MAX Staked/Locked for veMAX

The process for locking MAX to receive veMAX on MinMax Finance

ne of the main uses of MAX/veMAX is the ability to boost an account's rewards when providing stablecoin liquidity to the platform in two ways. These are the ability to lock MAX in order to an APR boost across gauges and the ability use voting power to increase MAX emissions going to particular gauges. The number of veMAX an account possesses relative to their share of the liquidity in the farming contract they are using is used to determine their boost, while the distribution of the voting power to particular gauges allows veMAX holders to influence which assets receive what proportion of weekly MAX emissions.

If you have a MAX balance on your account, this balance can be locked by inputting the amount in Generate veMAX's Balance field, setting a Lock until date and sending the lock transaction.

MAX tokens can be staked for a period of time up to four years, during which they are locked within the protocol at the contract level (early unlocks are simply not possible). Staking/locking HND in the vote-escrow contract results in the account receiving the non-transferable veMAX token in return, with the amount received a product of both the number of MAX staked and the length of the stake. 100 MAX locked for 4 years will generate approximately 100 veMAX , 100 MAX locked for 2 years will generate 50 veMAX, 100 MAX for 1 year equals 25 veMAX , and so on.

An account's veMAX balance will decrease over time, eventually reaching zero. Once an account's veMAX balance has reached zero, it indicates that its staked MAX are now unlocked and can be withdrawn.

Note: The vote-escrow contracts do not allow for MAX to be locked in tranches. Furthermore, an account can only have a single unlock date, the point of which all of their previously locked MAX will again become available.