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Locking $THX to $veTHX

The staked and locked version of THX token is called veTHX and functions as the governance token and accrues protocol fees.

How-to lock your $THX to $veTHX

  1. Head over to the THX Membership Dashboard.

  2. Create your $veTHX by following the steps in the video or written out below. Note that for a free membership you need to lock a minimum of $5 USDC.e worth of $THX.

To earn maximum voting power and protocol fees lock your THX tokens for 12 weeks. To keep earning maximum benefits be sure to revisit the app to lock every Thursday!

You get your full amount of tokens back when the locked date passes. Alternatively you can unlock your tokens early with a linear early unlock fee.

Changing the lock, penalties and reward distribution

The interface also allows for increasing your lock amount and time, early withdraw with a linear penalty and claiming of rewards. Current tokens distributed as rewards:

  • BAL

  • 80USDC-20THX-gauge

Penalties for early unlocking of tokens are send to the Reward Distributor and distributed to other stakers.

How-to stake & lock (screenshots below)

*Note: The Balancer pool currently consists of $USDC.e and $THX. If you have $USDC, you will need to swap it for $USDC.e on a DEX such as 1Inch.

Note that the minimum amount to be eligible for a THX Membership is approximately 175 $THX or $5.

  1. Visit the staking and membership dashboard at https://app.thx.network/

  2. You have two options to sign-in and connect your wallet. a) Select 'Sign up' or 'Sign in' in the top right corner to use your THX Network smart wallet. b) Use WalletConnect to connect one of the 380+ supported wallets. When using WalletConnect, don't forget to push one more time on the WalletConnect button.

  3. On the 'Liquidity' tab deposit either $USDC, $THX or a combination thereof by selecting the amount and clicking 'Add liquidity'. a) Approve the liquidity for both $USDC.e and $THX b) Once the $USDC.e and $THX are approved, add the liquidity. This will give you 20USDC-80THX tokens.

  4. Stake the liquidity you just created. a) Select your desired balance to stake and click 'Stake Liquidity'. b) Approve the token and select 'Stake' one more time. Confirm the transaction in your wallet. This will give you 20USDC-80THX-gauge tokens.

  5. Go to the 'Membership' tab. a) Select the amount of 20USDC-80THX-gauge tokens you received for adding liquidity and that you now want to lock. b) Select an unlock date, the max. lock time for full rewards and governance power is 12 weeks. c) Approve the spending of your 20USDC-80THX-gauge tokens. Wait for the transaction to complete.

* If you have already made a deposit and want to increase the amount, you will need to click 'Increase' to boost your current 20 USDC-80 THX gauge tokens.

  1. Click 'Lock 20USDC-80THX' to submit the final transaction and wait for the transaction to complete.

  2. The page will now show you Membership status, voting power, locked amount and when the lock ends. Balances of veTHX and remaining 20USDC-80THX-gauge tokens (if any) are displayed on the right. You can also increase your locked amount, and lock ending. Optional: add veTHX to your wallet by adding the custom token address mentioned at the top of the article. For example, see the help article for adding custom tokens in MetaMask.

Congrats! You just staked your tokens and created a $veTHX position.

After locking your 'My balance' on Balancer's Portfolio page will show as '0'. This is normal :)

Secured and Backed by the Best

THX Network's staking and lock system is built using Balancer smart contract technology. Balancer has completed full audits with Certora, OpenZeppelin, Trail of Bits, and ABKD.

Bug Bounty

Balancer's bug bounty program is among the largest in DeFi with a maximum payout of 1,000 ETH for critical vulnerabilities. For more info of Balancer's Bug Bounty program, visit their Immunefi page.

Investors

THX Network is backed by a strong set of European and global investors and accelerators.

Screenshots (how-to stake)

Exiting $veTHX v1

During $veTHX development an early version of $veTHX we now call $veTHX v1 was created using non-staked Balancer BPT tokens. This version is now deprecated, meaning it is not going to be used going forward as of March 17th 2024.

Early unlock penalties have been disabled on $veTHX v1. To exit $veTHX v1 follow these instructions:

  1. a) Visit the ve8020 user panel by Balancer b) Search for 0xb204bf10bc3a5435017d3db247f56da601dfe08a on the veSystem Overview screen

  2. Select 'veSystem Details' on the 'Vote Escrowed 20USDC-80THX' result.

  3. On the 'veSystem Details' screen select 'Early Withdraw' and submit the transaction.

  4. After the transaction has been completed you find your tokens on 20USDC-80THX Pool on Balancer.

You can now follow the normal staking procedure above from step 2) to stake your tokens and create $veTHX v2.

Technical Specifications

Vote Escrowed 20USDC-80THX-gauge (veTHX) Address 0xE3B8E734e7BCcB64B63e032795896CC57012A51D (Polygon PoS)

Deployment: https://polygonscan.com/tx/0xf65820e530e70045c8a9abcddd0c1e7a4859b443ffffe0c3b6a67d3f378bca4a#eventlog 

votingEscrow: 0xE3B8E734e7BCcB64B63e032795896CC57012A51D
rewardDistributor: 0xCc62c812EfF9cA4c35623103B2Bb63E22f465E09
rewardFaucet: 0xA1D7671f73FbcB5e079d4dC4Cffb7dDD0967EA7E
admin: 0x2622A048d38A3eC23CA8F203E4E76F073E19D250

Parameters:

Locked Token Address: 0xb204bf10bc3a5435017d3db247f56da601dfe08a 
veSystem Name: Vote Escrowed 20USDC-80THX-gauge 
veSystem Symbol: veTHX 
Reward Distribution Start-time: Tuesday, March 5, 2024 
Max Lock-time Days: 90 
Enable the option for early unlocking of all tokens: Yes 
Enable the option for early unlocking of tokens with a penalty for early unlock: Yes

Governance Discussions

Prior to launch the proposed system was discussed on the Governance Forum. For reference this are the relevant posts:

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