[PROPOSAL] Migrate ve model to a VE/X model and Update LP fee distribution to veSBR holders

[c2yptic]

Summary

Saber to migrate its tokenomics to Lifinity's ve model to benefit from its improved design (proposed by Durden @durdenwannabe) and changing the weights for LP fee distribution to a 1:1 ratio between LPs and veSBR holders (proposed by @icebeaver_sol)

VE/X MODEL (@durdenwannabe)

・Fork Lifinity's ve program and modify it to make it seamlessly integrate with the vote market protocol
・Modify the existing ve program by adding an instruction to migrate to the new program
・Create a tool for users to migrate their existing veSBR to the new program
・Integrate the migration tool into one of Saber's existing sites
・Lifinity's code for the site for performing all the ve functions (display balances, locking and unlocking, deposits and withdrawals, conversions between xSBR and veSBR) will be modified to match Saber
・All of the code will be made open source

The changes to veSBR that this migration would entail are:

・veSBR would only begin unlocking when you tell it to, rather than the current model where it is always unlocking and you cannot keep it in a locked state
・veSBR would gradually unlock the SBR it contains, rather than unlock all at once at the very end of the lock period
・Max locked veSBR would be convertible to xSBR – a tokenized and tradeable version of veSBR

The concrete benefits this provides for veSBR holders are:

・You no longer need to keep relocking your SBR to maintain the maximum voting power achievable; it conveniently stays max locked by default
・Instead of brutal unlock periods in which lockers get no access to their SBR even as their veSBR balance gradually decays, your SBR is always either unlocked (i.e. withdrawable) or locked for the full voting power it was initially locked for
・Liquidity for max locked veSBR, which creates a market price for early exits and discounted entries for those looking to compound
・The above benefits are likely to make holders who are currently hesitant to participate in governance more willing to lock their SBR

Budget request for ve/x update:

45,000 USDC

LP FEE DISTRIBUTION TO veSBR (@icebeaver_sol)

Changing the weights for LP fee distribution to a 1:1 ratio between LPs and veSBR holders, setting LP fees to the following parameters given the trading fee:

Total fee = [Fee allocation to LP providers] * 0.5 + [Fee allocation to veSBR holders] * 0.5

After the revamp, the current 0.01% fee applicable to most pools (excluding USDH-USDC) would be as follows: 0.005% attributable to LP Providers, 0.005% attributable to veSBR holders.

Budget request for Saber LP fee distribution

20,000 USDC

Final notes:

This ve/x + fee update project will be led by @durdenwannabe and developers involved is @binyebarwe and @skrrb1

Dev time will be approx 2-3 months.

Total budget request:

65,000 USDC

To be sent to H6SjJMKV2wL19AUYT5SYUq8UGvQ5mnmz7tkjgF2MuXRo