking period. Your share of voting power and fees gradually decreases over time as more people lock up their CREDIT tokens.
For an example:
  • 1 CREDIT locked for 4 years = 1 veCREDIT
  • 1 CREDIT locked for 2 years = 0.5 veCREDIT
  • 1 CREDIT locked for 1 year = 0.25 veCREDIT
  • 1 CREDIT locked for 1 week = 7 days / (365 days in a year * 4 years) = 0.0048 veCREDIT
  • CREDIT locked for less than 1 week will get 0 veCREDIT!

What can you do with veCREDIT?

Just by locking your CREDIT for veCREDIT, you are able to participate in on-chain governance and receive fees generated by the protocol! Unfortunately, you are unable to transfer veCREDIT or redeem your veCREDIT until the locking period is over. As of right now, veCREDIT has been released for testing purposes, and more functionality will be added as it becomes more battle tested.

How do I get veCREDIT?

Users can use this link to access the app to deposit CREDIT for veCREDIT
-Credit Balance = amount of CREDIT in your wallet.
-Total Locked = total amount of CREDIT locked in the veCREDIT contract
-User Amount Locked = the amount of CREDIT that the user has locked
-Time Until Unlock = the duration of your locking period
When inputting your Lock Time, be careful for how long you lock. This transaction is irreversible! Once locked, users can independently increase the amount locked or duration of lock.
The input for Increase Amount is the amount of ADDITIONAL CREDIT that a user wants to increase their locking.
The input for Increase Time is the amount of days you want to REPLACE YOUR EXISTING lock time by. The new lock time must be greater than the previous lock time.