$RARI and veRARI

$RARI

$RARI is a governance token of the Rarible Protocol ecosystem that was issued in 2020 with a max. supply of 25 million $RARI.

The initial distribution of the token was as follows:

  • 10% airdropped to NFT holders in the cryptocurrency community

  • 60% set aside for rewarding users of the apps built on Rarible Protocol

  • Remaining 30% was distributed to investors and the Rarible team

When locked, the token can be used for governance in the RARI DAO.

veRARI

The voting protocol for the RARI DAO is based on holders' locked $RARI tokens, also known as veRARI (vote-escrowed RARI). From a technical perspective, veRARI is a non-standard ERC20 token implementation.

veRARI represents non-transferrable voting power a holder receives upon locking their $RARI in a voting-escrow contract for a chosen period of time. Any $RARI token holder can create a lock by specifying the locked amount and lock period.

The amount of veRARI is calculated according to a complex formula that you can find in RRC-0.

Below are a few examples:

Locked $RARILocking periodveRARI you get

100

1 month

20 veRARI

100

6 months

37.6 veRARI

100

2 years

100 veRARI

For a deep dive into the tokenomics and history of RARI and veRARI, visit the following documents:

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