⚪EscrowedEXA (esEXA)
EscrowedEXA Smart Contract Address (OP Mainnet): 0xbea586A167853ADddEF12818f264f1F9823fBc18
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.
Vesting
EscrowedEXA (esEXA) tokens can be converted into EXA tokens through vesting in a 1:1 ratio.
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. The reserve percentage is 25% and can be changed through governance.
Steps
Step 1: Claim your esEXA Rewards
Step 2: Initiate the vesting of your esEXA. You must deposit 25% of the total esEXA you want to vest as an EXA reserve.
You can get EXA here if you don’t have the required reserve amount.
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.
Withdraw Reserved EXA
When you withdraw the reserved EXA, the associated vesting streams will be canceled automatically. You’ll get back the earned EXA and all remaining esEXA.
GitHub URL:
https://github.com/exactly/protocol/blob/main/contracts/periphery/EscrowedEXA.sol
EXAIP-01 Transitioning to EscrowedEXA rewards (esEXA): https://gov.exact.ly/#/proposal/0x889d08cbe0ed7be4fd437ca374ef2845b4dbd641a6d2c57e76cd2c54d47fcadc
EXAIP-06 Increasing the esEXA Reserve: https://gov.exact.ly/#/proposal/0xaa0fa1ea69371b6ba475962b488970778761be8b36427a08af5194264a573178
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