veORVX

veORVX — ERC-721 governance token (vote-escrow)

veORVX is Orvex’s governance layer, issued as veNFTs.
It supports two account types: Permanent accounts created from oORVX, and Flex accounts created by locking liquid ORVX.

Permanent accounts are non-redeemable and provide immediate governance with 1.0x voting weight.
Flex accounts are time-bounded locks of liquid ORVX for up to 2 years, with voting weight determined by lock duration.

The official veORVX token address will be published here after Orvex is deployed on Status.

veORVX utility

Protocol revenue access
veORVX holders can vote for gauges and receive:
- 100% of swap fees routed to veORVX voters
- External incentives (“bribes”)
- Reserve yield distributed through the voter side of the system
Governance participation
veORVX holders can take part in governance and vote on protocol changes, parameters and improvement proposals.

veORVX holders can receive:

A share of swap fees from the gauges they support
A share of bribes paid to those gauges
Rebase protection only through eligible Autovote Vault participation

Account types

Permanent account

Created by burning oORVX into a permanent veNFT
Non-redeemable underlying
1.0x voting weight
Immediate governance participation
No unlock path

Flex account

Created by locking liquid ORVX
Lock duration is bounded, up to 2 years
Voting weight increases with lock duration
Supports topping up, extension, delegation, merging, splitting, and early exit

veORVX specifications

Account model
veORVX is represented by veNFTs, with Permanent and Flex accounts living in the same governance system.
Gauge
A gauge is a pool with dynamic oORVX emissions based on veORVX voting.
There is no negative voting.
External incentives (“bribes”)
Third parties can pay any token as an incentive on a gauge. These incentives are distributed to veORVX voters who back that gauge in the relevant epoch.
Max lock (Flex accounts) Up to 2 years.
Lock Duration Multipliers (Flex accounts) The amount of veORVX you receive in a Flex account depends on how long you lock your ORVX:

Lock Duration veORVX per ORVX Example (100 ORVX)
1 Week ~0.0048 ~0.48 veORVX
6 Months 0.125 12.5 veORVX
1 Year 0.25 25 veORVX
2 Years 1.00 100 veORVX

Key insight: Locking for the maximum 2-year period gives you 1:1 voting power, while shorter locks provide proportionally less.
Voting APR Formula The estimated annual percentage return from voting rewards can be calculated as:
```
Voting APR = (Total Voter Rewards ÷ Total Votes) × 52 ÷ ORVX Price
```
This formula accounts for weekly epochs (52 per year) and helps voters estimate their potential returns from swap fees, reserve yield, and bribes.
Auto-Relocking Mechanics (Flex accounts) Flex positions automatically relock if configured:
- Positions can be set to automatically extend to maximum duration at expiry
- This ensures continuous voting power without manual intervention
- Auto-relock can be enabled or disabled at any time
- Particularly useful for maintaining maximum voting weight
Early Exit (Flex accounts) Flex accounts support early exit with the following split:
- 25% burned
- 25% redirected to the Compounding Vault as permanent governance capital
- 50% returned as liquid ORVX
Flexibility veORVX positions can be:
- Topped up — Add more ORVX to an existing lock
- Extended — Increase the lock duration to gain more veORVX
- Merged — Combine multiple veNFTs into a single position
- Split — Divide a veNFT into multiple smaller positions
- Delegated — Assign voting power to another address without transferring ownership

Lock Duration	veORVX per ORVX	Example (100 ORVX)
1 Week	~0.0048	~0.48 veORVX
6 Months	0.125	12.5 veORVX
1 Year	0.25	25 veORVX
2 Years	1.00	100 veORVX

veORVX holders play a central role in deciding how emissions are allocated between liquidity pools each epoch.
Votes on pool gauges determine how much of the emission budget flows to each pool.

Emissions are distributed in proportion to the total votes each gauge receives. This keeps the system aligned with those who are most committed and active.

In return, voters share in the value created by the pools they support.

Rewards

Voting with veORVX comes with three main incentives:

Directing oORVX incentives
Your vote helps decide where oORVX emissions go. By choosing specific gauges, you shape how rewards are distributed across the protocol.
Pro-rata share of swap fees
When you vote for a pool, you receive a pro-rata share of swap fees routed to veORVX voters.
Pro-rata share of bribes
Voting on a pool also makes you eligible for a pro-rata share of all bribes paid to that gauge during the epoch.

Rebases are not a default solo-holder reward. Rebase protection is available to Autovote Vault participants only.

A snapshot of votes is taken per epoch. Votes in place at snapshot time are used to decide the reward split.

To receive rewards for an epoch, you must have voted (or delegated) before the snapshot for that epoch.

Voting on Status uses gasless Karma-based execution.
If you do not vote or delegate for an epoch, the gauge still receives emissions, but you will not receive your share of fees or bribes for that period.

Swap fees and bribes are claimable as a lump sum after the epoch ends.
Vote changes apply from the next relevant snapshot, based on the protocol's epoch rules.

Advanced Operations

Delegation Strategy

veORVX delegation allows you to assign your voting power to expert voters or automated strategies without giving up token ownership:

Retain ownership — Your position remains under your control
Expert execution — Delegates can optimize voting across multiple gauges
Revocable — You can change or revoke delegation at any time
Reward routing — Configure whether rewards go to you or the delegate

Delegation is particularly useful for:

Users who want voting rewards but lack time for weekly optimization
Protocols that want to participate in governance through trusted managers
Strategy providers who manage voting on behalf of multiple participants

Merging and Splitting

Merging combines multiple veNFT positions:

Consolidates voting power for simpler management
Useful when you have multiple Flex locks approaching expiration
The resulting position inherits the longest remaining Flex lock duration

Splitting divides one veNFT into multiple positions:

Enables partial exits at different times
Allows differentiated delegation strategies
Useful for managing risk across different lock durations within Flex accounts

Lock Extension Benefits

Extending your lock duration increases your veORVX balance immediately:

A 6-month lock extended to 2 years instantly gains 8x more voting power
Extension can be done at any time before expiration
Strategic timing can maximize rewards around high-bribe epochs

Strategic Considerations

Maximizing Returns

To optimize veORVX returns:

Choose the right account type — Permanent accounts maximise durable governance, while Flex accounts retain time-bounded liquidity optionality
Lock maximum duration — Receive 1:1 veORVX and highest voting power
Vote strategically — Target pools with high fee volume and attractive bribes
Monitor epochs — Vote before Thursday 00:00 UTC snapshot to be included
Consider delegation — Use expert voters if you cannot optimize weekly
Use vaults for rebases — Solo veORVX holders do not receive rebase protection

When NOT to Lock

veORVX may not be suitable if:

You need fully liquid exposure rather than governance exposure
You prefer passive strategies (voting requires weekly action or delegation)
You do not want to manage a Permanent account or the early-exit economics of a Flex account

See also: Epochs Explained for voting timing details (refer to Governance & Control section).