Membership token: vWE
vWE is the certificate for Weley users to become members. The membership system is set up for loyal token holders.
vWE is minted by WE in the ratio of 100:1.
You can capture the core values of Weley by holding, including:
- Obtain 18 WE rewards per block
- Additional transaction fee allocation of 0.025% of the Wswap transaction volume will be distributed to vWE holders after buying back WE.
- WE deducts two-ten thousandths of each transfer and distributes it to vWE holders
- Obtain the distribution of trade fees on the NFT market
- Members who stake 1vWE can invite other members to mint vWE. 10% of the vWE minted by the invitee will be used as the member stake weight of the inviter. However, the rights cannot be redeemed or transferred and will disappear permanently after the invitee and the inviter redeem the vWE
- When other users redeem vWE, the membership withdrawal fee charged at a ratio will be distributed in the form of vWE to vWE holders who do not withdraw.
For the specific operations of joining as a member, please see:
When a vWE is redeemed as a WE, the withdrawal fee shall be paid in proportion. This withdrawal fee will be distributed to all vWE holders who have not withdrawn in the form of vWE. Of this withdrawal fee, 30% will be distributed to all vWE holders who have not withdrawn, 70% will be burnt directly.
The rate of the withdrawal fee is dynamic, changing according to the “Membership Index” of WE. The higher the membership index, the lower the withdrawal fee. Membership index = the number of vWE * 100/number of circulating WEs.
- When the membership index is greater than 0.65, more than 65% of the circulating WEs are staked, and the rate of withdrawal fees reaches the lower limit as 10%.
- With the decline in the membership index, the withdrawal rate gradually increases.
- When the membership index is less than 0.1, only less than 10% of the circulating WEs are staked, and the rate of withdrawal fees reaches the upper limit as 80%.
Define the membership index as x, withdrawal fee rate is y, and the specific formula for the withdrawal fee rate is:
- When x≥0.65, y = 0.15
- When x≤0.1, y=0.65
- When 0.65 > x > 0.1, y = 0.740909 -x * 0.909
The parameters of the withdrawal rate will be adjusted irregularly with the progress of the project, and will be determined by the community governance after the start of the DAO.