OT and vOT
OT is the utility token of OT protocol, which can be transferred and traded on DEXs, vOT is non-transferrable but comes with extended features such as voting, staking&revenue distribution, redemption,etc.
Swap/Borrow/Trade to earn OT/vOT
Swap, borrow and perps trading are incentivized with reward in OT/vOT
Stake OSD to earn vOT
Liquidity providers provide liquidity by staking OSD in return for 50% perps trading fee distribution on a weekly basis, plus rewards in vOT.
Conversion
Conversion is a process to convert your OT into vOT or vOT into OT, conversion of OT into vOT is instant, while converting vOT to OT takes at least 15 days with a penalty and maximum 180 days without penalty(100% vesting).
Redemption
Redemption is a process to burn your vOT holdings and get back your share of OT treasury. 20% of treasury is reserved for protocol development, 80% of treasury is available for redemption by vOT holders which requires the holder to burn vOT in return for his share of treasury. Redemption comes with a fee. Redemption will start after IFO investors are fully reimbursed. Reimbursement will happen after OT accumulated a sizable treasury of bluechip assets such as ETH, USDC, etc.
The amount of asset you can redeem = vOT/(OT circulating supply + vOT circulating supply - burnt vOT amount) * (1-feeRate) * Treasury
feeRate = max(0.5%, vOT/(OT circulating supply + vOT circulating supply - OT_locked_in_vOT_conversion_contract - burnt vOT amount))
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