# VEP tokens Veplus implements a dual token model to manage governance and utility: * `veVEP` as ERC-721 governance token * `VEP` as BEP-20 utility token Users can receive `veVEP` by locking `VEP` tokens at any time. The lock period can be up to 2 years, following the linear relationship shown below: * 100 `VEP` locked for 2 years will become 100 `veVEP` * 100 `VEP` locked for 1 years will become 50 `veVEP` The longer the lock time, the higher the voting power and the more rewards users receive.

Vote to Earn Epoch 1 APR: https://app.veplus.io/vote

## Initial Distribution At launch, the initial supply is 50M `VEP.` We reserved and distributed `VEP` and `veVEP` to users and protocols that will contribute to our mission to become the liquidity base-layer of the BNB Chain as follow:

Veplus Tokenomics

### Community 10M (20%) `VEP` and `veVEP` tokens will be distributed to people who are likeliest to contribute to Veplus and and the BNB Chain long-term success through [airdrops](/tokenomics/airdrops.md): 1. [Community airdrop on June 30th](/tokenomics/airdrops/veplus-cross-chain-defi-airdrop-on-june-30th.md): 2M (4%) veVEP tokens 2. [Retroactive airdrop on July 18th](/tokenomics/airdrops/veplus-retroactive-airdrop-on-august-18th.md): 2.5M (5%) VEP tokens ### Protocols The airdrop of 10M (20%) `veVEP` is to attract and engage with top 20 protocols which are mostly to contribute to Veplus and the BNB Chain's long-term success. We will consider a number of metrics such as TVL, transaction volume, unique wallets and number of transactions. ### Grants We have reserved 9M (18%) `veVEP` to distribute to partner protocols after the launch. This will be used to engage partners in the BNB Chain's ecosystem through grants. ### TreeNFT Minters 5M (10%) of the initial supply was allocated for TreeNFT minters. TreeNFT minters receive a mix of 50% `VEP` tokens and 50%`veVEP` NFT: * *50% -* `veVEP` *locked for 2 years* * *50% - `VEP`* tokens vested linearly over 8 weeks ### Veplus Team 9M (18%) `veVEP` was allocated for Veplus team. Veplus team will lock 100% of tokens for 2 years and vote for `VEP/USDT` pairs in perpetuity. ### BNB Chain Team The BNB Chain team has a vested interest in ensuring that Veplus achieves its mission of serving as an ecosystem public good on the BNB Chain. 2.5M (5%) `veVEP` in the initial distribution was allocated for the BNB Chain team to support their vested interest. ### Marketing We have reserved 2.5M (5%) `VEP` tokens to distribute to users and partner protocols. This will be used to grow users and build liquidity with partner protocols in the BNB Chain's ecosystem. ### Genesis Liquidity 2M (4%) `VEP` of the initial supply will be paired with `USDT` or `WBNB` to provide liquidity at launch.
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