🔒Locks
Supernova uses two tokens to manage its utility and governance:
$NOVA— ERC-20 utility token of the protocol
$veNOVA— ERC-721 governance token in the form of an NFT (non-fungible token)
Liquidity providers earn $NOVA tokens through emissions.
$veNOVA is used for governance. Any $NOVA holder can vote-escrow their tokens and receive a Lock or veNFT in exchange. Additional tokens can be added to the $veNOVA NFT at any time.
Supernova sets itself apart from other vote-escrow protocols by making key improvements to the vote-escrowed model, specifically through the introduction of two distinct veNFTs:
Singularity and Supermassive
Singularity veNFT
You can mint this veNFT by locking protocol tokens ranging from a week up to four years, mirroring Curve’s proven vote-escrow mechanism.
1) To mint a Singularity veNFT, make sure to deactivate the Supermassive toggle:
2) select the lock period
The lock period (also known as vote-escrowed period, hence the ve prefix) can be up to 4 years, following a linear relationship:
100 $NOVA locked for 4 years will become 100 $veNOVA
100 $NOVA locked for 1 year will become 25 $veNOVA
The longer the duration, the higher the voting power (voting weight) of the underlying locked balance. When you lock $NOVA tokens, you receive a veNFT, which represents your voting power and claim on protocol revenue.
The veNOVA amount is calculated based on both the number of tokens and the length of the lock. For example, locking 100 tokens for 4 years may grant you 100 veNOVA, while locking the same 100 tokens for 1 year might only give you 25 veNOVA
With the same token amount, a longer lock duration always results in more veNOVA voting power and thus a larger share of the protocol's revenue.
Example: four locks of the same token amount but different durations
3) Click on Allow NOVA and sign the transaction
4) Click on LOCK to continue minting the Singularity veNFT:
5) After succesful creation of the new lock a confirmation message should appear at the bottom of your screen:
Each lock has the same Rebase APR %, but the amount of veNOVA (and therefore the share of protocol revenue) increases with lock length.
Locks can be set into Auto-Max Lock, which the protocol treats as being locked for the maximum duration of 4 years, and their voting power does not decay. The Auto-Max Lock feature can be turned on and off for each lock in the EXTEND option showing on your Locks page:
Supermassive veNFT
Supermassives can only be minted by perma-locking tokens. These tokens are effectively burned by sending them to a burn address. Make sure the Supermassive toggle is enabled and click on Allow to provide allowance to $NOVA:
1) Supermassive lock toggle
2) Click on Lock:
A window will appear asking for confirmation to create a Supermassive:
3) Click on the button that says "I understand, create Supermassive". After succesful completion of the transaction the Supermassive minted, should be in your wallet and a confirmation message should appear at the bottom of your screen:
Benefits of the Supermassive veNFT
The Supermassive veNFT stands out as the superior choice for users and stakeholders committed to Supernova’s long-term success. Its benefits include:
Permanent Voting Power: Unlike Singularity veNFTs, which require re-locking to maintain influence, Supermassive veNFTs provide non-decaying voting power. This ensures holders retain consistent influence over governance decisions.
Enhanced Rewards: A 10% boost on rebase rewards increases returns for Supermassive veNFT holders. These rewards, tied to protocol emissions and the locked-to-circulating supply ratio, make Supermassive veNFTs more lucrative as the protocol grows.
Deflationary Impact: Permanently burning $NOVA tokens reduces circulating supply, increasing token scarcity and potential value over time. This aligns with Supernova’s goal of long-term price stability and contrasts with Singularity veNFTs, which return tokens to circulation.
Alignment with Protocol Goals: The Supernova team exclusively receives Supermassive veNFTs, ensuring their tokens are permanently locked and burned. This eliminates team sell pressure and aligns incentives with the protocol’s long-term success.
Unique Market Positioning: The burning mechanism sets Supernova apart from other ve(3,3) protocols, appealing to projects and communities seeking sustainable liquidity solutions and governance models focused on long-term commitment.
If rewards go unclaimed for more than 30 epochs, the lock might temporarily fall out of sync and pause normal operation. This can be easily fixed by merging the affected lock with another active one.
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