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Users can directly lock their $MET tokens to receive esMET in return. When users decide to lock $MET in exchange for esMET, the amount they receive isn't just a straightforward conversion. Instead, it considers the maximum boost (a fixed value of 4), lock-up duration, and the maximum lockup permitted (2 years/730 days). Notably, unlike some other protocols such as Curve, esMET does not have a decay over time, and will not require relocking to maintain maximum benefits.
To work out how much esMET you will receive, use the following formula:
Boost: MaxBoost * Lockup Duration / Max Lockup
Boosted Balance: Balance * Boost
esMET: $MET Balance + Boost Balance
Suppose a user decides to lock their 1000 $MET tokens for a period of 2 years (730 days). Using the formulas above:
Boost: 4 * 730 / 730 = 4
Boosted Balance: 1000 * 4 = 4000
Total esMET Balance: 1000 + 4000 = 5000 esMET
esMET is designed to be transferable (as an ERC-721 token), enabling users to directly send or receive it. This means that even users without any $MET can hold esMET, whether they receive it from Metronome as an incentivized reward or from another user.