Introducing veLTX: Lattice Gateway’s new governance and rewards token
Lattice users will need the new veLTX token to participate in Lattice governance and platform fee distribution.
Fees: Fees can include launchpad fees, staking fees, fees from node campaigns, and eventually cross-chain swap fees. Fees are paid in various ecosystem tokens (such as $ADS, $JAM, etc.) from projects using the Lattice platform.
Airdrops: Regular token airdrops will also be distributed to veLTX holders to incentivize continued participation in Lattice governance.
Highlights:
- By initiating an $LTX lock with a smart contract, users will lock up their $LTX for a specific period of time and be granted veLTX during that time period in return.
- 100% of the veLTX granted during the lock up period is granted immediately when the lock is initiated.
- veLTX is non-transferable and the lock up period cannot be reduced after $LTX is initially locked.
- Longer $LTX lock ups will increase the proportion of rewards received.
- The larger the proportion of the veLTX pool you own, the more rewards you will receive.
- Upon completion of the lock up period, 100% of initially locked $LTX will be available to withdraw from the smart contract and the veLTX grant will expire.
Note: Users who lock their $LTX may continue to participate in launchpad staking events during the lock period using their veLTX tokens.
How to acquire veLTX
veLTX can be acquired through an Ethereum smart contract via the Lattice platform.
Check out this video tutorial to acquire your veLTX through the platform:
Following is an additional step-by-step guide to acquire veLTX:
Step 1: Make sure you have LTX tokens in your browser wallet. LTX can be purchased from an exchange such as Kucoin, or you may swap other cryptocurrencies for LTX through the Exolix swapping feature on the Lattice website. Make sure to move these tokens to your Stargazer wallet or to another software wallet such as Metamask that can interact with Lattice exchange.
Step 2: Visit Lattice Gateway at https://Lattice.is and connect your wallet.
When you visit Lattice Gateway you will see your dashboard view. Click “Connect wallet” in the upper right area of the screen and follow the steps to connect the wallet that holds your LTX tokens.
Step 3: Click on the governance icon in the left menu area.
Clicking the governance icon will take you to the Stats page showing the total number of LTX locked and the total amount of veLTX distributed along with a log of recent activity.
Step 4: Click “Lock” in the top menu bar.
Clicking Lock takes you to a page where you can select the amount of LTX you would like to lock up on the platform to exchange it for veLTX.
Step 5: Enter the amount of LTX tokens you would like to lock over time.
You will see the amount of veLTX tokens you will receive depending on the time period you select.
Lock for 6 months: You will receive 1 veLTX token for every 10 LTX tokens you lock.
(If you lock 5,000 LTX tokens for 6 months, you will receive 500 veLTX tokens)
Lock for 12 months: You will receive 2.5 veLTX tokens for every 10 LTX tokens you lock.
(If you lock 5,000 LTX tokens for 12 months, you will receive 1,250 veLTX tokens)
Lock for 24 months: You will receive 5 veLTX tokens for every 10 LTX tokens you lock.
(If you lock 5,000 LTX tokens, you will receive 2,500 veLTX tokens)
Lock for 36 months: You will receive 10 veLTX tokens for every 10 LTX tokens you lock.
(If you lock 5,000 LTX tokens, you will receive 5,000 veLTX tokens)
Step 6: Click “Approve” and Confirm the approval transaction in your wallet.
In the example below, 5,000 LTX were locked for 36 months so 5,000 veLTX will be received.
Once you click “Approve” your wallet will open and request that you confirm the ERC20 transaction.
Step 7: After the transaction is approved, you click the yellow “confirm” button.
This will again prompt your wallet to open and confirm the Lock transaction.
Step 8: Click the “Claim” button to view your locked LTX, your available veLTX, and your claimable rewards.
If you click on the “Claim” button you will see your veLTX amount. This is the page where you will see your future rewards, fees, and airdrops you can claim and have sent to your connected wallet.
Note: To view veLTX (currently an ERC20 token) in your wallet, you will need to add a custom token with this contract address: 0xc6a22cc9acd40b4f31467a3580d4d69c3387f349
Here are instructions on adding a custom ERC20 token to your Stargazer wallet: https://medium.com/constellationlabs/constellations-stargazer-wallet-adds-full-erc20-support-f3f6582115cd
Step 9: Click “Vote” in the top menu to participate in Lattice governance.
Now that you own veLTX you can participate in Lattice Governance. Clicking “vote” will take you to our snapshot application where you can participate in various proposals regarding launchpad projects and fee sharing.
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