Saffron Minting and Uniswap Listing
- 40,000 SFI will be minted at 14:00 UTC on 2020–11–15
- The Saffron team is adding $100,000 to the Uniswap SFI/ETH pool
- Saffron introduces a new pool concept, the AMM Liquidity Token Pool, incentivizing users to lock liquidity into the Uniswap SFI/ETH pair
Minting
Saffron’s native token, Spice (SFI), will have its first minting event on November 15th, 2020 at approximately 14:00 UTC. 30,000 SFI tokens will be minted and distributed to Saffron liquidity providers who participated in liquidity mining during epoch 0. Epoch 0 participants can use our web3 app https://app.saffron.finance to redeem SFI and interest earned. 10,000 SFI tokens will be minted to the team multisig contract at the same time.
Core members of the team and community have agreed to add 2,000 SFI and 100 ETH locked into the Uniswap SFI/ETH liquidity pool. This will add approximately $100,000 of liquidity to the Uniswap AMM as soon as the first SFI tokens are minted. If we are successfully able to add liquidity first then SFI will be priced between $20 and $25 per token (depending on the ETH price at the time of listing). The Saffron Deployer address tracked on etherscan.io is holding the funds that will be locked in Uniswap via the Saffron AMM Liquidity Token Pool.
AMM Liquidity Token Pool
Saffron’s epoch 1 introduces a new category of liquidity pool to Saffron: the AMM Liquidity Token Pool. The first AMM Liquidity Token Pool is the Uniswap V2 liquidity provider token pool. This pool locks liquidity into Uniswap for the entire duration of epoch 1 and rewards liquidity providers with SFI.
When providing liquidity to an AMM, LPs get Uniswap V2 liquidity provider tokens in return, representing a proportional share of the pair’s pooled funds. For example: if a user adds liquidity to the SFI/ETH pair and gets 15.8 Uniswap V2 LP tokens in return, of 158 in existence, then that user owns 10% of the entire Uniswap SFI/ETH pool.
It is common for DeFi products to encourage locked liquidity thereby disallowing sudden withdrawal of funds from the pool. Similar to all other Saffron pools the Uniswap V2 liquidity provider token pool will disable liquidity removal until the end of each epoch.
This pool’s participants will receive 3,750 SFI out of the 15,000 SFI minted for liquidity mining rewards at the end of epoch 1. The other 11,250 tokens will be distributed to the Saffron DAI pool liquidity providers.
SFI Token
Here are some quick facts about the distribution of the SFI token:
- The first SFI to exist will be created on November 15th, 2020 at 14:00 UTC. No SFI exist before this time.
- The SFI smart contract address is 0xb753428af26e81097e7fd17f40c88aaa3e04902c
- The total number of SFI to ever exist is 100,000
- SFI are minted at the end of every epoch (2 weeks). The amount minted started at 40,000 in epoch 0 and is halved every epoch.
For more information on the SFI token emission schedule and team allocation please see the SFI token section from the first Saffron Medium article.
Our next Medium article will go further into detail about how SFI will be used in the next epoch, new features the next epoch will have, and how future epochs will make use of the SFI platform token.
Community
All are invited to participate in the Saffron community. Links to our community resources can be found below.
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
