vePUFF

vePUFF is the governance token in Puffverse, which is primarily acquired by staking your $PUFF token. vePUFF may also be obtained as a reward by engaging with certain PuffGo games. Most importantly, vePUFF contributes to the governance of the Puffverse ecosystem as it allows holders to vote in the Puff DAO.

What’s vePUFF for?

1. Voting and governing powers in Puff DAO

2. Contributing to the ecosystem by staking

Ways to Get vePUFF

• Lock $PUFF to get vePUFF by the ratio of 100:1

• Join PuffGo games or contribute to the Puffverse ecosystem to win vePUFF

Special Attributes

• vePUFF is non-transferable and non-tradable

• vePUFF has lock-in periods in the form of orders and can be converted to $PUFF in the ratio of 100:1 after the lock-in period is over

vePUFF Order Book Mode

• Choosing a lock-in period will grant users a vePUFF NFT, which is non-transferable, with each vePUFF NFT representing an order.

• Each order will record your vePUFF amount, lock-in period, and Power in detail.

• Each order will generate rewards in real-time, and users can withdraw the rewards earned at 12:00 AM (Midnight) UTC starting on the first Thursday after one (1) week of staking.

• When the order reaches its lock-in period, users can initiate the transaction to unlock all the vePUFF and return the locked $PUFF. The order will then be burned.

• If the lock-in period is not yet reached, users can still initiate the transaction to unlock the vePUFF. However, only a portion of the vePUFF will be deducted as a penalty.

vePUFF Production

vePUFF is born with an order in the form of NFTs, which contains information as follows:

1. The amount of vePUFF

2. The lock-in Period

3. Power with a time-based linear decrease

Note that the vePUFF NFTs come with orders are non-transferable!

Order Period

Whenever users lock $PUFF into vePUFF or set an order for the vePUFF earned from the game, users are able to select different lock-in periods to obtain Power. The longer the lock-in period, the greater the Power allocated. Once the lock-in period is over, users may redeem their vePUFF for $PUFF at any time at a specified rate. If the lock-in period is not over, users may still redeem their vePUFF for $PUFF, subject to a penalty.

All orders are set to be unlocked at 12:00 AM (Midnight) UTC, on Thursdays. There will be several lock-in periods for users to choose from:

1. 1 Month (4 Weeks)

2. 3 Months (12 Weeks)

3. 6 Months (24 Weeks)

4. 12 Months (48 Weeks)

5. 24 Months (96 Weeks)

6. 48 Months (192 Weeks)

The time orders will be unlocked will always be set to every Thursday at 12:00 AM (Midnight) UTC. Therefore, the nearest Thursday will be the cutoff date based on days. For example, if the lock-in period is 168 days on either Saturday, then the actual lock-in period will be 166 days and end on the closest Thursday.

Staking

As mentioned above, the $PUFF Token can be staked. As more and more users participate in the ecosystem, the Puffverse platform automatically rewards vePUFF holders for their contributions to the ecosystem. These rewards typically come in the form of $PUFF, and are dependent on the following:

1. Part of the trading fee from the token Swap (To be launched)

2. part of the creator fee from the NFT Market

3. 100% of the redemption fee from users unlocking their $PUFF Token before the lock-in period is over

4. 20% of the income from PuffGo Pass sales

5. The Early Staking Rewards - offered by Puffverse

6. Part of the income from PuffSim

7. Part of the IAP income in USDC

8. Part of the IAP net profit in fiat

….

Revenue from both USDC and fiat will be used to buy back $PUFF and transferred to the vePUFF contract for distribution.

Early Staking Rewards Program

To reward early vePUFF holders, the Puffverse will launch the Early Staking Rewards program, which will allocate a certain amount of $PUFF per week to the vePUFF prize pool to be distributed amongst vePUFF holders for their contribution to the ecosystem. In the future, vePUFF holders will be able to decide the allocation of this bonus through Puff DAO voting.

Puff Genesis Boost-Up

When the lock-in period is selected, selecting Puff Genesis as a boost will grant a 130% Power bonus. During the lock-in period with Puff Genesis boost, this Puff Genesis NFT is not allowed to participate in games, and it can only be unlocked along with the order.

Penalty for Failing to Reach the Lock-In Period

Users can initiate the transaction to unlock even if the order hasn’t reached the lock-in period. However, when the lock-in period has not been reached, it allows only a portion of the vePUFF to be unlocked, with the rest deducted as the early unlock-in fee.

A penalty from 30% to 80% of the locked $PUFF with a deduction calculation formula as follows:

Penalty Loss = 80% - Locked Weeks / Required Lock-in Period * 50%

Power

Power represents the voting right within Puffverse. The protocol revenue of Puffverse will be distributed to vePUFF holders with a certain percentage, and the allocation ratio will be based on the holder Power as a proportion of the total Power.

Ways to Get Power

When generating vePUFF, users are required to select a specific lock-in period. The longer the lock-in period yields the greater the Power.

Special Attributes

• Power will decrease linearly over time

• The more Power you hold, the greater the rewards eligible

Each order will generate a corresponding amount of Power and vePUFF. Power is set to be reduced linearly over time with a Power calculation formula as follows:

• Power = Slope * (The End of the Lock-in Period Timestamp - The Current Timestamp)

• Slope = $PUFF / (4 * 365 * 86,400)