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veSIS
Symbiosis Reward Programs: veSIS is the perfect way to get more out of crypto assets. By staking SIS tokens, users can earn and also have a say in the Symbiosis DAO
veSIS is the perfect way to get more out of your crypto assets. By staking SIS tokens, users can receive rewards, increase APR for providing liquidity to the Symbiosis pools, and most importantly, gain voting power to shape the Symbiosis DAO.
When veSIS holder provides liquidity to a Symbiosis pool, the veSIS holder becomes eligible for additional rewards in SIS tokens paid weekly. For more information on how to add liquidity to a Symbiosis liquidity pool and enjoy additional rewards, please refer to Farming on Octopools
How it's work:
Holders lock their SIS tokens on Ethereum and/or the BNB chain for a desired period of time and receive veSIS tokens in return. Having veSIS tokens, users receive rewards and can vote on proposals on the Symbiosis DAO.
The SIS token is the token of the Symbiosis protocol.
The longer SIS tokens are locked, the more rewards and voting power holders have. Let's consider the following examples:
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
The number of your veSIS tokens will get a little smaller every week as they turn into SIS tokens of rewards. Eventually, at the end of your lock period, you will have 0 veSIS tokens and your locked SIS tokens will be available for withdrawal.
Rewards are distributed once a week, on Thursday at 00:00 UTC.
Rewards are accrued for the full week. For example, if you lock SIS tokens on Friday, the first portion of the rewards for that lock will be available in 13 days, not 6.
Users can claim their rewards in full at any time; there is no vesting period. Locked SIS tokens become available for withdrawal once the chosen lock period is over.
There are two steps on the path to veSIS rewards and voting power:
- 1.Get SIS tokens on Ethereum and/or the BNB chain,
- 2.Get veSIS tokens: stake SIS tokens on Ethereum and/or the BNB chain.
Before you start working with SIS tokens on Ethereum or the BNB chain, you may need to add the token to the token list in your wallet. Below, there is the information you will need to do this:
The exact steps to add a custom token to a wallet depend on the wallet you are using, so please refer to your wallet manual.
To join the veSIS reward program and receive rewards and voting power, you need to lock your SIS tokens first. When you lock SIS tokens, you will receive veSIS tokens in exchange. The more veSIS tokens you have, the more rewards you will receive.
You can lock SIS tokens on Ethereum and/or the BNB chain. If you have locked SIS tokens on Ethereum and the BNB chain, veSIS tokens from both chains will be taken into account when voting.
To lock SIS tokens:
- 1.Navigate to Symbiosis WebApp > Farming Section > the veSIS tab:— Est.APR is an estimated APR value based on the total number of SIS tokens locked at the time of calculation and the reward amount allocated weekly. — Est.Weekly Rewards Pool is an estimated value based on the previous week rewards pool. — veSIS Supply is the total number of veSIS tokens minted to date. — Locked is the total number of locked SIS tokens.
- 2.Connect your wallet.
- 3.Select the blockchain (Ethereum or the BNB chain) where you want to lock your SIS tokens:
- 4.Press the Create Lock button:
- 5.To get SIS tokens, click Get SIS:You will be redirected to the Swap section of Symbiosis WebApp. Once you have SIS tokens, navigate back to Symbiosis WebApp > Farming Section > the veSIS tab, and press the Create Lock button:
Advanced mode:
One year is approximately 52 weeks.
- 6.Enter the number of SIS tokens you are going to lock and choose the duration of the lock (during this period, you will accrue rewards once a week):
- 7.Press Confirm Lock button and check the details of the lock:Important: APR, Weekly Rewards, 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 reward amount allocated weekly.
- 8.If you see the Switch network to Ethereum/BNB button, switch to the network by pressing the button and confirming the action in your connected wallet.
- 9.If you see Approve SIS amount button, approve the token use by pressing the button and approve the transaction in your wallet. As soon as the transaction is executed, the Create Lock button becomes available:
- 10.Press the Create Lock button and confirm the operation in your wallet. Once the transaction is mined, you will get back to the top page, where you will see your lock:Expand More About Your Lock to see details of the lock:
The number of your veSIS tokens will get a little smaller every week as they turn into SIS tokens of rewards. Finally, you will have 0 veSIS tokens by the end of your lock period, and then your locked SIS tokens will become available for withdrawal.
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 reward amount allocated last week.
Done
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You can extend an existing lock and/or add more SIS tokens to an existing lock.
To change existing lock:
- 1.
- 2.Connect your wallet.
- 3.Select the blockchain where you have created your lock:
- 4.If you have a lock, you will see:
- 5.Click the cogwheel icon:
- 6.Here you can manage your lock: add more SIS tokens and/or increase the lock duration:To increase the amount of SIS tokens, enter the number of SIS tokens you want to add to your existing lock, and press the Change Lock button:
To extend the time, enter the amount of time you want to extend your lock, and press the Change Lock button:
- 7.Confirm the transaction in your wallet.
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.
Done
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Rewards are distributed once a week, on Thursday at 00:00 UTC.
Rewards are accrued for the full week. For example, if you lock SIS tokens on Friday, the first portion of the rewards for that lock will be available in 13 days, not 6.
The number of your veSIS tokens will get a little smaller every week as they turn into SIS tokens of rewards. Eventually, at the end of your lock period, you will have 0 veSIS tokens and your locked SIS tokens will be available for withdrawal.
To check and claim your rewards:
- 1.
- 2.Connect your wallet.
- 3.Select the blockchain (Ethereum or the BNB chain) where you have locked SIS tokens:
- 4.If you have a lock and rewards have been , you will see:
- 5.Press the Claim Rewards button, and confirm the transaction in your wallet. Once the transaction is mined, the reward tokens will be sent to your address.
Done
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Once the lock time is over, the SIS tokens can be unlocked.
You should claim rewards first, then you can unlock your SIS tokens.
Octopool and Symbiosis Reward Programs (veSIS on Ethereum/BNB chain, LP Farming on Ethereum/Arbitrum) are integrated with the De.Fi Dashboard. The integration allows you to view your assets deposited in Symbiosis with De.Fi.
How to check:
- 1.Just go to De.Fi, connect your wallet or enter the address you used to deposit assets to veSIS and/or to Symbiosis Octopool, and scroll down to the protocols section:
- 2.Click the protocol name to see details:
Done
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