veARCH Is Officially Live!

We are thrilled to announce the launch of veARCH and we welcome you to participate. This is a significant step forward in the evolution of the Archimedes platform towards Decentralization and our Syracusia Upgrade. veARCH is the Archimedes DAO Governance token, a non-standard ERC-20 token, and offers the opportunity for our community members to take part in the governance of our ecosystem, as well as benefit from protocol fees and ARCH rewards.

1. Provide Liquidity: Deposit the required tokens (ARCH or WETH) into the specified Balancer pool.
2. Receive LP Tokens: Upon providing liquidity, you will receive LP tokens, representing your share of the liquidity pool.
3. Lock LP Tokens on Archimedes Site: Lock your LP tokens on the Archimedes site. Note that if you stake your LP tokens in the Balancer UI, you will not receive veARCH or ARCH rewards.

Acquiring veARCH is a straightforward process:

It’s important to note that veARCH tokens cannot be transferred. They represent a locked LP position in Archimedes contracts. The rewards and benefits of holding veARCH make it a valuable asset for participants in the Archimedes ecosystem.

• Participate in Governance now: veARCH holders can vote on proposals that shape the Archimedes protocol, including changes to protocol fees and rewards distribution. All you need to do is hold veARCH tokens or have someone delegate their voting power to your address and then vote on Snapshot.
• Receive Rewards: veARCH holders receive ARCH emissions as rewards. The amount of rewards depends on the quantity of LP tokens you have locked and the duration of the lock period. We’re offering an attractive starting rate of up to 214% APY for the first month after launch. Please note, APY and reward types may change based on Archimedes DAO proposals.
• Shape the future: We look forward to the community’s active participation in proposing and deciding future use cases for veARCH through the Archimedes DAO governance process.

veARCH not only provides financial incentives but also empowers you with governance capabilities:

ARCH rewards for veARCH holders will be disbursed every Thursday. We’re kickstarting the program with an impressive target of 214% APY for the first month after launch. Please note that veARCH rewards may change based on Archimedes DAO proposals, community ideas, and user feedback.

We’re excited to welcome you to this new phase of our journey. With the launch of veARCH, we’re redefining what it means to be a part of the Archimedes community. Now, we enter Phase 1 of the Syracusia Upgrade and we welcome you to participate. Thank you for your continued support. We can’t wait to see how this community will shape the future of DeFi together.

Learn more about the Archimedes DAO and how it generates real, stable top of market yields for users by visiting https://archimedesfi.com/ and following on Twitter, Discord, and Telegram.

Cheers,

The Archimedes Team

Originally published at https://medium.com on June 7, 2023.