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EscrowedEXA (esEXA)
The EscrowedEXA contract is an ERC-20 token that allows anyone to mint esEXA tokens in exchange for EXA tokens. The esEXA tokens are only transferable for accounts with a TRANSFERER_ROLE, reserved for the protocol contracts to integrate smoothly.
The idea behind esEXA is to provide rewards equivalent to EXA but with a linear vesting period, gradually releasing EXA tokens, ensuring that the Exactly protocol remains sustainable and rewarding for long-term community members.
EscrowedEXA (esEXA) tokens can be converted into EXA tokens through vesting.
Elements for the esEXA to EXA conversion process:
- Burning Mechanism: Holders will burn their esEXA tokens to initiate the vesting period and convert them into EXA tokens through Sablier.
- EXA Reserve: Holders must provide a “reserve” in EXA, proportionally to the esEXA they want to vest. This proportion is represented in the EscrowedEXA contract as `reserveRatio`, the “reserve” EXA tokens to start the vesting process.
Users can cancel the vesting at their discretion, triggering the withdrawal of all vested EXA tokens from Sablier and the associated reserve. Any unvested tokens are returned to the EscrowedEXA contract, where the corresponding esEXA tokens are minted and returned to the user.
This mechanism guarantees that the exclusive path for the users to retrieve reserved EXA tokens from the EscrowedEXA contract is by adhering to the stipulated vesting schedule.
GitHub URL:
EXAIP-01 Transitioning to EscrowedEXA rewards (esEXA): https://gov.exact.ly/#/proposal/0x889d08cbe0ed7be4fd437ca374ef2845b4dbd641a6d2c57e76cd2c54d47fcadc
Last modified 1mo ago