What is GIGA?
GIGA DEX is the liquidity engine for MegaETH: a decentralized exchange that uses the incentive flywheel introduced by ve(3,3) exchanges, but replaces gauge voting with protocol-controlled emissions.
In classic ve(3,3), veToken holders direct emissions through weekly gauge votes. The intent is that voters send emissions to the most valuable pools. In practice, a large share of the incentive budget flows to the pools that pay the highest bribes rather than the pools that generate the most volume: bribe markets, vote-renting protocols, and aggregators sit between emissions and liquidity, and emissions end up following bribe yield instead of protocol revenue.
GIGA removes the voting layer. Emissions are allocated directly by the protocol, based on one signal: pool revenue.
Every hour, the protocol measures the rolling revenue of each gauged pool and rebalances emissions toward the pools producing the most fees. There are no epochs, no gauge votes, and no bribe markets. Liquidity providers earn continuously, and the incentive budget follows the liquidity that is actually being used.
This also changes what holding veGIGA involves. In classic ve(3,3), earning well means voting every epoch, tracking bribe markets, and rotating votes, or delegating to someone who does. On GIGA there is nothing to vote on: you lock, stake, and earn a share of protocol revenue.
How GIGA Compares
| Traditional DEX | Classic ve(3,3) | GIGA | |
|---|---|---|---|
| Liquidity incentives | Swap fees only | Token emissions | Token emissions |
| Emissions steered by | — | veToken gauge votes | The protocol, following pool revenue |
| Cadence | — | Weekly epochs | Continuous, rebalanced hourly |
| Bribes | — | Buy gauge votes on an open market | Not part of the design |
| Token holder’s job | — | Vote every epoch, track bribes | Lock, stake, earn |
| Supply | No emissions | Ongoing emissions inflation | Fixed 1B, fully minted at genesis |
The Core Pieces
- Unified liquidity layer: stable pools, volatile pools, and concentrated liquidity. See Liquidity.
- Revenue-driven emissions: streamed continuously and rebalanced hourly by the protocol. See Emissions.
- veGIGA: a six-month locked position that earns a share of protocol revenue. See veGIGA.
- GIGA Machine: a protocol-owned veGIGA position that converts its rewards into locked GIGA. See GIGA Machine.
- GIGA Protect: reward forfeiture for just-in-time liquidity in concentrated pools. See GIGA Protect.
- Fixed supply: 1B GIGA minted at genesis, with no further inflation. See Tokenomics.