Vesting + TVL requirements
About RE vesting schedules
7% of the $RE token allocation was awarded to those who participated in Season One of Re Points. Claims begin June 18. Users may check claim eligibility and claim allocations on the Re App at https://app.re.xyz/re. Claims will be separated into two categories:
Up to 150 million points
For each user, regardless of total earnings, the segment of the allocation equaling up to 150 million points earned can be claimed immediately.
Beyond 150 million points
For any user who earned more than 150 million points, the segment of the allocation corresponding to the remainder beyond 150 million will be subject to a vesting schedule. The amount of $RE tokens instantly claimable and subject to vest are subject to the following formula:
This means that all users have at least ~10% of their total RE available to claim at TGE, while also ensuring that large claimants have a majority of their RE vested. Example calculations are as follows:
Points
RE claimable at TGE
≤150M
100%
500M
37%
1B
23.5%
10B
11.35%
100B
10.01%
The remaining vested amount is split equally into six tranches, each lasting six months (36 months total), with vesting occurring on the following dates:
Tranche
Vesting Date
Holding Requirement (see below)
1
December 18, 2026
Yes
2
June 18, 2027
Yes
3
December 18, 2027
Yes
4
June 18, 2028
Yes
5
December 18, 2028
No
6
June 18, 2026
No
About Holding Requirements
To unlock the $RE in these tranches, claimants must maintain a level of value in the protocol during tranches 1-4 as defined in the subsequent section. If claimants do not meet these requirements, their allocation will be reduced pro-rata to their completion of the requirements. If there are subsequent tranches, their allocation and requirements will also be reduced for those.
Pro-rating and the cascading cap
When a user reaches less than 100% of the TVL requirement in any of tranches 1-4, then:
That tranche pays out: % of requirement reached × current max payout.
Both the max payout and the holding requirement then adjust to that same percentage of their prior values for all remaining tranches.
Because the new threshold equals what the user actually reached, the bar going forward reflects the pace they have already demonstrated.
For example, let's say a user with a $3,000 TVL requirement reaches only 50% of that number during tranche 1. In that event:
They would receive only 50% of tranche 1's payout.
The threshold for tranche 2 would be lowered to match that percentage (it would become 50% of tranche 2's original TVL requirement).
Tranche 2's maximum payout would commensurately decline (to 50% of tranche 1's original maximum).
The threshold and maximum payout for tranche 2 would become the new standard for tranches 3 and 4.
How TVL Requirements are Calculated
To ensure long-term alignment of claimants with Re Protocol, TVL requirements are in place for vested claimants. The requirements are designed to be as fair as possible for all types of Season 1 participants, from users who invested heavily into YTs to users who just held reUSD/reUSDe. To make sure that users are able to meet their TVL requirements, we calculated requirements as an average over the whole of Season 1. The calculation adds up a user's USD balance for each day of the season and divides by 301, the total number of days in Season 1.
Users are evaluated here not from the first day they deposited, but the first day of Season 1; if a user deposited after the season began, the balance for each of the intervening days is counted as zero. This is to ensure that a user who deposited a large amount of capital in the final days of Season 1 is not required to hold large amounts of capital for a relatively small allocation.
TVL requirements are measured in USD terms, and all balances are measured as such. There are no special rules for Pendle PT and YT tokens, these are valued at market price (calculated through a time weighted average to avoid market manipulation). If claimants wish to do so, they may leverage their holdings through lending platforms such as Morpho and Fluid, in which case collateral will be counted at notional value.
Calculation of Tranche Average
The same formula will be used to calculate a claimant’s average TVL throughout a tranche, only substituting the duration of Season 1 with the duration of each tranche. The calculation is intended to be a running average, and it will change according to the time elapsed in the tranche and, of course, if a claimant changes their TVL.
Grace Period
For tranche 1, claimants are afforded a grace period of 10 days. In this grace period, claimants are permitted to hold less value than their requirements would suggest, without incurring any penalty. However, claimants who wish to begin their holding requirements during this grace period may also do so, in which case their requirements remain as normal. The grace period only applied to the first 10 days of tranche #1.
TVL Cap
Claimants may want to hold more or less than their average TVL requirement during each tranche. This will not diminish a claimant’s allocation as long as their average falls above or equal to their requirements, though there are certain measures in place to make sure claimants cannot fulfill their requirements by depositing a large amount of TVL during a short period of the tranche. A claimant’s TVL will count towards their average requirement up to 2.5x their required average.
Disputes
If your TVL has not been calculated correctly for a day, or if your requirements seem too high, please contact tokenclaims@re.xyz.
For educational and informational purposes only. Nothing on this Site is investment, financial, legal, or tax advice, or an offer, solicitation, or recommendation to buy, sell, or hold any digital asset, including reUSD and reUSDe. Yields are not guaranteed and all figures are illustrative, not a promise of return; past performance is not a reliable indicator of future results. Digital assets involve significant risk, including total loss of principal — the Tokens are not bank deposits and are not insured by any government agency. The Tokens are available only to eligible non-U.S. persons in permitted jurisdictions and are subject to KYC/AML requirements. The binding terms of the applicable agreements govern and prevail over this summary. See our full Disclosures for important additional information.
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