Gauge Voting & Bribes

Bribes are the economic driver to the Pearl ecosystem

By locking $PEARL for $vePEARL, users earn the right to claim bribes and fees by voting on the platform's gauges.

Gauges determine the amount of emissions distributed to the various liquidity pools for each Epoch on the DEX. Pools with more votes earn a greater proportion of $PEARL incentives for that Epoch.

Gauge Voting

Epochs begin on Thursdays at 00:00 UTC and for one week. At the end of the Epoch, all bribes and trading fees are distributed to voters who accrue these rewards for the gauges (pools) they have voted for. Emissions are distributed proportionally to the total percentage of votes in the epoch.

Projected emissions can be calculated using the following formula:

$$emissions(PAIR) = \% \ of \ total \ votes ÷ 100 \%$$

In Epoch 1, 2,600,000$PEARLwill be distributed. If 10% of all votes are allocated to the USDR/PEARL pair, that pool will receive 260,000 $PEARL distributed linearly throughout the epoch.

• Voters need to vote every week to receive rewards for that week.

• If a voter fails to vote in any given week, they will not receive the reward for that week.

• Voters can pre-approve votes for the following epochs.

• Voters can vote and change their vote at any time.

• Changing votes in the following epoch will not affect rewards that are pending claim.

• Farming Boost: This feature has not been included to prevent toxic and centralized value extraction on Pearl Allowing decentralized governance over $PEARL emissions over time.

• You have to vote weekly (or use an optimizer) to be eligible for fees and bribes.

Bribes

Bribes are used to incentivize $vePEARL voters to vote for a particular liquidity pool, sending a larger share of weekly emissions (higher APR) to that pool which in turn makes providing liquidity more beneficial to users, thus increasing liquidity for those projects.

Bribes to $vePEARL voters are derived from two primary sources:

Auto-bribes

As covered in the Pearl Flywheel, the native yield from USDR is skimmed from entering the liquidity pool and allocated to that pool's weekly bribe budget. This provides a projectable weekly bribe budget for each pool that increases as pools expand.

Protocols and Other Third-Parties

Protocols and even individual users are able to add a bribe for any pair on the platform, provided that they meet the pairing and token whitelisting requirements. The bribe marketplace is public and permissionless.

Bribes can be offered anytime within an epoch, held in escrow until its end, and collected by voters as a lump sum afterwards.

Claiming Bribes

External bribe rewards in v1.5 are claimable after the Epoch has ended (n+1). (Epochs increment right after 23:59 UTC each Wednesday.)

Bribe claim timeline:

• A new epoch starts Thursday (00:00 UTC)

• Bribes are deposited at any point in the Epoch

• Voters vote for their preferred pools

• Once the epoch ends (each Thursday), users are able to claim bribes rewards from the UI