> For the complete documentation index, see [llms.txt](https://re0-2.gitbook.io/re-docs-v2/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://re0-2.gitbook.io/re-docs-v2/documentation/protocol/season-1-re-vests.md).

# Season 1 RE vests

Users with ≥150,000,000 points in season 1 are required to undergo a 3 year vest (of which 2 years are subject to TVL requirements) for a portion of their holdings. This document outlines how these requirements and vests are defined.

### Vesting

The amount of RE tokens instantly claimable and subject to vest are subject to the following formula:

$$
\text{Points to RE Conversion Rate} = (135,000,000 + \text{Total Points} \times 0.1)
$$

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%              |

Vesting is split equally into 6 tranches, each lasting 6 months (3 years/36 months total). To unlock the RE in these tranches, claimants must maintain a level of value in the protocol 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.

### TVL Requirements

To ensure long-term alignment of claimants with the 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 farmers, from users who invested heavily into YTs, to users who just held reUSD/e.

To make sure that users are able to meet their TVL requirements, we calculated requirements as an average over the whole of season 1. This is implemented with the following formula:

$$
\text{Required TVL} = \frac{\sum\limits\_{n=1}^{301}{\text{Balance}(day=n)}}{301}
$$

A constant of 301 is used here, as that was the total duration of season 1 points. Users are evaluated here not from the first day they deposited, but the first day of season 1. 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.

#### Average Calculation

The same above 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 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 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.

#### Points

TVL requirements do not impact points production.

### Disputes

If your TVL has not been calculated correctly for a day, or your requirements seem too high, contact <tokenclaims@re.xyz>.