As 2020 ends, let’s take a look back.
It’s hard to believe that only sixty days ago Saffron came into existence, and since then we’ve made some incredible partnerships, made it through four epochs, built up an amazing community, raised over $1m in seed capital, and have started to catch the attention of mainstream news.
Since then we’ve had a lot of newcomers join us, so we think it’s a good idea to familiarize yourselves with our original whitepaper. After all, it’s important to know what you’re investing in!
We recommend all newcomers to make note of the following:
ERC-20 capped at 100,000 SFI.
This means that like other cryptocurrencies such as Bitcoin, there is an eventual hard limit of available SFI out there. There will never be more than 100,000 SFI in existence.
The first epoch will generate 40,000 tokens. SFI token subsidy is halved every epoch, up to and including epoch 7.
Again, in somewhat of a similar comparison to Bitcoin’s halving process, after the end of every epoch (until epoch 8) the amount of the SFI distributed is half of the previous epoch. In simple terms:
Epoch 1: 40,000 total SFI
Epoch 2: 60,000 total SFI
Epoch 3: 70,000 total SFI
Epoch 4: 75,000 total SFI
Epoch 5: 77,500 total SFI
Starting with Epoch 8, the halving discontinues and SFI are steadily released at a rate of 200 tokens per epoch — until we reach the 100,000 cap or a governance vote to change the emission schedule.
A look on Etherscan shows there are a little more than 79,500 SFI in circulation right now despite being on epoch 4. This is because the recent fundraising round is adding supply due to the treasury itself not having been minted yet. These tokens are locked for one year. Around 4500 SFI have been added with another 2,000–3,000 expected to be added soon. These are coming from the team’s 25% and the treasury.
During the earlier days of Saffron — which feels like a lifetime ago at this point — we ran into issues during the end of our first epoch. This “move fast and break things” approach caused us to run into a few hiccups early on, but we also attribute this philosophy to the major success we’ve had since then.
Saffron Epoch 1 Recovery
As most are already aware, Saffron’s Epoch 1 came to an end on November 29th, and instead of withdrawing liquidity from…
In the early hours of 12/7/20, the team airdropped rSFI to the majority of eligible wallets from epoch 1 as compensation for the issue. rSFI can be redeemed for SFI 1:1 on January 24th, 2021 when Epoch 1 SFI becomes unlocked, and with it soon being January we thought it was appropriate to remind our readers of the article.
We hope you all have a safe and sane new year and we’re incredibly excited to start unveiling where Saffron will go in 2021! Don’t forget that we’re holding a video AMA this weekend, so if you’d like to get your questions in you can either use the #ama-submissions Discord channel or use this Google Form to submit them anonymously!
Take care and happy new year!