Sirwin
Sirwin

Supercharging $SIS: Let There be veSIS


You probably know that we have SIS token in our ecosystem. And we decided to explain what utility our token has and why it is valuable for the owners.

Token Utility 101

Tokens’ utility is the cornerstone of Web3 economy.

While cryptocurrencies are used more as real money — tokens with utility can be considered more as assets. Utility tokens serve a specific utility and typically have a comprehensive functionality within a protocol, platform, or app.

The Original $SIS

The SIS token is designed as a governance token of the Symbiosis ecosystem. The SIS token is used for staking to run a node in the relayers’ network and as a reward for our users.

It is deployed on Ethereum and used for:

  • Staking to run a node in the relayers’ network.
  • Governing the Symbiosis DAO (work in progress).

We have always been contemplating about more utility towards $SIS like swap fee reduction, rebates to wallets and so on. And here’s a long awaited SIS upgrade that we believe you’ll enjoy.

Lock, Stock and Vote-Escrowed $SIS

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veSIS stands for vote-escrowed SIS. In a nutshell, it’s all about period lock of SIS you have at your possession — of course incentivized with a reward. The longer you stake your SIS, the more increased rewards you will get in the future on LP liquidity pools. In exchange, the user receives veSIS tokens.

That said, single sided $SIS staking has arrived! 💥

The number of veSIS you will receive depends 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 The staked SIS tokens stay locked on the contract and can be withdrawn once the staked term is over.

In a nutshell, you can get rewards which are passive income — while you stake SIS tokens.

If you still don’t have any SIS locked — you can easily fix it. Just go to the Symbiosis WebApp → Farming, select the veSIS tab and then Create Lock — set the amount, lock duration, and other details.

Important: veSIS is currently in BNB Chain Testnet mode to tailor it for the final launch, collect feedback from our community and so on. The launch is planned for August 2022.

Important 2.0: your activity in testing veSIS will be rewarded ;)
Go test the waters and get a chance to win a prize 

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Symbiosis Finance
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A decentralized multi-chain liquidity enabler. Symbiosis aggregates liquidity across all EVM-compatible blockchains. Swap between any chain with low slippage.


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