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Guild Owner

A user who holds enough veVRH may choose to create a new guild and become a guild owner.

Guild Owner rules

  • A guild owner has the privilege to receive additional mining rewards based on the configured commission rate.
  • A user needs to raise Aragon DAO proposal to create a guild and become a guild owner.
  • The guild owner needs to specify a GAS-burning type that is controlled by DAO when creating a guild.
  • The remaining claimable tokens will be distributed to the rest of the guild members proportionally to their veVRH balance.
  • The guild owner can set a commission rate between 0 to a maximum of 20%.
  • Each week, the guild rate can only be modified by an increase or decrease of 1%. The change is scheduled for the start of the next epoch week.

Creating a guild

A user can choose to create a new guild or join an existing one to participate in mining. The user must own at least 100,000 veVRH when creating a guild.
Below are the requirements for creating a new guild:
  1. 1.
    Vote lock 100,000 VRH for 4 years
  2. 2.
    Vote lock 400,000 VRH for 1 year
The locking time of VRH token is rounded down to a whole week. It may not reach 100, 000 veVRH if Vote lock 100,000 VRH for 4 years. So we recommend users lock VRH more than 100,000 VRH to meet creating guild requirements.
A user who owns sufficient veVRH tokens can submit a proposal to create a new guild via the Aragon Create Guild voting app. Users can start voting for that proposal and once the minimum creating guild balance is reached, the creation of the guild will be executed.
minimum creating guild balance is 1M vote in Aragon Create Guild DAO at the initial stage. However, it can be modified through Aragon ownership DAO

Guild Owner Rewards

The Guild contract will treat the owner as a member of the guild when calculating the rewards and recording them in the variable integrate_fraction. Whereas, the owner bonus will be accumulated whenever the member trigger checkpoint method. This method takes care of the change of working supply, ⁣commission rate which can be modified by the owner once a week, and also the change of guild relative power, VRH inflation rate which decays every year, and missing check-in in several weeks.

Transfer Ownership

The guild owner can only transfer ownership to other members in this guild. Then the old owner bonus accumulated from the guild rate will not be applied anymore. On the other hand, the new owner starts fresh to accumulate its owner bonus.
The owner bonus also follows the rules of 30% will be released to the user immediately and the remaining 70% will be divided into 6 periods to be vested over 168 days

Guild Owner leaves guild

  • The guild owner can only leave after transferring ownership to other members, who must meet the minimum requirements of creating a guild.
  • The guild owner can also transfer ownership to ZERO_ADDRESS and give up his owner privilege. That means nobody in this guild can claim the owner bonus. Giving up the guild owner's authority is an irreversible operation.