Stratum Exchange uses two tokens to manage its utility and governance:
$STRAT — ERC-20 utility token of the protocol
$veSTRAT — ERC-721 governance token in the form of an NFT (non-fungible token)
$STRAT is used for rewarding liquidity providers through emissions.
$veSTRAT is used for governance. Any $STRAT holder can vote-escrow their tokens and receive a $veSTRAT position (also known as veNFT) in exchange. Additional tokens can be added to the $veSTRAT NFT at any time to increase its voting power.
$STRAT is used as the protocol's native token to reward liquidity providers on the protocol. By earning $STRAT, users have the option to provide liquidity with those $STRAT, trade them, or lock them to $veSTRAT positions to participate in protocol governance.