CRV holders can vote lock their CRV into the Curve DAO to receive veCRV. The longer they lock for, the more veCRV they receive. Vote locking allows you to vote in governance, boost your CRV rewards and receive trading fees.
When vote locking CRV, you will also earn a boost on your provided liquidity of up to 2.5x. The goal is to incentivise users to participate in governance by rewarding them with a bigger share of the daily CRV inflation.
The boost will start on the 26th of August 2020 around 11pm UTC.
veCRV stands for voting escrow CRV. They are your CRV locked for voting. The longer you lock your CRV for, the more voting power you have (and the bigger boost you can reach). You can vote lock 1,000 CRV for a year to have a 250 veCRV weight. Each CRV locked for four years is equal to 1 veCRV.
The number of veCRV you will receive depends on how long you lock your CRV for. The minimum locking time is one week and the maximum locking time is four years.
Your veCRV weight gradually decreases as your escrowed tokens approach their lock expiry. A graph illustrating the decrease can be found at this address: https://dao.curve.fi/locker
To reach your maximum boost of 2.5x, there are several parameters to take into consideration.
You can find the current DAO voting power at this address: https://dao.curve.fi/locker
You can find a calculator at this address: https://dao.curve.fi/minter/calc
Your voting power applies to all gauges but may produce different boosts based on how much liquidity you are providing and how much total liquidity the pool has.
If other liquidity providers vote lock more CRV, your boost will stay what it was when you applied it. If you abuse this, another user can kick and force a boost update to take you down to your real boost.
Your voting weight decreases over time but your boost will take notice of your decreasing voting power at certain checkpoints like withdrawing, depositing into a gauge or minting CRV.
For example if you start at 1000 veCRV and your voting power decreases to 800 veCRV, your boost will still use your original voting power of 1000 veCRV until a user checkpoint.
After creating or adding to your lock, you need to click the apply boost button to update your boost on each of the gauge you're providing liquidity in. Your boost can also be updated by depositing or withdrawing from a gauge.
Click below for a guide on how locking and boosting your CRV rewards
If your boost is showing then it is active.
If you have locked but your boost isn't showing then you need to apply it.