CryptocurrenciesTokensVersailles Heroes
VRH

Versailles HeroesVRH

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VRH – Versailles Heroes

Introduction

VRH (Versailles Heroes) is a DAO (DeFi) financial infrastructure on the Ethereum chain, aiming to build a fast-growing TVL financial environment for DeFi investment. VRH tokens are issued through ERC-20 contracts and by utilizing the DAO protocol to achieve an open, transparent, and fair governance. In addition, it is committed to promoting the ecological development of DeFi and blockchain games. Investors can lock up VRH for 1, 2, 3, and 4 years to obtain veVRH. veVRH can be used to vote on network proposals and can also be used by investors to create a guild or join a guild for mining. To participate in the internal competition of the guild, investors can burn game token (MOH) in exchange for GAS, which can accelerate the weight of their individual mining by up to 2.5 times. In this way, a competitive environment that promotes the growth of market value is established, and investors who participate in the competition by using GAS acceleration can obtain higher returns.

Blockchain Application

Dao Governance Protocol

DAO is created through Ethereum smart contracts, and any decision in the network will be made through DAO proposals. It is community driven and leads product development and code iteration.

NFT – Non-Fungible Token

Versailles Heroes NFTs are issued on Ethereum ERC-721 contracts, which grants digital ownership of game items to individuals. It constructs a play-to-earn economic system which enables users to receive token rewards and trade in a secure digital environment.

DUO Token Economic Model

Different from traditional LP mining, VRH builds an ecosystem of child and parent tokens. MOH, the game token is generated by participating in the game. VRH, as the parent token, is mint through DAO mining, while MOH is used as GAS to accelerate the mining output.

Development History

The economic model of Versailles Heroes was inspired by Curve. The core team conducted mathematical reasoning on the Curve economic model in Q2 2021 and began to formulate plans in the same quarter to actively explore the combination of DeFi and games, establish economic models, and position the game theme as a light sci-fi theme. In Q3 2021, the worldview of the game origin is confirmed, and the NFT heroes are designed. In Q4 2021, the team started to develope the game and establish the play-to-earn system. In Q1 2022, the Versailles Heroes technical team began to build the DAO ecosystem and develop multiple smart contracts. The project white paper was released in the third quarter of 2022. In the upcoming fourth quarter of 2022, three rounds of IDO and DAO governance protocol will be released.

VRH Inflation

The initial supply of VRH is 2.424 billion, of which 70% are mint by the veVRH guild. The token supply is controlled according to the mechanism of segment decay. The inflation of mining output decreases by 2^{1/4} every year. And the remaining 30%, which is 727.2 million VRH, are for the core team, foundation, investors, IDO, Grants & Bug Bounties, and airdrops, etc. This portion is locked through contracts and released linearly.

The initial supply of 727.2 million VRH tokens is distributed as follows:

  •  33.3% to Core team vesting in 30yrs
  •  23.3% to Foundation vesting in 35yrs
  •  23.3% to Investors vesting in 35yrs
  •  10.0% to IDO
  •  10.0% to Grants & Bug Bounties
  •  0.1% to Airdrop

Governance, Voting and Mining

Governance

The Community DAO (or just “the DAO”) governs the day-to-day operation of the protocol.

 Voting is based on a user's holding of "Vote Escrowed VRH" (veVRH). veVRH is obtained by locking VRH for up to 4 years, with 1 veVRH equal to 1 VRH locked for 4 years. As the lock time decreases, an account's veVRH balance decreases linearly as the time remaining until unlock decreases. veVRH is non-transferrable.  An account must have a minimum balance of 2500 veVRH to make a DAO vote. Each vote lasts for one week. Votes cannot be executed until the entire week has passed.

The DAO has ownership of two admin accounts:

 The ownership admin controls most functionality within the protocol. Performing an action via the ownership admin requires a 30% quorum with 51% support.  The create guild admin controls only create guild function within the protocol. Performing an action via the create guild admin requires at least 1 million votes with 51% support.

However, the create guild admin is controlled by ownership admin. It means create guild App in Aragon VRH DAO is protected by ownership DAO.

Mining

veVRH is acquired by locking VRH and can be used to create a guild or join a guild. The DAO guild is the main body of revenue in the game. Guilds are created through decentralized DAO proposals. To create a guild, the creator must own at least 100,000 veVRH and his/her proposal must reach at least 1 million veVRH participation with an approval rate of 51% or higher. Additionally, the creator can set the guild’s commission rate between 0 to a maximum of 20%. The guild rate can be increased or decreased. However, it can only be changed once within a 7-day period by a maximum of 1% each time.

To join a guild, individuals need to obtain veVRH by locking VRH. An individual’s mining power in a particular guild is measured by their veVRH balance. All veVRH holders within the guild will obtain the mining weight according to the following formula. The VRH released by mining is calculated according to the weight ratio.