$NEST Token Rights
Updated May 25, 2026Overview
- Token(s)
- NESTveNESTHYPE
- Token Type
- GovernanceUtility
- Utility
- Staking, Liquidity Incentives
NEST & veNEST are the governance & fee-earning tokens. NEST can be locked for veNEST to vote on incentives, gauges & protocol parameters.
Governance Rights
ControlNEST holders lock NEST to receive veNEST, granting voting power each epoch for gauges, incentives and protocol direction.
Governance Decisions
NEST can be locked for up to 6 months, and veNEST is received as an NFT position.
Treasury Decisions
Revenue Decisions
Liquidity incentives are decided by veNEST holders.
Fee Switch
ONSwap fees are routed to veNEST holders, NEST tokens are distributed to LPs. veNEST holders who participate in voting share up to 97% of onchain rewards based on their voting power. Onchain rewards include trading fees, voting incentives and HYPE generated from the HYPE Engine Vault.
Resources
Primary Value Accrual
Protocol Revenue ShareValue accrues to veNEST holders through swap fees and to NEST holders through buybacks.
Equity Statement
veNEST holders are the only entity that receives protocol revenue. Up to 100% of revenue is shared. There are no equity holders.
Economic Rights
Value CaptureveNEST voters receive up to 97% of swap fees and bribes, proportional to their voting power. LPs receive NEST emissions weekly. Roughly 32% of the fee value is routed into the HYPE Engine, which converts fees into HYPE and holds it in a treasury.
Buybacks
The Assistance Fund and Ecosystem Fund execute NEST buybacks and lock the bought back tokens.
Dividends
veNEST holders who vote receive up to 97% of swap fees. If veNEST holders participate in the HYPE Engine Vault, the vault automatically votes & fees are compounded into additional veNEST with a HYPE bonus.
Burns
N/ANo burn mechanism is currently active
Ownership
- Fundraising
- Token Sale
- Equity Revenue Capture
- No
- Associated Entities
- veNEST Limited