Govern and Earn

Gauges

While adding liquidity for any asset in any range is entirely permissionless, establishing gauges to receive oMAGMA rewards is a permissioned feature. New gauges need to be manually whitelisted by the Magma Finance team during the start up phase of the protocol, with plans to move this process to governance voting.

After locking MAGMA/MNT LP as veMAGMA, users can vote each week on gauges to earn the trading fees Gauges control the reward emissions to different LPs on Magma Finance. Each epoch (which is one week), veMAGMA holders are able to vote on which gauge pools will receive oMAGMA emissions, with rewards being distributed proportional to the votes received.

• You can split your votes among any number of gauges, but can only make one voting action per epoch that locks in that voting decision.

• Votes carry over to the next epoch if left unchanged, so if the intention is to vote the same way, no action is needed.

Bribes

Anyone (individual or protocol) can offer a bribe during an epoch to sway votes for a given gauge. An amount of tokens are offered up by the briber, and those tokens are split proportionately among all veMAGMA holders that vote for that particular gauge during that epoch. Bribes can be made at any time during the epoch, and are held in escrow for the duration of the epoch for which they’ve been offered. veMAGMA voters can then claim them as a lump sum once the next epoch is complete.

Rewards

For LP providers:

• oMAGMA emissions are distributed on a constant basis and can be claimed at any time

• oMAGMA can be redeemed for MAGMA to be sold, or redeemed for locked veMAGMA at a greater discount

For veMAGMA holders:

• Earn the trading fees from any gauges the user voted for, as well as bribes for those gauges

• All bribes and trading fees accrued during an epoch are claimable once the following epoch beings