June 22, 2022

veDPX: A Step by step guide to lock your tokens

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As you may already know, we have launched our new veDPX mechanism that allows users to lock their $DPX tokens in exchange for (vote-escrowed) veDPX tokens.
Note that locking your tokens implies you are okay with not having access to them until the lock expires. The lock cannot be undone or changed, so we strongly advise users to take the time to contemplate before taking action.
Recap:
  • 1 DPX locked for 1 year = 0.25 veDPX
  • 1 DPX locked for 2 years = 0.5 veDPX
  • 1 DPX locked for 3 years = 0.75 veDPX
  • 1 DPX locked for 4 years = 1 veDPX
To earn DPX rewards, vote on Governance, earn fees from the platform, and more, Users will need to convert their DPX to veDPX. To convert, you will need to have DPX tokens in your wallet. Also, if any rewards are pending from the farms or SSOVs, claim them before proceeding.
This article will break down the required steps to lock your DPX tokens into the platform. All addresses seen here are testnet addresses and will be different on the Live version of the dApp.
IMPORTANT:  If you wish to lock your DPX for longer (for additional veDPX) after you have already deposited, you can simply increase the number of weeks you wish to lock by using the slider. Doing so will increase the number of weeks for ALL the tokens you have deposited in the contract.
Suppose you want to increase the number of tokens instead and not the time locked. You can set the slider at 0 weeks and deposit the number of tokens you wish by clicking "lock." You CANNOT lock tokens for a lesser period than your previous lock
First step first, go to the dApp and click on the veDPX link to open the page. Here, you can see the total DPX locked in and the current veDPX circulating supply in the UI
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Click on the option to ‘Lock’ to start the process
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In this section, choose how many DPX to allocate over a weekly period capped at 208 weeks (4 years).
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A total of 3 transactions are needed for the first time locking. Approve and lock the tokens here (Note: Lock button will prompt two transactions, confirm both)
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You can now claim rewards from the UI once deposited! Additional step: If you have confirmed the first transaction but rejected the second for ‘Lock’, click on the ‘Checkpoint’ button and confirm the transaction
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About Dopex

Dopex is a decentralized options protocol that aims to maximize liquidity, minimize losses for option writers and maximize gains for option buyers — all in a passive manner. Dopex uses option pools to allow anyone to earn a yield passively. Offering value to both option sellers and buyers by ensuring fair and optimized option prices across all strike prices and expiries. This is thanks to our own innovative and state-of-the-art option pricing model that replicates volatility smiles.

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