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veSAIL is created by locking SAIL or oSAIL for a fixed duration. The amount of veSAIL received is proportional to the length of the lock. Users may also enable a max-lock option to automatically receive the maximum possible veSAIL by committing to the longest lock period.
Holding veSAIL grants governance rights and access to protocol revenue, but rewards are earned only through active participation. veSAIL holders submit predictions of pool trading volumes for the upcoming epoch. These predictions determine how much oSAIL emissions each pool receives. In return for accurate and weighted participation, veSAIL voters earn from 2 revenue streams:
  • A share of trading fees from the pools they vote on, distributed based on the accuracy of their prediction and the amount of voting power allocated.
  • A portion of exercise fees collected when users redeem oSAIL into SAIL, distributed proportionally to voting power.
veSAIL is transferable and may be traded on secondary markets. Positions can also be merged or split, giving holders flexibility in managing their governance power. However, tokens remain locked until the end of the selected duration. Once the lock expires, veSAIL unlocks into liquid SAIL. This structure ensures that emissions follow real demand, and that long-term, active participants capture the majority of protocol value while remaining aligned with system health.