Coming soon: Sylo Social DeFi
The yield feature coming to a Sylo Smart Wallet near you.
Anyone with half an eye on the cryptosphere can attest that DeFi — or decentralised finance — is hot right now. Here in August 2020, according to DeFi Pulse, the amount of money presently locked into various DeFi services is over $6.8 billion.
DeFi, which is built on crypto platforms, is centred around providing a yield in exchange for holding a digital asset.
The clear demand in the market coupled with the meteoric success of projects like Compound, Yearn Finance, Chainlink, OMG, and Tezos, all with a focus on DeFi, begs the question — What is Sylo building and how does it relate?
Introducing, Sylo Social DeFi…
Social DeFi in the Sylo Smart Wallet will allow content creators and group contributors to earn in exchange for providing valuable content that people are wanting to see. This is in stark contrast to the social platforms of today, where the only party that profits from your content is the platform provider itself.
Social DeFi will enable the creation or access to private groups in the Sylo Smart Wallet, which are unlocked by built-in wallet staking.
As a group creator you will then be able to earn a yield on the total SYLO staked against your group by its members, and to control your yield settings and staking requirements.
Key added benefits of Social DeFi on Sylo are:
- Housed within the Sylo Smart Wallet app, groups are completely private, end-to-end encrypted and built on the decentralised Sylo Network. There is no middleman, no ‘big brother’ and no big company selling user data.
- Group video or voice call broadcasting will be available within your private group.
- You’ll be able to share photos, videos and other files, all with end-to-end encryption too.
- You’ll be able to allow group members to tip people in your group that provide valuable content.
Customisable options of Social DeFi on Sylo:
- The ‘Stake requirement’
= You’ll be able to choose the initial Stake required of participants to join your group.
2. Every group has a ‘Yield’
= This will be the amount that the group creator earns per month. The ‘Yield’ is paid by members, and is a fixed percentage automatically deducted from the amount the member has staked. Participants that have been in the group longer will therefore get the benefit of it being cheaper.
3. The ‘Cooldown period’
= This will be the time it takes for a member’s remaining tokens to be returned if they want to leave the group. This function will stop people being able to exploit the system and access your private group without contributing.
4. ‘In-group tipping’
= Tipping will also be able to happen within the context of the group. For example, if you add value to the group, you can be rewarded for your contributions by the group creator or other group members as a ‘Thank you!’ :)
5. ‘Tipping percentage’
= This will be the cut of tips that go to the group creator, like a kickback.
6. ‘Referral rewards’
= You’ll be able to choose to reward and grow your audience with rewards and adjust them as you please.
For example, the first XXX people to join your group earn XX% of the first XXX tokens staked.
What this means for the Sylo Token…
As well as a great initiative for content creators and their audiences, Social DeFi on Sylo is positive for the Sylo Token (SYLO). Here’s a quick look at the details:
- All staking and payouts of Social DeFi will be in the Sylo Token.
- As more people join groups and stake SYLO, the supply of SYLO is constricted.
- Groups will be displayed publicly in a group directory in the Sylo Smart Wallet app, ordered by highest stake amounts.
Stay on the lookout for more about Sylo Social DeFi coming soon…
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What do you think about it? We’d love to hear from you — let us know here or in the comments on Twitter how you plan to use this new feature.
Experience the Sylo Smart Wallet now by downloading from the Google Play or Apple App stores.
For further announcements, join Sylo on Twitter, Telegram or visit www.sylo.io
