esOLIVE represents escrowed OLIVE tokens. While it mirrors the value of OLIVE, it's unique in its functionalities and constraints. The total supply of esOLIVE is capped to OLIVE's supply.
- 1.Non-Transferable: Unlike OLIVE, esOLIVE cannot be traded or transferred across addresses.
- 2.Voting Rights: Holders of esOLIVE have the privilege to participate in protocol governance, influencing decisions and the future direction of the platform.
- 3.Protocol Earnings: esOLIVE holders are entitled to a share in the protocol's earnings, making it a valuable asset for those invested in the platform's success.
- 4.Acquisition: The primary ways to acquire esOLIVE are through yield farming, lending, and staking within the Olive ecosystem.
Holders wishing to convert their esOLIVE back to OLIVE can do so through a vesting process. This process offers flexibility:
- Quick Vesting: Convert esOLIVE to OLIVE in just five days, but incur a 50% penalty.
- Standard Vesting: Opt for a penalty-free conversion by vesting over thirty days.
- Gradual Vesting: For those seeking a middle ground, the penalty reduces linearly between the 5-day and 30-day mark.
Once initiated, the conversion from esOLIVE to OLIVE occurs progressively over the chosen vesting period, ensuring a smooth transition for holders.
In case you change your mind and want to revert any applicable penalty, you can cancel the vesting. It will revert penalty on unclaimed and unvested OLIVE and esOLIVE tokens respectively, effectively reverting the penalty. It can be done directly through the smart contract.
In essence, esOLIVE serves as a representation of committed participation in the Olive ecosystem, rewarding holders with governance rights and a share in the protocol's success.