Today, we're looking at the governance framework of Maverick AMM and how Rogue aims to refine it. Before diving deeper, let's take a swift tour of the facets that distinguish this ve-model. Stay chill, we’ve got it all covered.

Before exploring its governance model, it's crucial we understand what sets Maverick AMM apart. Unlike traditional AMMs, it brings a fresh look to the landscape in 3 fundamental ways:

1. Dynamic Distribution: it introduces more granularity by allowing LPs to decide on distribution at the ‘bin’ level. For comparison, Uniswap V3 only support uniform liquidity distribution in given price ranges.

2. Movement Modes: Movement modes enable liquidity to shift with price, improving swap fee capture and allowing LPs more options to bet directionally.

3. Liquidity Shaping: Boosted Positions allows protocols to incentivize liquidity in specific ways. More below !

For more details, you can have a look at their doc! tl;dr gud tech.

On Maverick AMM, liquidity pools can permissionlessly be incentivized through Boosted Positions.

Simply put, they allow protocols to draw liquidity to their pools in a customized way.

For instance, a USD based stablecoin needs deep liquidity around the $1 peg. The protocol could pool its coin with another stablecoin (i.e. USDC) on Maverick and create a Boosted Position to attract deep liquidity around this price.

Here, only users providing their assets close to the peg would earn incentives, which makes bootstrapping and maintaining liquidity magnitudes cheaper than on a traditional DEX.

Let's take the cvxCRV / CRV pool on Curve as a case in point.

• Pool TVL: Approximately $30m

• Daily Trading Volume: Roughly $100k

• Liquidity Provider Incentives: 12% APR, translating to whooping $3m in CRV tokens per year

• Reserves Imbalance: cvxCRV makes up only about 70% of the pool reserves

• cvxCRV and CRV are expected to trade in a constrained range (around 1 cvxCRV = 1 CRV) but decent volatility can be observed.

Sounds capital efficient? We wouldn’t say that.

With Maverick's Boosted Positions, you could create a more efficient pool with the following attributes:

1. Targeted Incentives: a BP can drive deep liquidity close to the 1 cvxCRV = 0.9-1 CRV range, where most trading activity is expected to happen.

2. Single-side incentivization: with a BP, only CRV deposits could be incentivized, rewarding LPs who contribute the most value to the pool. (there’s already too much cvxCRV in it)

It's estimated that a similar setup on Maverick could handle the same trading volume with at least an order of magnitude less TVL and token incentives. This DeFiLlama dashboard does a good job at illustrating our point.

Now that we know what’s neat about Boosted Positions, how do they fit in Maverick’s governance model?

MAV is Maverick AMM’s native token. It serves a dual-purpose:

• Governance: Lock it for a chosen duration to receive veMAV: the longer you lock, the more veMAV you receive.

• Platform incentivization: in order to bootstrap the liquidity on Maverick, MAV incentives will be distributed to LPs.

But when does this all come together? You may be wondering.

Well, only LPs committing their liquidity to Boosted Positions will be eligible to MAV emissions! It means every emitted MAV will be put to efficient use, rewarding LPs that bring the most value to the protocol.

That’s huge but that’s not all. By owning veMAV, YOU get to decide to which BP MAV incentives should flow to : the more votes it receives, the more MAV emissions its LPs will earn!

There’s a catch though. As we explained in this article:

https://mirror.xyz/roguefinance.eth/HLuM6gCkBVuVoBi16lihKF6NMMieo9Wsm9_e2wiMwgs

veMAV is not transferable. It’s a feature, not a bug : this way lockers show their long-term commitment to the protocol. However, this limits its composability across DeFi and keeps holders from exiting their position should they want to.

In order to give lockers more flexibility, we created rMAV, a veMAV wrapper. It’s simple: for each MAV you lock through Rogue, you’ll be minted 1 rMAV. We take care of locking the underlying MAV forever. And for the maximum duration, so that you can access maximum voting power.

• Transferable: Composability is king in DeFi. As explained above,rMAV tokens can be transferred, hence leveraged elsewhere like in money-markets, liquidity pools…

• Permanent Maximum Voting Power: we lock MAV forever. This rMAVgrants the maximum voting power, with no need for further actions on your side.

• On-Chain Voting Market: on Rogue, sell your rMAV votes to the highest bidder. Protocols can now incentivize rMAV holders to vote for their pools.

• Yield Bearing: But that's not all. When you lock your MAV on Rogue, you also:

  • earn trading fees from Maverick AMM (if turned on)

  • earn Rogue platform incentives

  • are eligible for future veMAV airdrops

  • And there's more on the horizon 👀

• Seamlessly Omni-Chain: Cross-Chain governance is a hot topic right now. The number of protocols opting for a multichain deployment from inception is increasing. Maverick AMM didn’t miss on that task. Rogue follows this path too: rMAV is omni-chain, adhering to LayerZero OFT standard, making governance UX hassle-free and secure. In a world where gas price on Main-net can out-price regular users, you’ll be able to vote, stake and earn across supported chains.

Through Boosted Positions, Maverick introduces a new metric, incentives efficiency: any protocol can now attract liquidity with precision, at a fraction of the cost of what’s currently possible. And by holding veMAV tokens, holders gain the ability to guide MAV incentives, amplifying liquidity where it's most needed. And for more composability and flexibility, we created rMAV: a more efficient ticket to Maverick Governance.

That’s pretty much it. You just got a glimpse of what we’re building on Maverick and why. Don’t worry, there’s a lot more.

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