SIL 2.0 Update Coming Soon
SIL 2.0, to be a new paradigm of DeFi 2.0. We are so pleased to announce that SIL will start her 2.0 process. Meanwhile, we will issue the events about the end of minting of SIL token. Next milestone, incoming DAO vote the schedule of the pace period as follows:
The End of Minting(EOM) of SIL Token
At 16:00, March 18, 2021, SIL launched on Ethereum, then covered Binance Smart Chain, then OkexChain and Polygon. After all these, now it’s time for SIL to reach its maximum circulation (30000 SIL of all chains). At UTC 19:28, December 22, 2021, the SIL minting will end.
Note: the SIL emission speed since TGE (Token Generation Events) is non-linear since chain migration events and other operation events.
The EOM event means a new future is opened for the SIL platform. The SIL team has recently stopped expanding to more chains, but is busy developing SIL 2.0 new features to enrich it’s DeFi 2.0 missions.
SIL product suite V2 will include:
- Invitation system, you can share your own invitation link to your friends, and you will get more rewards.
- Launching the classic LP mining interface, covering standard mining scenarios.
- Launching 1-on-1 exact-matching of SIL’s group-mining farms, w/wo centralized services(if the team can’t fully opts out centralized services, the centralized service will be running along zk-SNARK proofs to make sure no one can be evil), in order to create standalone sessions between user’s each paired assets, so every newcomer of SIL’s group-mining farms won’t be enforce to share the group’s Impermanent Loss on entry as of now.
- Launching SIL’s Shadow Farm. This feature is the next big creation of the SIL team, the team has never discovered any similar protocol has made it on UniV2 protocol (but one some on UniV3, if you have discovered similar alternatives, please let us know). The product will target mainstream tokens (Top 10 coins other than stablecoins on coinmarketcap) in simple LP Farming UI interface, but with much higher APR/APY then the LP farms that we have seen on the market as of now. The underlying strategy implementation of SIL’s Shadow Farm can be switched at runtime, the first implementation will be Volatility Arbitraging.
Incoming DAO vote: SIL’s Next Operation Strategy Vote
The SIL’s next operation strategy will requires a DAO vote on snapshot, the team has prepared two strategy for SIL holders to vote, the team 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 Ethereum, Binance Smart Chain, OkexChain, Polygon).
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.
The Pace Period
We will end the mining pool of Polygon,OEC and BSC in turn. It will update from 4:00 PM UTC, 12/21, which will last for about 1~2 hours. Polygon &OEC will end at about 5:00 PM UTC. BSC will end at about 7:00 PM UTC.
After SIL mining ends and before new operation strategy is deployed, the SIL team will continue it’s buyback program and refill SIL Master contract to SIL/BUSD, SIL/USDT and SIL/USDC pool with buyback SIL tokens. Current assets stakers on SIL platform need to do nothing to go through this period.
It should be noted that during this period, SILians that stake assets on non SIL related farms(SIL/BUSD, SIL/USDT and SIL/USDC) will work under Auto-Compound strategy, earned tokens are harvested, sold for more A/B assets which is deposited back into the farms, so SILians should have more principal tokens compared to entry(regarding Impermanent Loss Mitigation strategy take effects over time, there may have moments where Impermanent Loss Mitigation strategy can’t cover all the user’s IL losses, it’s normal and it’s how SIL works, user only need to stake one side of token and bear it’s own Impermanent Loss), and SIL tokens will not be emitted in other mining pools.
SIL-DAO’s Why LGE ?
LGE is a solid and innovative model to generate initial liquidity.
- LGE provided an initial liquidity translation from SIL to SILD.
- Only LGE participants can get SILD token at the moment of SILD/BUSD launch.
- LGE participants shall be rewarded with Liquidity Mining reward(SILD/BUSD for example), plus 40% share of the SIL Revenue Pool’s earnings.
- The source of Revenue Pool comes from a percentage of all aspects of SIL platform profits.
How to be a member of SIL-DAO?
Hold a specific amount of SIL to be a potential SIL-DAO member, the details will coming soon.
The SIL Bootstrap team