SIL Finance
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SIL Finance

Incoming DAO vote: SIL’s Next Operation Strategy Vote

The SIL’s next operation strategy will require a DAO vote on Snapshot, the team has prepared two strategies for SIL holders to vote, and we will select the winning option as the next stage of SIL’s operation guidelines. Please get ready to vote on SIL’s snapshot on Binance Smart Chain, the voting event will end at UTC 23:59 December 31, 2021. Currently we support voting with SIL tokens on Binance Smart Chain, OkexChain and Polygon.

The two operational strategies are as follows.

Plan A — SIL will split it’s governance power to a new token — SILD(SIL DAO), and the SIL DAO governance forum will be formally running along with SILD. A LGE(Liquidity Generation Event) will be required to bootstrap the SILD migration. With this strategy, asset stakers in the SIL platform will receive SILD after the migration is done, the SIL token is final and can only be traded on swaps or future exchanges.

Plan B — The current mining rewards on the SIL platform usually have 2 forms. 1st, most farms(typically Pancake farms on BSC) generate SIL for asset stakers, 2nd, some farms give back the underlying farm’s reward to assets stakers in their own tokens(typically CP, JF).

With this strategy, asset stakers in the SIL platform will all receive mining profits in underlying farm’s reward tokens(e.g.: Cake/BUSD stakers will receive Cake as of their mining profits, with auto-compound enabled, the stakers’s principal assets may or may not increase depends on Impermanent Loss situation and mitigation), only SIL/BUSD, SIL/USDT, SIL/USDC farms’ stakers will receive SIL tokens as rewards from SIL team’s buyback program.

FAQ

1.How to vote?

We will snapshot the sil holders address to verify the governance powers. Make sure your wallet address has over 0.1 SIL before the snapshot time. The voting power rate is calculated as 1 SIL to 1 voting power. (All SIL tokens on BSC, OEC and Polygon can participate in this event). SILians can move their SIL assets freely after the snapshot height is passed, and it won’t impact the voting power. Snapshot time will be around DEC 29 10:00 AM UTC 2021, The concrete chain height is not important, the team will open the proposals 10 minutes before the snapshot time.

2.When to vote?

DEC 30 00:00 AM UTC 2021 to DEC 31 23:59 PM UTC 2021

3.Where to vote?

There will be 3 proposals open on vote.sil.finance, each corresponding to BSC, OEC and Polygon.

4.What’s SILD?

SILD(SIL-DAO) is the split governance token originally part of SIL.

5.What’s LGE?

LGE is an event that bootstraps(bonds) SILD liquidity from SIL liquidity, which is providing SIL to the SIL/SILD LP pool.

6.What’s LGE Pool?

LGE Pool is the pool where SIL’s LGE happens; it’s a SILD/SIL pool which is also a farm which produces SILD.

7.Why LGE?

LGE is a secure and innovative model to bridge SIL to SILD and generate SILD’s initial liquidity.

  • LGE will amplify SILD/SIL’s locked value appreciation as either SILD or SIL rises.
  • LGE providers will get a share of 40% of the SIL’s platform earnings through SIL Revenue Pool.
  • Current SIL holders can get the front seat on the LGE Pool.

8.What’s SILD’s tokenomics?
The current proposal is:

  • Total circulation: 30000 SILD
  • 20% of SILD(The SIL-DAO) will be distributed in 2 years in linear fashion (6000 SILD)
  • 10% of SILD will be allocated to the Marketing Share, which is for invitation expenses or any other expenses. (3000 SILD)
  • 70% of SILD will be allocated for all kinds of minting (21000 SILD)

9.How to be part of SIL-DAO?

SILians holding more than 100 SIL in their wallet (the team will check holding randomly by snapshotting on chain, and this mechanism may change overtime), are validated as members of SIL-DAO team, and also share SIL-DAO team’s profit.

10.Do we have any expectations of the SIL and the SILD ecosystem?

a. SIL — Utility and Rights

I. SIL holders have the eligibility to be the receiver of airdrops of SIL’s partner program, and are the potential LP provider and profit gainer for SIL’s partner farms.

II. SIL is the entry ticket for alpha products on the SIL platform, like SIL’s Shadow Farms. (a specific amount of SIL will be locked away when SILians use those alpha products for the first time, and will be returned to SILians while exit clean).

III. Stake into SIL’s Lounge to mint SIL’s partner tokens.

b. SILD — Governances

I. Governance Voting.

II. NFT Badger.

The NFT Badger is awarded to SILians holding minimal required SILD tokens, The NFT Badger will be divided to many classes and calculated by SILD’s holding weight (time * amount).

III. Passive dividends from platform’s profits, every month SIL team will execute a buyback event of SILD using 5% of the platform’s profits of that month.

IV. Incentive of invitation through SIL’s invitation system.

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