veASF (Governance)
Last updated
Last updated
Asymmetry’s governance revolves around veASF (vote-escrowed ASF), the voting token derived from locking $ASF, Asymmetry’s native governance token.
This enables holders of $ASF to gain governance control over key products in the ecosystem, including USDaf, Asymmetry’s high-yield stablecoin, by locking their $ASF for veASF in return.
The Asymmetry DAO is hosted on Snapshot, users can connect their wallet and submit proposals, and vote on existing proposals using their veASF tokens. Governance includes governing protocol parameters, fees, and treasury — Shaping the future of the Asymmetry protocol and products in a fully decentralized, democratized manner.
When users lock $ASF tokens, they receive veASF, which represents their governance power in the ecosystem. Inspired by the successful veCRV mechanism at the heart of Curve’s governance, veASF allows users to lock for up to 52 weeks. Unlike some vote-escrow governance models where users are subject to vote decay over time, veASF offers an effective “freeze” function that allows participants to maintain their full voting power indefinitely. To reiterate: Freezing is available at any time — Freezing will extend a lock indefinitely for maximum veASF (per ASF locked). When a user unfreezes, it will begin unlocking from 52 weeks.
Users receive 0.1 veASF per week that their $ASF is locked, with a maximum of 5.2 veASF for committing to a 52-week lock-up. This model rewards long-term commitment, giving dedicated participants a proportionally greater role in governance decisions.
The veASF contract is immutable for security purposes, and no party can edit the lock length. Users however can call the 'freeze' function at any point during their lock. The 'freeze' function max-locks user's veASF (52-weeks) and ‘freezes’, i.e., there is no vote decay on your veASF unless ‘unfreeze’ is called, which starts the 52-week countdown and vote decay of veASF. Maximizing user's governance power per ASF locked.
A standout feature of Asymmetry’s governance is its flexibility through the freeze function. Users can freeze or unfreeze their $ASF lock-up period at any time. By choosing to freeze, a participant can extend their lock-up indefinitely without experiencing the gradual reduction in voting power that occurs with vote decay in other systems. This approach not only preserves voting power for long-term contributors but also offers flexibility to adapt the lock-up period based on changing governance needs or market conditions.
$ASF is more than a governance token; it anchors the broader Asymmetry ecosystem. All Asymmetry products are designed to generate yield independent of $ASF, thus, positioning the token to maintain stability while granting voting influence over essential aspects of Asymmetry’s growth and product direction. In comparison to the provenly unsuccessful inflationary governance token model tied to unsustainable yield products, Asymmetry has actively opted away from these for a decentralized, sustainable governance model and tokenomics design.
Governance decisions powered by veASF influence major products like USDaf. By participating in governance, veASF holders directly shape product strategies, fostering an ecosystem led by its user base. This model underscores Asymmetry’s commitment to a transparent, decentralized, and community-driven approach to growth.
Lock the desired amount of $ASF, and choose the lock duration (or 'Max-Lock + Freeze')
Receive veASF proportional to the lock amount + duration
Use veASF to vote in Governance!
veASF decays over time proportional to the lock amount, once the lock-period has ended, the veASF balance will have decayed to 0.
Claim your original $ASF, or lock again if desired
At any point, users can opt to 'Freeze' their lock which max-locks user's veASF (52-weeks) and ‘freezes’, i.e., there is no vote decay on your veASF unless ‘unfreeze’ is called, which starts the 52-week countdown and vote decay of veASF. Maximizing user's governance power per ASF locked.
With veASF, Asymmetry champions an innovative and sustainable governance model that empowers $ASF holders without compromising flexibility. The freeze mechanism aligns long-term incentives with governance control, allowing contributors to extend their influence indefinitely. By combining yield-generating products with a robust governance system, Asymmetry’s $ASF and veASF tokens provide a foundation for growth that reflects its community’s needs and vision for the future.
(The limited-time Gem Rush bonus for locking ASF for veASF has now concluded as of Jan 15.)
