Yield Farming & LP Incentivisation
Why we’re launching Sylo Staking/Liquidity Mining.
For an overview on Sylo Network Incentivisation, please read our introductory post.
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The purpose of the phase incentivisation initiative — Liquidity Mining (or Yield Farming) as decribed in our incentivisation plan — is to build the foundations of an engaged community whose incentives are aligned with those of the Sylo Network and Sylo Protocol, as we progress on our journey into the decentralised future.
What does an engaged community look like to us?
It means more users of the Sylo Smart Wallet, more developers building on the Sylo Protocol, more people using, buying and holding the Sylo Token, more people becoming Sylo Node operators, and all of these members of the Sylo ecosystem tuning in to connect with us across our online social presence.
The concept behind the Liquidity Pool Incentivisation initiative is to reward long-term liquidity providers who continue to signal their belief in the Sylo vision.
We will be using the uniswapv2 ETH/SYLO and WBTC/SYLO Liquidity Pool tokens as a means to reward liquidity pool providers an incentive to bootstrap protocol liquidity.
The liquidity mining program is ready to go, we are simply waiting on security audits on the two contracts. We are using the additional time to further polish the UI and experience.
The purpose of Sylo Node Staking for Sylo Node operators is to demonstrate their commitment to operating a node.
This mechanism will also allow other users to delegate their stake to your node to increase your node’s weight on the network. The more SYLO staked into your node, the more tickets will be sent your way in exchange for your contribution to the network and the more recognition you and your delegators will receive.
SYLO will be distributed to Sylo Node operators using our probabilistic micropayment layer, with the details of the staking mechanism to be confirmed in Q3.
Incentivisation acts on multiple layers to:
- Test our stake weighting and probabilistic micropayment layer.
- Bootstrap the Sylo Node network.
- Reward Sylo Token and Sylo Node engagement within the community.
- Establish strong community involvement in decentralised Sylo Network infrastructure.
The third stage of Sylo Incentivisation is incentivising Sylo Network services. Nodes being operated to earn rewards will be able to replace the existing non-incentivised service protocols with incentivised services operating on the probabilistic micropayment layer.
This stage will bring further rewards to Sylo Node operators for additional involvement in running core Sylo infrastructure, as well as further decentralising additional services Sylo users rely on.
Expect further details on this stage to be shared in the coming months.
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Do you have any further questions about Sylo Staking, the Sylo Smart Wallet or the Sylo Network?
We would love to hear from you. Send any queries to us now via DM on Twitter or Telegram.
Experience the Sylo Smart Wallet now by downloading from the Google Play or Apple App stores.
For further announcements, follow Sylo on Twitter, Telegram or visit www.sylo.io
