ECRV holders can vote lock their ECRV into the eCurve DAO to receive veECRV. The longer they lock for, the more veECRV they receive. Vote locking allows you to vote in governance, boost your ECRV rewards and receive trading fees.
When vote locking ECRV, you will also earn a boost on your provided liquidity of up to 2.5x. The goal is to incentivize users to participate in governance by rewarding them with a bigger share of the daily ECRV inflation.
veECRV stands for voting escrow ECRV. They are your ECRV locked for voting. The longer you lock your ECRV for, the more voting power you have (and the bigger boost you can reach). E.g. You can vote lock 1,000 ECRV for a year to have a 250 veECRV weight. Each ECRV locked for four years is equal to 1 veECRV.
The number of veECRV you will receive depends on how long you lock your ECRV for. The minimum locking time is one week and the maximum locking time is four years.