💰Rewards

Emissions

Each epoch, $BLACK emissions are distributed to liquidity pools in proportion to the votes that the pools receive. veNFT voters are given bribes to allocate their votes to different liquidity pools. Liquidity providers (LPs) can stake their LP positions to receive a share of the emission reward tokens distributed to each pool in proportion to the size of positions and time staked. These rewards are distributed throughout the entire epoch and are available for claiming as they accrue.

Fees

Token pairs capture fees from the volume enabled by the liquidity in each pool. The fees collected by staked LPs the previous epoch are deposited as incentives for the current voting epoch. Fee rewards are distributed in the same tokens as the liquidity pool tokens they originate from (e.g., if the pool is BLACK/USDC the distributed tokens are $BLACK and $USDC) and can be claimed at any time. Fee rewards deposited as voter incentives are available for claim after the epoch changes (Thursday 00:00 UTC) and are distributed in proportion to the voting power cast by a voter ($veBLACK)

Incentives

In addition to fee rewards, liquidity pools can receive external voter rewards from protocols or other participants (known as incentives). Incentives can be deposited for whitelisted tokens and are distributed only to voters on that pool, in proportion to their share of pool votes. These rewards are available for claim after the epoch changes (Thursday 00:00 UTC) and are distributed in proportion to the voting power cast by a voter ($veBLACK).

Rewards Claim

Rebase rewards are claimable 1 hour after a new epoch has started (Thursday 01:00 UTC). The epoch flip itself is on Thursday 00:00 UTC. In the 2 hour window from 1 hour before till 1 hour after the epoch flip, rebases cannot be claimed.

Example of incentives, voting, and rewards claim timeline:

• A new epoch starts Thursday (00:00 UTC)

• Incentives are deposited at any point in the epoch

• Voters vote for their preferred pools

• Once the next epoch arrives (the following Thursday), users are able to claim rewards