# Introduction
**What is Elexium?**
Elexium is a different style of AMM (auto market maker) or DEX (decentralized exchange) that aims to be Alephium's top liquidity arena. As a VE (vote escrow DEX), we use a locked-token governance model to make us the real *People's Choice.*
### How does it work? What on earth is a VE DEX?
The swap works like a normal DEX, however we have implemented this differently to other styles on Alephium. Elexium has stable pools, which use a different formula to allow swaps at smaller slippage (more on this later) and a modified v2 x\*y=k model like traditional Dexes, for most normal pairs. (more on this later).
### Swap Routes (!!!)
***We have also implemented an Alephium first, a Router, tested up to 8 "hops". This means that unlike other Dexes on Alph, we do not need incentivised pools or liquidity added for every pair, just to make a swap possible. For example, if Elexium-Alph Pool exists, Alph-USDT pool exists, USDT-USDC pool exists, USDC-BTC exists,we could swap Elexium to BTC in one move. No Elexium-BTC liquidity would be needed, and any "hop" along the route is swappable between each other. Previously thought impossible in previous implementations, this is a game changer for Alephium DEXes and will become the standard as it is on other chains.***
### More about Elexium
Let's get back to how the Dex works- it runs on a time period called an Epoch, in our case this is 7 days. Every epoch, Liquidity Providers receive emissions like a normal Dex. The difference with a VE DEX is that users can lock (single stake) their tokens, and vote for which of these pools receive emissions. In a normal DEX environment the team would decide this only. In the VE method, the *People Decide.*
A locked Elexium token is represented by VE-ELEXIUM, an NFT that means vote escrowed Elexium, representing how much of , and how long your tokens are staked, gaining you *Vote Power.*
**veElexium Voters** receive 50% of the trading fees from the pairs they vote on, proportionally to what is locked and how many vote on that pair.
# Fees and Bribes
**Types of Rewards:**
**Fees**
* All swaps generate trading 0.3% trading fees. This fee is able to be changed, and will likely happen for periods on elexium or other pairs to encourage trading.
* 50% of these fees go to voters (single stake locked elexium) and 50% go to the LPs themselves
* The fees collected in the previous epoch are accrued to voters in the current epoch.
* Fees are generated in the same currency pairs as the LP, eg : Elexium-Alph will generate $EX and $ALPH as fees.
* Fee rewards for LPs are available in real time, and Elexium has a dashboard to manage this, so you can see them properly and understand what you are earning and when to claim it.
**Bribes**
* Other protocols and people can bribe Elexium Voters to vote for their pool. Using any token, allowing many different types of rewards for voters each week.
* For example, John from JohnCoin can bribe 500 Johncoins to John-Alph, in the hope that veElexium voters will vote for his pool to receive Elexium Emissions. If nobody votes, the bribes remain until someone does and an epoch finishes. This is a good reason to check all the pools as a voter each week, as you may discover missed opportunities and earn new/extra tokens!
* Tokens must be whitelisted as bribes to be able to be used in this manner, unless it is on the pool they already are. Eg: if token1-token2 LP is able to be staked in the **Arena, it is autowhitelisted** to be able to Bribe that pool with Token1 or Token 2. To bribe token3-token4 pool with token 1 or 2, a **Bribe Whitelist** is needed. Please see **Liquidity** Page for more information.
* In Summary, all whitelisted **Arena** Pools can automatically be bribed with their own 2 tokens, and any other token in the **Bribe Whitelist.**
**Rewards Claim**
* Rebase rewards are a dilution protection mechanism. The idea is that a large percentage of inflation each week is actually rewarded to voters, to protect from dilution. The remaining % can be made up in fees, bribes etc.
* Rebase rewards accrue to your locks, but need to be manually claimed. Once you are unlocked, everything you have earnt is added to your Elexium that is being withdrawn from veElexium.
# Emissions and Sale
Details of Elexium Emissions, the sale, and more as follows:
**Sale**
**The sale will be 1,000,000 tokens, at a price of 0.075 $ALPH, for a total of 75000 $ALPH.**
**Of this ALPH amount, the split is as follows :**
* **60%** Elexium-Alph Liquidity Pool (paired with 450,000 Elexium, for a launch price of 0.1 $ALPH)
* **5%** Alphpad (launchpad fee)
* **5%** Treasury, to support the project, ecosystem etc
* **30%** Development Fee
**Launch price is 0.1 $ALPH.**
* The initial supply of `$EX` is 3,150,000, but not all is circulating. There is a team vest, a treasury vest, and max lock of both.
* Weekly emissions begin as follows :
Week
Emissions This Week
Total Emissions
Total Supply
1
150,000
150,000
3,300,000
2
146,000
296,000
3,446,000
3
142,000
438,000
3,588,000
4
138,000
576,000
3,726,000
5
134,000
710,000
3,860,000
6
130,000
840,000
3,990,000
7
126,000
966000
4,116,000
8
122,000
1,088,000
4,238,000
9
118,000
1,206,000
4,356,000
10
114,000
1,320,000
4,470,000
11
110,000
1,430,000
4,580,000
12
106,000
1,536,000
4,686,000
13
102,000
1,638,000
4,788,000
14
98,000
1,736,000
4,886,000
15
94,000
1,830,000
4,980,000
16
90,000
1,920,000
5,070,000
17
86,000
2,006,000
5,156,000
18
82,000
2,088,000
5,238,000
19
78,000
2,166,000
5,316,000
20
74,000
2,240,000
5,390,000
21
70,000
2,310,000
5,460,000
22
66,000
2,376,000
5,526,000
23
62,000
2,438,000
5,588,000
24
58,000
2,496,000
5,646,000
25
54,000
2,550,000
5,700,000
26
50,000
2,600,000
5,750,000
27
50,000
2,650,000
5,800,000
28
50,000
2,700,000
5,850,000
29
50,000
2,750,000
5,900,000
30
50,000
2,800,000
5,950,000
31
50,000
2,850,000
6,000,000
32
50,000
2,900,000
6,050,000
33
50,000
2,950,000
6,100,000
34
50,000
3,000,000
6,150,000
35
50,000
3,050,000
6,200,000
36
50,000
3,100,000
6,250,000
37
50,000
3,150,000
6,300,000
38
50,000
3,200,000
6,350,000
39
50,000
3,250,000
6,400,000
40
50,000
3,300,000
6,450,000
41
50,000
3,350,000
6,500,000
42
50,000
3,400,000
6,550,000
43
50,000
3,450,000
6,600,000
44
50,000
3,500,000
6,650,000
45
50,000
3,550,000
6,700,000
46
50,000
3,600,000
6,750,000
47
50,000
3,650,000
6,800,000
48
50,000
3,700,000
6,850,000
49
50,000
3,750,000
6,900,000
50
50,000
3,800,000
6,950,000
51
50,000
3,850,000
7,000,000
52
50,000
3,900,000
7,050,000
**Decay, Stabilization, Governance**
* As shown above, emissions decay from week 1, stabilizing at week 26, at 50,000 per week. This is able to be re-evaluated at any point. The plan is to introduce governance that votes on increases, decreases, or remaining the same. At week 52, we plan to have this system fully implemented, if not before.
* The decay is fast, then stabilizing, to allow for increase in price of Elexium and discourage over dilution.
* Tokenomics year 2 will be introduced with ample warning, closer to week 52.
**Emission Split**
The emissions are split between LPs and Single Stakers (voters). The following formula is used to ensure it is never more than 50:50 split to both :
$veEx holders will receive an emission bsed on the ratio of $VeEx supply to $EX supply. The formula :
Rebase = weeklyEmissions × (1 - veExtotalSupply ÷ EXtotalsupply)ˆ2 × 0.5
This ensures that the % allocated to voters goes up when single staking rates decrease, and vice versa, making the dex a dynamic incentivizing machine, always enticing users through rewards to do what is best for the protocol.
**Rebase Explained**
To protect holders of the token from dilution over time, single stakers/voters get an emission for being locked. The theory is that foir every % the token inflates to pay LP rewards each week, some of this goes straight into the pocket of the holders that have locked. Between this %, fees, bribes etc, it is possible to gain that number to 100%, and that 0 net dilution occurs to holders, even if supply increases permanently!
This rebase is available linearly throughout the epoch.
### Emission Rewards
Each epoch, rewards for LPs are distributed equally to the votes each pool accrues. If 50% of the votes are for Pool1, then 50% of available LP emissions go to Pool1.
Liquidity Providers must stake their tokens to be able to get rewards.
These rewards are available throughout the whole epoch.
# Liquidity, Swaps, Router
**Providing Liquidity**
Provide 50% of each token to a *Volatile* pool in the Liquidity Section, that can be managed on your dashboard. You must stake this to earn Elexium Rewards.
Only Whitelisted tokens can be staked, but all tokens can have liquidity provided for them, generating fees. The team will whitelist tokens for bribes and staking on an as needed basis, multiple times per week if needed.
Elexium has two different pool types, **Stable and Volatile.**
The router will decide which type is best to swap through on the UI. For the time being, only the team will be able to create a stable pool (and will do so via request of anyone who wants one) until we are sure everyone understands what they are creating.
**Stake Liquidity in the Arena**
Once a pool is whitelisted to be able to be staked, it can be voted on to earn Elexium Rewards. Once this "arena" exists for an LP, both tokens in that LP are also autowhitelisted to act as bribes. Eg: token1-token2 pool receives permission to be staked in the Arena, token1 and token 2 are auto whitelisted to be able to be used as bribes for that pool.
In order to be able to use token 1 and token 2 to bribe other pools, a second bribe whitelist is needed. \
\
All of these whitelists are to avoid clogging the UI and protocol with too many types of token. If you need something whitelisted, ask in our Telegram and we will be happy to help. The community should be loud about this too, so we can stay on top of the Whitelisting and what pools are wanted or needed promptly.
In the interest of being *The People's Choice* while still having a functioning front end, this is how it has to work to prevent spam and clogging.
**Stable Pools**
These pools are designed for assets that should have little to no volatile movement. Think, USDT-USDC, or protocols wishing to try peg their stablecoin against another asset. Putting two volatile assets into this pool will not have the desired outcome. The formula is as follows:
> **x³y + y³x ≥ k**
**Volatile Pools**
These are "normal" dex pools. 50% of each asset is provided and swaps are executed all the way along the price curve. Think BTC-ALPH, ETH-BTC, etc. The formula is as follows :
> x × y ≥ k
Just remember:
* Volatile Pools will account for many or most pools on the dex.
* Stable Pools are temporarily on a "discuss with team" basis
* Stable pools will benefit from low slippage and price movement
# Voting
Locking your Elexium (single stake) allows you to vote which pools on the dex, that week, receive Elexium Rewards. Each lock has a certain amount of "voting power" based on how long it is locked. For example, 1 Elexium locked for 6 months, will have more power than 1 Elexium Locked for 6 weeks. Your power is displayed on the dashboard and when voting.
* The power of your lock in relation to voting will *Decay* as time goes on. You can extend it to achieve higher vote power again. This is called *Vote Decay* and ensures fairness throughout your lock in relation to your power. You can also merge your locks and add to them.
* Unlike the other VEdex on Alephium, you do not need to use all your Elexium every vote. You can vote for multiple pools within the same "lock" to receive rewards.
* Votes do not carry to the next epoch, you must re vote. If you forget to or do not vote, your power for that epoch is not distributed anywhere. It is dead. Do not forget!
* If you add to your locks more elexium after already voting, via the **Increase Lock** button, you must then ***Poke** your lock with the **Poke** Button. This will re eveluate your new voting power, and allow you to vote again with the new amount of Power. You must also Poke your Lock after claiming your rebase, as it will then count the new power you have.*
* Voting Rewards are available in the next epoch, not instantly.
* *Your receipt for locking is an NFT. Usually known as a veNft or vote escrowed Nft, Elexium's NFTs are able to be transferred. veEX NFTs are your locks, and receipt.*
We suggest at a certain time every week, casting your votes all at once. Many people like to do this at a certain day, for consistency while they claim bribes, fees and everything else.
We will add infographics and new pages to this documentation closer to and after launch, with guides/deep dives for anyone still confused as to how to use the voting.
# ELI5 Basic Dex Summary
**Compared to something more Simple, what is Elexium?**
You can compare the way Liquidity Providing works on Elexium to any standard Dex out there. Elexium Emissions pay LPs, for the action of Providing Liquidity, which in turn enables swaps. LPs also receive 50% of trading fees of the pair.
*Where Elexium Differs is its single staking, also called Locking, veNFT, locked single stake and so forth.* \
\
Elexium tokens can be locked for 1 week to 6 months, and in turn, the locker receives the right to vote which LPs receive emissions (referring to the people above, providing liquidity).
This is the fundamental difference. Normally the team would decide this.
**What should I do? Tell me in a few sentences, not reading all that!**
Provide Liquidity. Earn Elexium. Lock Elexium. Receive Lock NFT. Farm Bribes and fees. Vote for which LPs you think deserve emissions (or are paying the most fees/bribes). Farm a Rebase APY just for single staking.
**I just landed on Elexium homepage. How do I start?**
For the sake of this document being succinct, we will assume you already have an Alephium Wallet, with some tokens in it. First, take in our beautiful landing page and prepare yourself to enter the Dapp.
Inside , you will find :\
\
**Swap Page**- Use this for swaps. Try out our Router, check your slippage, play around with the UI. Trade from here, as many times as you want while enjoying the new 16 second Blocktimes!
**Dashboard** - Your one stop shop to manage **Locks, Liquidity Positions, Fees, Bribes, Merge, Poke, Reset, Voting Power, Rebase** and so forth. This is your command centre, and once you do something on the DEX, everything active will appear here,
**Arena**- See LP pools and stake your LPs here.
**Bribe-** Bribe Elexium Voters here. Other protocols will utilise this to vote for their own tokens, and perhaps their users will too.
**Lock-** Lock Elexium here, choose for how long and how much. You can manage locks on your Dashboard after this. Locking gains Voting rights, and you will be able to collect **Bribes, Rebase, and Fees,** as well as vote.
**Vote-** Once you have locked Elexium, you can vote for which LPs you want to receive Elexium Rewards in the following epoch. Check the arena to see what **Bribes** are being offered, how many **Fees** are available, and decide carefully! Cast your vote!\
# Links
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Discord\
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Telegram
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Twitter
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