Vote escrow architecture

PLY Holder

The PLY token is based on the FA1.2 standard on Tezos. PLY holders can lock their PLY for an integral number of weeks between 1 and 208. The Lock-up period is rounded up to the nearest whole week as (Expiry // Week) * Week, so the lock period can be slightly (always < 7 days) higher or lower than the number of days your chosen number of weeks resolve to.

Locking is done by calling the create_lock entrypoint in the VoteEscrow contract. The entrypoint pulls the required number of PLY from the user balance and returns a vePLY NFT that represents the lock.

Each vePLY NFT has an associated voting power that is linearly decreasing as bias - slope * t. The slope is calculated based on your PLY lock-up value and lock-up period.

At its core, the VoteEscrow contract is based on the FA2 standard. It maintains a ledger that keeps track of the ownership of all vePLY NFTs. Only the owner of a vePLY NFT can unlock it after expiry and redeem the underlying PLY tokens by calling the withdraw entrypoint.

VePLY Holder

A vePLY holder can vote on the distribution of weekly PLY emission across the different gauges, and in return collect fees and bribes for the AMM they vote for. Besides, the holder can also claim inflation for their locked PLY, that is proportional to the global supply inflation. This is required in order to prevent dilution of locked stake overtime.

Each vePLY NFT has voting power that can be retrieved through the get_token_voting_power onchain view in the VoteEscrow contract. The voting power can be distributed as voting weights across different gauges the owner is intending to receive fees from and direct emissions to.

Voting is handled by the Voter contract. VePLY holders can call the vote entrypoint at each epoch to distribute their voting power (i.e vote) for the liquidity pools of their choice.

An epoch is a voting period that is a week long and ideally starts at every Thursday, 12 AM (UTC). When a vePLY holder votes, their voting power at 12 AM (UTC) on the past Thursday is used.

When an epoch ends, the next epoch can be started by anyone calling the next_epoch entrypoint in the Voter contract. Besides updating the epoch, this entrypoint also calculates and updates current PLY inflation value, and adds a proportional inflation to the PLY locks.

To claim bribes and trading fees for a specific epoch, the vePLY holder (who has voted) can call the claim_bribe and claim_fees entrypoints respectively, in Voter. These entrypoints send internal transactions to FeeDistributor and associated Bribe contract, and they in turn transfer the required amount to the holder.

To claim inflation, the holder can call claim_inflation entrypoint in VoteEscrow, once for every epoch. The inflation is added directly to the underlying lock with the bias and slope being adjusted.

AMM Liquidity Provider

AMM Liquidity Providers can stake their LP tokens in the gauge associated with their AMM and receive PLY emissions. The gauge contracts essentially acts like a farms. Every week, the recharge_gauge entrypoint of the Voter contract can be called to recharge a specific gauge, based on the emissions and gauge weights of the last epoch.

Stakers can also boost their emission rewards by a maximum of 2.5x by attaching a vePLY NFT that they own, to their stake. Boosting is achieved using the following formula: MIN(Staked-Balance, (0.4 * Staked-Balance) + (0.6 * Staked-Supply * Voting-power-of-vePLY / Total-voting-power))


An individual or even a protocol can bribe i.e essentially reward those who vote for a pool of their preference in a particular epoch.

Every AMM has an associated Bribe contract that handles the process. Bribes can be given in any FA1.2 or FA2 standard based token by calling the add_bribe entrypoint.


The CoreFactory contract has control over addition/deletion of AMMs in the vote-escrow system. The factory is controlled by a multisig.

When a new AMM is added, the associated Gauge and Bribe contracts are deployed and the AMM and it's token pair is stored in the Voter and FeeDistributor contract.

Architecture FAQs

How is the voting power calculated in VoteEscrow contract?

In order to calculate the voting power of a specific vePLY NFT, or the global voting power at any timestamp t, we record checkpoints whenever any operation related to the vote escrow mechanism takes place. These operations include the creations of locks, increments of lock value and increments of lock period.

These checkpoints are recorded in the token_checkpoints and global_checkpoints bigmap. Further to keep track of lock expiry, we keep the slope_changes bigmap.

To find the voting power at any specific timestamp, we binary search through the checkpoints to a timestamp closest to required, and extrapolate the values stored in the checkpoint to calculate voting power at the given timestamp.

How is boosting achieved in Gauges?

The staked balance of the user is dialled down and kept in the range 40%-100% of the initial balance. This is stored as derived_balances and its associated derived_supply. The dialing down is achieved using the formula stated in the AMM Liquidity Provider section. The derived values are further used to calculate the emission share.

For stakers who do not attach a vePLY NFT to their stake, their derived balance is always 40% of the staked balance. To get maximum out of their stake i.e a 2.5x boost, they have to attach a vePLY NFT with enough voting power to their stake.

How does 'attaching' affect the vePLY NFT?

When a vePLY NFT is attached to an LP stake in a particular gauge, it becomes un-transferrable and cannot be used as boost in any other gauge.

Why are timestamps stored as nat?

The operations in the vePLY system require a ton of arithmetic calculations to be made on timestamps. Since Michelson timestamp is not versatile when it comes to arithmetic calculations, nat is chosen at the primary type to store UNIX timestamp values.

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