🪢TYING REWARDS WITH EMISSIONS

In Solidly, voting rewards (i.e. bribes) were claimable before the emissions from that vote were committed. Velodrome addresses this with new mechanisms:

• First, we allow voters to make only one "active" voting decision (i.e. Voter.vote(), Voter.reset()) every epoch (note: this does not include the Voter.poke() function).

• Additionally, bribes from fees (internal) and external sources (external) are treated differently. Internal bribes function more or less the same way as they did in Solidly, streamed to voters who vote for them. External bribes, however, are rewarded per epoch rather than streamed, and are claimable only after the next epoch starts. This means that a bribe sent at the last minute of an epoch will accrue to all voters of that epoch, and be claimable once the epoch flips.

The goal of these changes is to ensure a healthy equilibrium between voters and external bribers. Bribers are incentivized to get their bribes early in that week, as to attract early voters. They also benefit from bribing later, as to have more information on competing bribes. Voters face a similar dilemma, as voting too early means forgoing potentially lucrative bribes that come later, and voting too late means voting with a lower ($veVC) balance. Note that this latter affect is especially pronounced for voters who have locked for shorter time periods (e.g. voters who have locked for weeks rather than months/years will experience larger differences in the bribes they receive from voting later vs. earlier in the epoch).