Saffron Long Term Commitment
Saffron launched the SFI token 5 weeks ago — and since then, the feedback we’ve gotten from the community has been excellent. We’ve been waiting to share with you these updates on how the Saffron team is committed to developing the protocol on a long term basis:
- The Saffron team is currently in the process of raising a round of funding and has found an angel investor to lead the round with an initial investment of $1,000,000.
- We’ve created a 1 year lockup contract for the team’s SFI. This contract will have team SFI added to it as time goes on and is initially seeded with 5,000 SFI from the team’s allocation.
Funding Saffron development
We’re excited to share the news that we’re working with an early DeFi angel investor who is committed to funding Saffron development with seed capital of $1,000,000. The capital will be managed by the Saffron team and used to fund development of the protocol and on-chain governance. The round is still ongoing and we’re in the process of finding strategic partners, angel investors, and venture capital firms to ensure Saffron can remain adequately capitalized and have the right partners on board with our long term vision.
We’re bringing on new partners with a long track record of success and having played a significant role in bringing many of the other ubiquitous DeFi protocols to life over the past several years. Our intention is to position Saffron in the forefront of the DeFi landscape and plant it solidly on the same ground as the other industry leaders.
Long term HODL
Investors in the Saffron funding round will receive their SFI from a portion of the treasury (the treasury currently has 15,000 SFI, see: Introduction to Saffron) and will be legally bound to not sell their SFI for one year. These SFI can only be used for protocol participation (A tranche access, liquidity pools, staking, etc) and as a result should not be considered part of circulating supply. The round is capped at $2 million.
Please note that the maximum supply of SFI is 100,000 and the SFI ERC20 contract code prevents this from be changed or increased in any way.
In addition to raising funds for long term development, we have created a new type of Saffron contract, the HODL contract. The Saffron Team HODL contract will lock team SFI into it for over 1 year and will be seeded with an initial 5,000 SFI from the team allocation. At the end of epoch 3 (approximately one week from now) an additional 5,000 SFI will be added to the Team HODL contract, bringing the total to 10,000 SFI.
- SaffronTeamHodl Contract [etherscan]
Code for these contracts can be verified via the etherscan link above or browsed on our public GitHub https://github.com/saffron-finance/saffron/tree/master/hodl#saffron-hodl-contract
Community participation
The Saffron team invites the rest of the community to share this long term vision. We are working on a long-term HODL contract for anyone to enter into that has rewards, voting enhancement, and a shorter lockup period. The lockup period for the public Saffron HODL contract will have a duration 1–2 months shorter the team’s HODL contract.
Public SFI HODL participants will receive benefits that the team does not. The public HODL contract will reward users with SFI for locking their tokens. It also introduces a new token: the vSFI token. vSFI represent enhanced voting power in Saffron governance. The exact duration of the HODL contract, the SFI reward for participating, and the ratio of vSFI to SFI voting power should be determined by a governance vote. Ideally the SFI reward will be around 1,000 SFI. This enhances voting power of community participants that share the long term vision of the Saffron team.
Have something to add? Let us know what you think by joining one of the community channels below:
Community
Web3 app: https://saffron.finance
Telegram: https://t.me/saffronfinance
Discord: https://discord.gg/pDXpXKY
Twitter: https://twitter.com/saffronfinance_
Github: https://github.com/saffron-finance/saffron
