veARKS represents the ARKS held in voting custody, which can only be obtained by locking ARKS. It is the unique governance token of the ARKS community.
The uses of veARKS are:
Voting rights for ARKS community governance.
Dividend distribution rights for the Treasury.
The calculation method for obtaining veARKS is based on test parameters (not actual parameters). The actual calculation method will be announced before the start of staking and will be fully discussed by DAO.
The longer a user locks their ARKS, the more veARKS they will receive. The shortest lock period is one week, and the longest lock period is two years. Currently, the maximum lock-in period is two years. The number of veARKS that can be obtained for each locked ARKS increases linearly with the locking period as follows:
1 ARKS locked for 1 week = 1 veARKS
1 ARKS locked for 2 weeks = 2 veARKS
A user's veARKS will decrease linearly over time until it expires, at which point it will drop to 0. For example, 4000 ARKS locked for one year would provide the same amount of veARKS as 2000 ARKS locked for two years or 1000 ARKS locked for four years. Users can avoid a decline in veARKS by extending the lock-in period or increasing the amount of ARKS they lock. After the lock-in period ends, users can withdraw their staked ARKS.
Note: ARKS cannot be withdrawn during the lock-in period.
Steps to stake ARKS:
The ARKS staking page displays the following information:
Total staked ARKS in the dividend pool Average staking time in the dividend pool Your staked ARKS amount Your veARKS amount
Click on the "Stake" button and enter the amount of ARKS you want to stake and the lock-in period.
Note: You can only withdraw your staked ARKS after the lock-in period ends. The maximum lock-in period is currently set at one year, with longer options to be gradually released in the future.
You will be provided with an estimate of the veARKS you will receive. For first-time ARKS staking, authorization is required. Click "Authorize" and confirm the transaction in your wallet. Then click "Stake". Make sure you have read the prompt message carefully and click “Confirm” to complete the staking process.
The ARKS staked and the veARKS obtained will be displayed on the dividend pool homepage. You can stake more ARKS or extend your lock-in period to obtain more veARKS before the end of the dividend pool period.