$RARI and veRARI
Last updated
Last updated
$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.
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 $RARI | Locking period | veRARI you get |
|---|---|---|
For a deep dive into the tokenomics and history of RARI and veRARI, visit the following documents:
100
1 month
20 veRARI
100
6 months
37.6 veRARI
100
2 years
100 veRARI
