Here at Beefy, we love seeing our strategic partners making waves on one of our 18 chains. With the arrival of OPX’s perpetual exchange on Optimism, we’ve been excited to bring you early access to the protocol through our OPX Launchpool Boost and the release of our OPX OLP vault. Now, we’re also thrilled to bring our tried and tested Beefy escrow model to OPX, to seal our relationship and maximize your OPX token rewards.
What is OPX token?
OPX is the governance token of OPX protocol, a new decentralized spot and perpetual exchange native to the Optimism blockchain. The OPX token is used to reward holders with a share of protocol revenues, whilst providing voting rights to determine how future distributions should be divided among different stakeholders in the protocol.
The veOPX Model
OPX offers a novel form of vote escrow tokenomics, which requires users to stake both their OPX token and a limited edition OPX NFT to participate in the protocol’s governance and revenues. OPX NFTs are obtained from OPX mystery boxes and are minted with randomized levels, which determines the amount that the holder’s shares are boosted.
Holders of OPX tokens and an OPX NFT can lock both with the protocol for up to 10 months to receive an amount of veOPX proportional to the length of the remaining lock. Additional OPX tokens can be added to an existing lock at any time.
What is beOPX and how does it work?
beOPX is Beefy-escrowed OPX, which is a derivative of the OPX token that is perpetually locked with the protocol to maximize the holder’s share of protocol revenues. It is modeled on our tried-and-tested escrow formula, using the same design as beVELO and building on the success of beJOE, beQI and binSPIRIT.
To mint beOPX, you must deposit an equivalent amount of OPX tokens with Beefy. The beOPX contract will then immediately stake and lock OPX into veOPX, where the amount of OPX exceeds the required reserve (currently set at 30% of the contract’s veOPX). Where the reserve is running low, deposits and protocol revenues will be added to the reserve before they are used for more staking.
As Beefy holds a top-tier OPX NFT (level 5 rarity), beOPX offers you the chance to access the maximum possible share of OPX revenues, without having to obtain an NFT for themselves. In doing so, Beefy brings you maximum certainty and maximal returns, which few others will be able to access.
Where can I get beOPX?
You can mint beOPX on the beOPX vault page at a 1:1 ratio. Where there are sufficient OPX tokens held in the reserves, you can also burn your beOPX on the vault page in exchange for OPX.
What can I do with beOPX?
Once you’re holding beOPX, you can stake it in our beOPX vault to access the protocol revenues earned by Beefy. Revenues paid in OPX tokens are used to mint more beOPX which is returned to holders to autocompound returns.
Optimise your OPX rewards with beOPX
Beefy aims to bring you the highest possible returns from partner protocols by capitalizing on vote escrow tokenomics designs. With beOPX, we can bring you the benefits of top-tier boosted rewards and autocompounding returns without the need to obtain an OPX NFT for yourself.