Swapx Swapx voting
SwapX is a decentralized exchange on Sonic where veSWPx holders direct weekly SWPx emissions to pools. Compare pools’ estimated swap-fee rewards and voting incentives per vote for the same epoch, keeping voter rewards separate from rewards for providing liquidity.
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Pool Selection Criteria
- Swap-fee rewards
- Swap fees are a source of rewards for veSWPx voters. Compare fee generation across pools over the same period. A pool’s fee rate alone does not establish how much fee revenue its swaps produce.
- Voting incentives
- Partner protocols can offer incentives to attract votes. Compare the offered assets and amounts for the applicable epoch. An incentive offered for a previous week does not establish the next week’s offer.
- Emission destination
- Pools with more votes receive a larger share of weekly SWPx emissions. This relationship matters when deciding which pool’s liquidity incentives to support, including when you also provide liquidity.
Voting Power and Epochs
| Parameter | Value | Condition or Effect |
|---|---|---|
| Voting position | A non-fungible veSWPx position created by locking SWPx | Positions can be transferred, merged or split. |
| Maximum lock duration | Up to 2 years | Longer SWPx locks provide greater veSWPx voting power. |
| Epoch window | Thursday 00:00 UTC to the following Thursday 00:00 UTC | veSWPx holders vote on pool emission allocations within this weekly cycle. |
Pool APR and Voter Rewards
A pool’s LP APR concerns the return on providing liquidity. Voting for a pool can earn swap-fee rewards and voting incentives, so LP APR alone does not rank the rewards available to veSWPx voters. Likewise, a pool’s larger emission allocation does not by itself establish a larger payout for an individual voter.
The weekly emission total also matters. SwapX’s Emission Schedule describes declining weekly emissions and allows governance to adjust the decay rate. Read a pool’s voting share alongside the SWPx allocated to liquidity providers for the relevant epoch: the same share of a changing allocation does not represent a fixed quantity of SWPx.
Rebase rewards are intended to reduce dilution of holders’ voting power. Keep that component distinct from swap-fee rewards and partner incentives when assessing the reasons to vote for a particular pool.