Catching Lightning in a Bottle: Meet the veSIS Mainnet and veRaffle!
Catching Lightning in a Bottle: Meet the veSIS Mainnet and veRaffle!
We’re thrilled to announce the launch of veSIS mainnet.
We wanted to make it special for our community and invite you to join veRaffle!
The idea is simple: you will get rewards for locking SIS tokens — don’t miss an opportunity to get your rewards! Find the details below;)
Also we’d like to thank all of our veSIS testnet early users and grant them some SIS. The details were provided in a separate post on Twitter.
All aboard the veSIS train!
What is veSIS?
veSIS stands for vote-escrowed SIS. We are constantly working on the various utility cases of our token. SIS was used mostly by liquidity providers and node runners and now you can get passive income and increase it gradually just by locking SIS tokens!
To get veSIS, you need to lock some original $SIS on a special contract for a period from 1 month to 4 years.
The veSIS locking reward is paid in $SIS, which comes from buyback fees on cross-chain transfers made through the Symbiosis protocol.
The number of rewards is calculated every epoch that lasts 1 week. The user can only claim full epoch rewards, they must stake SIS before the start of the epoch in which the distribution will take place. The first epoch started on Thursday, September 1st 2022.
The utility raison d’etre for veSIS is to boost rewards that liquidity providers receive for pouring the pools.
The veSIS Distribution Plan
The longer you lock tokens the higher reward will you get in the future on LP liquidity pools. In exchange, the user receives veSIS tokens.
The rewards depend on the size of your stake and the fee amount collected on the liquidity pools owned by Symbiosis. The rewards are accrued weekly. The staked SIS tokens stay locked on the contract and can be withdrawn once the staked term is over.
The veRaffle Contest Details
Here is the information for those who are ready to earn some SIS tokens.
Duration of the contest: 2 weeks (05.09–18.09)
Winner categories:
- 50 winners in category “up to 1000 SIS” — reward of 50 SIS to each winner
- 25 winners in category “up to 2000 SIS” — reward of 200 SIS to each winner
- 10 winners in category “up to 5000 SIS” — reward of 650 SIS to each winner
- 4 winners in category “up to 10000 SIS” — reward of 1500 SIS to each winner
- There can be only one winner in the category “from 10000 SIS to 50000 SIS ” — jackpot prize of 10.000 SIS
The winners are the ones who locked the most amount in the category.
To determine the category — the lock amount is rounded down — i.e if you have 2000,99 SIS it will be rounded to 2000,00 which means you will be in the “up to 2000 SIS” category.
How to veRaffle
To participate in the mainnet launch contest please follow the steps described here:
- Go to our App
- To participate in the contest you have to lock min 100 SIS for at least 1 year (here is an instruction on how to do it)
- Your lock should be valid by the end of the contest on 18.09 5 am UTC time
We will announce the winners on 19.09 and all of the rewards will be distributed within 24h from the moment of announcement. All of the rewards will be sent to the addresses on which the locks were created.
How else can you participate?
But that’s not all! We’ve decided to multiply your chances of winning — repost our tweet about Mainnet launch + tag 3 of your friends in the comments.
The prize pool is 5 000 SIS and the winners will be chosen randomly.
By the end of this contest we will write a list of winners and will ask them to contact us in DMs.
veSIS anticipates the uprise launch of Symbiosis v.2, which is planned for Q4 2022. The second version of the protocol will include a managing network, first-in-class capital-efficient stablecoin pools, enhanced relayers network and more.
All in all, Symbiosis v.2 aimed at further boosting TVL, transaction volume / protocol capacity and as a result increased rewards for veSIS holders. Fair enough!
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