Glossary
Below is a list of terms related to the Mezo Earn system.
Vote-escrowed BTC. An NFT representing locked Bitcoin that grants base voting power (1x multiplier) and fee-earning rights in Mezo Earn. Voting weight decays linearly over the lock period. Max lock is 28 days.
veMEZO
Section titled “veMEZO”Vote-escrowed MEZO. An NFT representing locked MEZO tokens that can boost veBTC voting power up to 5x. veMEZO carries no independent governance weight—it only amplifies veBTC positions. Max lock is 4 years.
The multiplier applied to a veBTC position when veMEZO votes are directed to it. Without boost, veBTC operates at 1x. With maximum boost, veBTC operates at 5x. The boost depends on your relative share of total veBTC and total veMEZO in the system.
Boosted Weight
Section titled “Boosted Weight”The combined voting weight when veBTC and veMEZO are paired. Calculated as your veBTC weight multiplied by your boost multiplier (between 1x and 5x). Boosted weight determines your share of fees and your influence over emissions.
A 7-day cycle that governs voting and reward distribution. Epochs begin every Thursday at 00:00 UTC.
A smart contract that receives and distributes rewards based on votes. The more voting weight a gauge receives, the larger its share of rewards for that epoch.
The act of committing BTC or MEZO for a set period to receive veBTC or veMEZO. Longer locks grant higher initial voting weight.
Staking Gauge
Section titled “Staking Gauge”A gauge tied to a staking token (like LP tokens or MUSD savings receipts). Stakers earn MEZO emissions; voters earn trading fees.
Validator Gauge
Section titled “Validator Gauge”A gauge that directs MEZO emissions to network validators who secure the Mezo chain.
Ecosystem Gauge
Section titled “Ecosystem Gauge”A gauge that routes MEZO emissions to partner protocols or ecosystem initiatives.
veBTC Boost Gauge
Section titled “veBTC Boost Gauge”A gauge attached to a specific veBTC NFT. veMEZO holders vote on these gauges to provide boost to that veBTC position in exchange for incentives.
Voting Weight
Section titled “Voting Weight”The influence a position has when voting for gauges. For veBTC, calculated as locked BTC multiplied by remaining lock duration divided by max lock duration. For veMEZO, the same formula applies but with 4-year max lock.
The gradual reduction in voting weight as a lock approaches expiration. Can be reset by extending the lock.
A transaction that refreshes a veBTC position’s boosted weight. Required after changes to veMEZO votes, lock extensions, or adding BTC. Without poking, boost changes don’t take effect.
Matching Market
Section titled “Matching Market”The economic mechanism where veBTC holders can attract veMEZO votes by posting incentives on their boost gauges, and veMEZO holders can earn yield by voting on gauges with attractive incentives.
Incentives
Section titled “Incentives”Rewards posted on gauges to attract votes. Protocols or users deposit incentives (in any ERC-20 token) to attract voting power to specific gauges.
Rebase
Section titled “Rebase”Anti-dilution distributions to veMEZO holders. When the lock ratio (veMEZO supply / total MEZO supply) is low, a larger share of emissions goes to rebases, protecting early lockers from dilution.
Splitter
Section titled “Splitter”A contract that divides emissions between two destinations (e.g., validators vs. ecosystem). Split ratios are governable but can only change by 1% per epoch to prevent sudden shifts.
Mezo’s bitcoin-backed stablecoin. Users can borrow MUSD against their BTC collateral.
MUSD Savings Rate Gauge
Section titled “MUSD Savings Rate Gauge”A staking gauge for the MUSD savings vault. Users who deposit MUSD into the savings vault can stake their receipt tokens to earn MEZO emissions, while voters on this gauge earn MUSD yield.
Emissions
Section titled “Emissions”New MEZO tokens distributed each epoch to gauges, validators, and veMEZO holders (as rebases). Emissions follow a halving schedule: 25% annualized in years 0-2, declining to ~2% after year 8.
Chain Splitter
Section titled “Chain Splitter”The first splitter in the emissions hierarchy. Controls what percentage of emissions go to validators (initially 20%) versus the rest of the system.
Ecosystem Splitter
Section titled “Ecosystem Splitter”The second splitter. Divides non-validator emissions between staking gauges (initially 90%) and non-staking ecosystem gauges (initially 10%).