veJELLY
Last updated
Last updated
When JELLY is locked up in our Sticky pool, users receive veJELLY (vested escrow JELLY) that represents their time locked position. Your locked JELLY is represented as a veNFT, holding the veJELLY balance.
You can create and update one single veNFT using the UI ( https://app.jelly.io/ ) or use advanced functions below to create separate veNFTs and to merge veNFTs using Etherscan.
First step is to create a lock using the Jelly UI. This will give you the correct token approvals and avoid a few extra steps.
Once you have your first veJELLY, you can go to the contract address in Etherscan. This can be from the UI address or following the link in Opensea.
Once you are on Etherscan, go to Contract -> Write Contract and connect your wallet
Once connected, go to function #6 create_lock
The value is in wei, and the lock duration is in seconds
For example, _value 1 JELLY = 1000000000000000000 1,000 JELLY = 1000000000000000000000 1,000,000 JELLY = 1000000000000000000000000
As for duration, the veJELLY is locked based on weekly intervals called epochs. Since you cannot stake in the current epoch, the minimum duration is 1 week. The max is 4 years. Since you cannot stake strictly more than 4 years, its best to stake 4 years minus 1 week
1 Week = 604800 6 months = 15768000 1 year = 31536000 2 years = 63072000 Max duration = 125539200 (~4 years)
This would create a new lock, staking 1mil $JELLY for 1 year.
You can combine two veNFTs into a single NFT. Please note this is not reversible. To merge two veNFTs, first connect your wallet on Etherscan, go to Contract -> Write Contract and connect.
Search for function #14. Merge
_from = NFT that will be burnt _to = Combined NFT that will have been merged
In this example, we are merging veNFT #5 into veNFT #3
The final merged NFT will have the longest expiry of the two NFTS. If you merge a 1 year lock into a 2 week lock, the merged NFT will have a 1 year lock. Will also be 1 year if the token orders were reversed.
