๐Ÿ—ณ๏ธVote-Locked PNP

vlPNP

Vote-Locked PNP is the locked version of PNP. The governance power that Penpie has acquired by locking PENDLE on Pendle Finance is shared and controlled by vlPNP holders. Users interested in participating in Pendle Finance's governance can buy voting power cost-effectively through PNP while earning high APR at the same time.

Users must lock PNP as vlPNP to:

  • Earn passive income

  • Participate in governance

How can I get vlPNP?

Users can lock PNP on Penpie to get vlPNP at 1:1 ratio.

What is the benefit of vlPNP?

  • Earn Penpie revenue share.

  • Voting to earn bribe rewards.

  • Maximized voting power on Pendle Finance.

  • Governance benefits on Penpie.

How does lock / unlock work?

  • Once PNP is locked, it is in lock state indefinitely.

  • Users must "Start Unlock" to start 60 day unlock period known as "Cool Down".

  • Users can "Force Unlock" to unlock their vlPNP before 60 days by paying a penalty fee.

  • To fully unlock vlPNP without penalty users must wait 60 days for the Cool Down period to end.

  • vlPNP holders continue to earn passive income but cannot participate in the voting process while their tokens are in Cool Down.

On day 1, penalty cost is 80% of the total PNP tokens locked by the user and will decrease non-linearly over time.

There are three states of vlPNP

1. Lock state: vlPNP by default is in lock state and can vote on Penpie's governance, receive Penpie revenue share and use bribery market on Penpie.

2. Cooldown (or unlocking) state: vlPNP will be in cooldown state once users start unlock. You can choose the amount of vlPNP to start unlocking schedule. vlPNP in cooldown state can ONLY receive Penpie revenue share, NOT able to vote on Penpie's governance NOR use bribery market.

3. Expired state: Once the "Cooldown" period ends, the vlPNPs will enter an expired state. Expired vlPNPs CANNOT perform the following actions: voting for Penpie governance, receiving any rewards, or utilizing the bribery market on Penpie. Rewards will still be allocated to expired vlPNPs; however, once a user attempts to claim them, these rewards will be forfeited and redistributed amongst all other vlPNPs. The proportion of forfeited rewards is determined by the amount of expired vlPNPs and the length of time they have remained in the expired state.

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