veSIS is a vote escrow (ve) token of the Symbiosis protocol. Holders lock their SIS tokens for a desired period and get veSIS tokens in return that can be used for getting rewards. The longer veSIS tokens are locked, the more rewards holders have:
1 SIS locked for 4 years = 1.00 veSIS 1 SIS locked for 3 years = 0.75 veSIS 1 SIS locked for 2 years = 0.50 veSIS 1 SIS locked for 1 years = 0.25 veSIS
There are two parties:
- 1.The users who stake SIS tokens, and
- 2.Symbiosis who distributes rewards to these users.
Scheme 1. veSIS
- 1.A user stakes SIS tokens for a while, let’s say for one month or one year. In exchange the user receives veSIS tokens (it’s not LP tokens).
- 2.The user (the holder on veSIS tokens) claims their rewards when the rewards become available or accumulated rewards to save on fees on transactions.
The rewards are accrued weekly, and it’s in SIS tokens. Its amount depends on the size of the user’s stake and the fee amount collected on the liquidity pools owned by Symbiosis.
The staked SIS tokens stay locked on the contract and can be withdrawn once the staked term is over.
Symbiosis owns liquidity pools to implement cross-chain swaps. Any user who adds liquidity to a liquidity pool automatically becomes a liquidity provider and receives rewards for providing liquidity.
Liquidity provider fees are charged for all swaps performed on these liquidity pools. Part of the fees goes to liquidity providers, another part to the owner of the liquidity pools. There is nothing new; it’s how an AMM liquidity pool works. What's interesting is how Symbiosis manages its share of the fees.
Symbiosis distributes its share of the fees amidst the users staked their SIS tokens to the Symbiosis protocol.
- 1.Symbiosis collects its admin rewards from all liquidity pools owned by Symbiosis. It happens weekly, and it consists of two parts:
- 1.Claim fees locally,
- 2.Collect claimed fees from all blockchains supported by Symbiosis.
- 2.Since the liquidity providers’ fees are in the tokens of the liquidity pools, Symbiosis exchanges the collected stablecoins for SIS tokens.
- 3.Symbiosis deposits obtained SIS tokens on the Reward Distributed contract. Its logic allows users to claim the rewards at any time.
- 4.Symbiosis may also add additional SIS tokens to increase rewards for the stakers.
Fees for transactions are deducted from the collected fees.
- 2.If you do not have locked SIS tokens yet (or your wallet is not connected) you will see:Est.APR is an estimated APR value based on the total number of SIS tokens locked at the time of calculation and the amount of rewards allocated weekly. Est.Weekly Rewards Pool is an estimated value based on the previous week revards pool. veSIS Supply is the total number of veSIS tokens minted so far. Locked is the total number of SIS tokens locked.
- 3.Press on the Create Lock button:
- 4.Enter the number of SIS tokens you are going to lock and chose a duration of the lock (during this period you will accrue rewards once a week):
- 5.Press on Confirm Lock button and check the details of the lock:Important: The APR, weekly and total rewards listed for your lock are estimated values. They are calculated based on the total number of SIS tokens locked at the time of calculation and the amount of rewards allocated weekly.
- 6.If you see Switch network to … button, please switch to the network, by pressing on the button and confirming the action in your connected wallet.
- 7.If you see Approve SIS amount button, please approve the token use by pressing on the button and approve the transaction in your wallet. As soon as the transaction is executed, the Create Lock button becomes available:
- 8.Press on the Create Lock button and confirm the operation in your wallet. As soon as the transaction is mined you will get back to the to the top page:Expanding More About Lock you will get more details:
- 2.Click on the gear icon:
- 3.Here you can manage your lock: add more SIS tokens:or change the duration of the lock:
- 2.If you have a lock, you will see:
- 3.Press on the Claim Rewards button, confirm the transaction in your wallet. As soon as the transaction is mined you will get the rewarding tokens:
Once the lock time has ended, the SIS tokens can be unlocked. Please, claim rewards first, then you will be able to unlock SIS tokens.