veBTC
veBTC (voting escrow BTC) is an NFT that represents your locked Bitcoin position on Mezo Network. When you lock BTC on Mezo Earn, you receive a veBTC NFT that tracks your lock and grants you voting power in the ecosystem.
What is veBTC?
Section titled “What is veBTC?”veBTC is the foundation of participation in Mezo’s governance and rewards system. Each veBTC NFT contains:
- Locked amount - How much BTC you’ve locked
- Lock duration - When your lock expires (or if it’s permanent)
- Voting power - Your influence in the system, based on amount and duration
- Boost multiplier - Enhancement from veMEZO votes (can reach up to 5x)
- Associated gauge - The smart contract that receives votes on your behalf
How to Obtain veBTC
Section titled “How to Obtain veBTC”You obtain veBTC by locking BTC on Mezo Earn:
- Visit Mezo Earn
- Navigate to the Lock section
- Choose your lock amount (in BTC)
- Select your lock duration (1-28 days)
- Confirm the transaction
- Receive your veBTC NFT
Lock Duration Options
Section titled “Lock Duration Options”| Duration | Use Case |
|---|---|
| 1-7 days | Short-term participation, test the waters |
| 7-14 days | Medium-term commitment |
| 14-28 days | Maximum initial voting power |
| Permanent | Opt-in for sustained maximum power |
Voting Power and Decay
Section titled “Voting Power and Decay”Your veBTC voting power is determined by:
Voting Power = Locked Amount × (Time Remaining / Max Lock Duration)
This means your voting power decays linearly as you approach your unlock date.
Example
Section titled “Example”If you lock 1 BTC for 28 days:
- Day 0: 1 veBTC voting power
- Day 14: 0.5 veBTC voting power
- Day 21: 0.25 veBTC voting power
- Day 28: 0 veBTC (unlock available)
Maintaining Your Voting Power
Section titled “Maintaining Your Voting Power”To prevent decay:
- Extend your lock - Add more time to reset decay
- Enable permanent lock - Maintain maximum voting power indefinitely
Boost Multiplier
Section titled “Boost Multiplier”One of the most powerful features of veBTC is the ability to receive a boost multiplier from veMEZO votes. This is where Matchbox comes in.
How Boosting Works
Section titled “How Boosting Works”- Your veBTC has a baseline voting power (unboosted)
- veMEZO holders can vote on your gauge
- These votes increase your boost multiplier
- A higher boost means more rewards from Mezo Earn
Boost Levels
Section titled “Boost Levels”| Boost | Meaning |
|---|---|
| 1.0x | No boost - only your base veBTC power |
| 1.5x | 50% increase in effective voting power |
| 2.5x | 150% increase in effective voting power |
| 5.0x | Maximum boost - 400% increase |
The maximum boost of 5x requires significant veMEZO support.
Your Gauge
Section titled “Your Gauge”Every veBTC position is associated with a gauge - a smart contract address that:
- Receives votes from veMEZO holders
- Tracks your boost multiplier
- Can hold incentives to attract voters
On Matchbox, you can customize your gauge with:
- Display name and description
- Profile picture
- Social links
- Incentive offerings
See Understanding Gauges for more details.
Benefits of Holding veBTC
Section titled “Benefits of Holding veBTC”1. Governance Power
Section titled “1. Governance Power”Control over mats (Mezo’s incentive token) emissions across the ecosystem. Your votes direct where incentives flow.
2. Protocol Fee Share
Section titled “2. Protocol Fee Share”Earn a share of chain activity and bridging fees proportional to your boosted voting weight.
3. Ecosystem Influence
Section titled “3. Ecosystem Influence”Shape Mezo’s economic direction by participating in governance decisions.
4. Matchbox Participation
Section titled “4. Matchbox Participation”On Matchbox, you can:
- Create a gauge profile to attract voters
- Offer incentives to boost your position
- Monitor your gauge’s performance
Key Considerations
Section titled “Key Considerations”Lock-Up Period
Section titled “Lock-Up Period”Once locked, your BTC cannot be withdrawn until the lock expires (unless you have a permanent lock with specific unlock conditions).
Epoch Alignment
Section titled “Epoch Alignment”Lock durations align to epoch boundaries (Thursday 00:00 UTC). This means your lock will round down to the nearest full week.
Voting Requirement
Section titled “Voting Requirement”To earn active rewards (beyond passive bridging fees), you must vote each epoch. Non-voting in an epoch forfeits active earnings for that period.
veBTC in Matchbox
Section titled “veBTC in Matchbox”On Matchbox, veBTC holders can:
- View their positions - See all veBTC NFTs in the Dashboard
- Manage gauge profiles - Customize how your gauge appears to voters
- Add incentives - Offer bribes to attract veMEZO votes
- Monitor performance - Track boost multiplier, votes received, and APY
- Transfer profiles - Move gauge settings between veBTC NFTs
Next Steps
Section titled “Next Steps”- Understanding veMEZO - Learn about the voting side
- Understanding Gauges - Deep dive into gauge mechanics
- Gauge Management Guide - Start managing your gauge