veSIS
Introducing veSIS
veSIS provides an excellent opportunity to maximize the benefits of crypto assets. By staking SIS tokens, the token of the Symbiosis protocol, for a chosen period, users receive veSIS tokens, unlocking a range of exclusive benefits, including:
Voting power in the Symbiosis DAO For more information, refer to Governing Symbiosis
Cross-chain fees reductions Enjoy up to 60% reductions on cross-chain fees. For more information, refer to this article
Rewards for staking SIS tokens For more information, continue reading this document
How it works
Users can stake SIS tokens in Symbiosis smart contracts on the following chains: Ethereum, BNB Chain, zkSync EVM, and Linea. The longer the SIS tokens are locked, the greater the rewards and voting power for the holders. 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
Rewards in SIS tokens are distributed weekly, on Thursday at 00:00 UTC.
Rewards are accrued for the full week; for example, if you lock SIS tokens on a Friday, the first portion of rewards for that lock will be available in 13 days, not 6.
The number of veSIS tokens gradually decreases until, by the end of the lock period, there are 0 veSIS tokens, and the locked SIS tokens become available for withdrawal.
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.
Weekly Rewards Calculation Example
Given:
Total Locked SIS: 100,000
Total veSIS issued: 1,000
Personal:
Your Locked SIS: 500
Your veSIS: 100
Assumption:
APR: 10%, which translates to a weekly rate of approximately 0.192% (since 1 year approximately contains 52 weeks).
Rewards Calculation:
Total Rewards for All Holders:
Total Rewards = 100,000 × 0.00192 = 192 SIS
Rewards per veSIS:
Rewards per veSIS = 192 / 1,000 = 0.192 SIS
Your Share:
Your Rewards = 100 × 0.192 = 19.2 SIS
Thus, with 100 veSIS, you would receive 19.2 SIS as your reward for the week.
User Guide
There are two steps on the path to veSIS rewards, voting power, and other benefits:
Getting SIS Tokens: Obtain SIS tokens on Ethereum, the BNB Chain, zkSync Era, and/or Linea. For information about how to add SIS token to you wallet and obtain SIS tokens, please refer to SIS Token Guide
Staking SIS Tokens: Get veSIS tokens by staking SIS tokens on Ethereum, the BNB Chain, zkSync Era, or Linea. Users can stake SIS tokens on multiple networks simultaneously to maximize their benefits.
Joining the veSIS Program
To join the veSIS reward program and receive rewards, discounts, 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 and voting power you will receive.
You can lock SIS tokens on Ethereum, BNB chain and zkSync Era. If you have SIS tokens locked on more than one chain, the SIS tokens of all chains will be taken into account for voting and discounts.
To lock SIS tokens:
Connect your wallet.
Select the blockchain (Ethereum, BNB chain, zkSync Era, or Linea) where you want to lock your SIS tokens.
If you don't have SIS tokens click Get SIS. You will be redirected to the Swap section of Symbiosis WebApp. Once you have SIS tokens, navigate back to https://rewards.symbiosis.finance/vesis/mainnet
Enter the number of SIS tokens you are going to lock, choose the duration of the lock (during this period, you will accrue rewards once a week, where 52 weeks are approximately 1 year), and press the Confirm lock button
If you see the Switch network to Ethereum/BNB/zkSync Era/Linea button, switch to the network by pressing the button and confirming the action in your connected wallet.
If you see Approve SIS amount button, approve the token use by pressing the button and approve the transaction in your wallet:.
Press the Create Lock button 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.
Once the transaction of the lock creation is mined, you will return to the top page, where you will see your lock. Expand More About Your Lock to see details of the lock.
The number of veSIS tokens gradually decreases until, by the end of the lock period, there are 0 veSIS tokens, and the locked SIS tokens become available for withdrawal.
Note: 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.
Managing Your Lock
You can extend an existing lock and/or add more SIS tokens to an existing lock.
To change existing lock:
Connect your wallet.
Select the blockchain where you have created your lock.
If you have a lock, you will see:
Click the cogwheel icon:
Here you can manage your lock: add more SIS tokens and/or increase the lock duration:
Amount: 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:
Time: To extend the time, enter the amount of time you want to extend your lock, and press the Change Lock button:
Important: The lock duration and add more SIS tokens cannot be done in a single operation.
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.
Checking and Claiming Rewards
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 veSIS tokens gradually decreases until, by the end of the lock period, there are 0 veSIS tokens, and the locked SIS tokens become available for withdrawal.
The time depth of rewards information to be displayed is 50 weeks (approximately one year).
To check and claim your rewards:
Connect your wallet.
Select the blockchain where you have locked SIS tokens.
If you have a lock you will see
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. Important: Due to the complexity of the smart contract, there is a maximum time depth of 50 weeks (approximately one year) for claiming rewards. If you haven't claimed rewards for more than 50 weeks, you will need to do so multiple times.
Withdrawing SIS tokens
Once the lock time is over, the SIS tokens can be unlocked.
Please claim rewards first, then you can withdraw your SIS tokens.
Important: Due to the complexity of the smart contract, there is a maximum time depth of 50 weeks (approximately one year) for claiming rewards. If you haven't claimed rewards for more than 50 weeks, you will need to do so multiple times.
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