88mph Docs v4
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Understanding veMPH

How is veMPH different from veBAL and veCRV?

There are a few modifications that set veMPH apart:
  • Instead of locking pure MPH, users obtain veMPH by locking 80/20 MPH/WETH Balancer Pool Tokens (BPTs). This ensures that even if a large portion of MPH tokens are locked, there is deep trading liquidity.
  • veMPH's maximum locking period is 4 year, an increase from veBAL's 1 year period. The minimum locking period is 1 week.
  • No boosting: unlike Balancer or Curve, a user's claimable MPH doesn't depends on their amount of veMPH.

Voting Power

All votes, whether on-chain or on Snapshot, consider veMPH voting power. veMPH is also used to vote on the allocation of MPH rewards to each fixed yield rate pool via a gauge system. veMPH voting power scales linearly with the amount of BPT locked and with the amount of remaining lock time.


If a user locks 1 BPT of 80/20 MPH/WETH for the maximum time of four year, they will receive 1 veMPH; however, this veMPH quantity starts immediately decaying with time. If the user does not extend the lock period, this will decay to 0 after the four years are complete, at which point the user can redeem their 1 BPT of 80/20 MPH/WETH.

Protocol Revenue Distribution

A fee of 20% is extracted from the fixed-rate yield generated by the user's deposit. The fixed yield rate displayed on 88mph is after fees.
A early-withdraw fee of 0.5% is extracted from the user's deposit if the deposit is withdrawn before the maturity date is reached.
Incentives distributed by the underlying protocols used by 88mph, such as AAVE and COMP tokens, are collected by 88mph and redistributed according to the protocol revenues distribution.
veMPH holders are entitled to a share of 50% of collected protocol fees and rewards. Users can collect their proportional share (
) after the fees are consolidated. Consolidation is a necessary step since protocol fees are collected as a wide array of tokens, and dividing up long tail assets for everyone could result in higher gas fees than token value in some cases.
The 50% left will be given to the governance treasury to acquire protocol-owned liquidity and as working capital and metagovernance assets.
Please note that the fees and rewards are accumulated in the following contract and require the governance treasury to initiate a transaction for their distribution. This step is necessary to ensure that the rewards and fees are correctly allocated and distributed according to the contract logic, and in accordance with the rules and decisions of the governance.