Please review Disclaimer: Risk of Using Protocol and Terms of Service before using the Yeti Finance and/or interacting with YETI or YUSD. Yeti Finance & YETI/YUSD are not available in the U.S.
$YETI is the Yeti Finance protocol token. In the future, $YETI will transition into a governance token. You can stake $YETI to earn more $YETI and veYETI.
veYETI can be currently used for:
(1) Boosting $YETI rewards for providing YUSD liquidity on Curve
(2) Getting access to special strategies via collateral gating (GLP)
The veYETI model is designed to incentivize users to accumulate and stake $YETI by providing real utility to farmers and protocol users. When you unstake YETI, you lose your veYETI balance, similar to vePTP and veJOE.
Users can begin accumulating veYETI at launch. Users staking at launch can get a head start on accumulating veYETI for its extensive utility implementations.
There is no lock up period
Your veYETI on a utility is equal to the amount of YETI staked on that utility, times your total veYETI, divided by your total Yeti staked in veYETI.
So it is possible to move your accrued veYETI between different utilities without losing it. The only way to actually lose veYETI is if you unstake YETI from veYETI entirely.
No, staked YETI are not used to backstop the Yeti Finance system and are not currently used for governance.