Tokens

Moniswap uses two tokens to manage its utility and governance:

• $MONI — ERC-20 utility token of the protocol

• $veMONI — ERC-721 governance token in the form of an NFT (non-fungible token)

$MONI is distributed to liquidity providers through emissions.

$veMONI is used for governance. Any $MONI holder can vote-escrow their tokens and receive a $veMONI (also known as Lock or veNFT) in exchange. Additional tokens can be added to the $veMONI NFT at any time.

The lock period (also known as the vote-escrowed period, hence the "ve" prefix) can be up to 2 years, following the linear relationship shown below:

• 100 $MONI locked for 2 years will become 100 $veMONI

• 100 $MONI locked for 1 year will become 50 $veMONI

The longer the vesting time, the higher the voting power (voting weight) of the underlying locked balance.

Additionally, Moniswap Locks (veNFTs) can be set into Auto-Max Lock, which are treated by the protocol as being locked for the maximum duration of 2 years, and their voting power does not decay. The Auto-Max Lock feature can be turned on and off for each Lock (veNFT).