Protocol Tokens

Cellana uses a dual token model to incentivize all parties in the ecosystem:

CELL is the utility token distributed through weekly token emissions which incentivizes users to add liquidity and stake the LP tokens in protocol gauges.

veCELL is Cellana’s governance token in the form of an NFT.

CELL holders can lock their tokens for a fixed duration in exchange for veNFT. veNFT gives holders veCELL voting power, which can be used to vote on liquidity pools and thus redirect the CELL emissions to the voted liquidity pools.

The lock duration will vary depending on users. The maximum lock-up time is up to two years as follows:

• 100 CELL locked for 2 years will receive 1 veNFT with 100 veCELL voting power

• 100 CELL locked for 1 year will receive 1 veNFT with 50 veCELL voting power

veNFTs can be merged, split, and traded on the secondary markets. Users’ voting powers diminish over time until reaching zero when lock-up time is over. Therefore, in order to maintain voting power, users must frequently re-lock their tokens, which helps enrich the Cellana ecosystem overall.