Blueprint Native Tokens
Blueprint uses four tokens to manage its utility and governance:
$BLUE — ERC-20 utility token of the protocol
$oBLUE — ERC-20 call option token of the protocol which is also yield bearing
$veBLUE — ERC-721 governance token in the form of an NFT (non-fungible token)
$bveBLUE - ERC-20 tokenized veBLUE that is used as bribe rewards for Stabl Labs Synergistic Inter-Protocol Emissions (SIPEs)
veBLUE
veBLUE is used for governance. Any $BLUE holder can vote-escrow their tokens and receive veBLUE (also known as veNFT) in exchange. Additional tokens can be added to the veBLUE NFT at any time.
veBLUE holders receive 78.33% of trading fees from the gauge they voted for.
veBLUE Specifications:
Use veBLUE to vote and direct emissions to gauges.
Gauges are LPs that can have emissions sent to them by others voting with their veBLUE. veBLUE holders earn bribe and trading fee rewards based on veBLUE weekly voting allocation; no negative voting
Bribes: Custom amount of tokens paid by a third party on a gauge to veBLUE holders in exchange for their votes
Max Lock: 2 years
Farming Boost is included, this will boost the emissions of veBLUE holders that are LPing
Flexibility: veBLUE positions can be merged, split, and sold on the secondary market
Voting:
Epochs last for 7 days, after which bribes and trading fees are distributed
Earn only from gauges you have voted for
Trading fees and bribes claimable as a lump sum after the epoch has ended (n+1)
Weekly voting required to be eligible for fees and bribes
Vote can be changed or reset at any time
Vote weights reset each epoch; must vote each epoch to earn fees and bribes.
$oBLUE
$oBLUE is used for rewarding liquidity providers through emissions.
Liquidity providers in gauges receive the $oBLUE emissions directed to the gauge as well as 13% of the swap fees. Users using ALMs forgo receiving swap fee rewards. $oBLUE is a call option token that is used as the emission token for the Retro protocol. 1 $oBLUE lets you purchase 1 $BLUE token at a discounted rate or lock your $oBLUE 1:1 for veBLUE (max locked). Holders of $oBLUE can exercise the right to discounted $BLUE by paying with stablecoins to convert their $oBLUE tokens into $BLUE. The discount rate may be subject to change based on market conditions.
Additionally, $oBLUE is the first ever yield-bearing options token. $oBLUE is a wrapper for the underlying veBLUE, which is used to vote weekly for the highest-earning gauges, claim rewards after epoch flip, buy more $BLUE, and lock into veBLUE. The increased veBLUE collateral increases the value of each $oBLUE token in relation to $BLUE (similar to how wstETH increases in value against ETH).
All of this is accomplished without the user needing to execute any transactions by themselves, saving time and especially gas. Users can choose to simply hold $oBLUE and let it yield for them.
bveBLUE
$bveBLUE is an ERC-20 token that behaves in a very similar manner to $oBLUE. It is a yield-bearing token with veBLUE underlying it. The primary difference is that $bveBLUE cannot be redeemed for $BLUE, but only converted to veBLUE.
It is primarily offered as bribe rewards on ZERO, which is the protocol that Blueprint was friendly forked from. The user votes for gauges on ZERO, collects bveBLUE as a reward, and redeems on the ZERO frontend. At that point the bveBLUE is bridged via LayerZero to Ethereum and redeemed for veBLUE, which appears in the users wallet.
This provides an inter-protocol and inter-chain ecosystem where veNFT holders of one protocol can grow their veNFT position on another protocol just by voting for gauges.
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