The second installment of our SSGT Deep Dive Series explores the SafeSwap Governance Token’s Airdrops and related Bonuses
Last Friday, we released the first installment of our SafeSwap token (SSGT) deep dive series which examined SSGT’s tokenomics and pre-sale.
SSGT is important to the growth and adoption of our SafeSwap DEX, as well as our DeFi ecosystem overall, so it is vital that the token is used widely by our various sets of token holders.
This week, we’re excited to bring you the second installment of our four-part deep dive series that outlines the upcoming SSGT airdrops and related bonuses. This article will cover the following:
- The SSGT airdrop to all YF-DAI holders
- Future SSGT rewards for SafeSwap users
- Future SSGT rewards for top token holders of key SafeSwap projects
SSGT Airdrop for YF-DAI Holders/Stakers/Farmers
The SSGT airdrop for all YF-DAI holders, stakers, and farmers will occur monthly over a 6-month period with a monthly vesting schedule. The more YF-DAI you have, the more SSGT you will be able to claim in the airdrop!
Also, there is no minimum YF-DAI amount that needs to be held, staked, or farmed.
Key Dates for Airdrop Eligibility:
- Anyone that is holding, staking, or farming YF-DAI before Tuesday, March 9th (date of snapshot #1) is considered to be a long-standing holder and will be rewarded SSGT according to the chart below.
- Anyone acquiring YF-DAI between March 9th and Tuesday, March 16th, will be considered to be a new YFDAI token holder and will be rewarded SSGT according to the chart below.
- Anyone acquiring YF-DAI after March 16th, (date of snapshot #2), will not qualify for the airdrop. So get your YF-DAI before March 16th to qualify for the airdrop!
Vesting and Claim Schedule: Following, subsequent snapshots will take place every calendar month for 6 months from March 16th. The airdrop distribution is monthly in arrears after the SSGT listing.
10% of the total SSGT token supply (21 million SSGT tokens total) are reserved for this airdrop. 16.67% of this airdrop will be released on a monthly basis (over the 6-month vesting schedule).
Eligibility for SSGT Airdrop based on 1 YF-DAI (ratio):
New YF-DAI Holders: The airdrop to new YF-DAI holders (not staking or farming) who purchase between March 9th and March 16th, (prior to snapshot #2), will be based on the following ratio:
1 YF-DAI = 1100 SSGT
New YF-DAI Stakers / Farmers: The airdrop to new YF-DAI stakers or farmers who purchase between March 9th and March 16th will be based on the following ratio:
1 YF-DAI = 1150 SSGT
Long-Standing Existing YF-DAI Holders: The airdrop to YF-DAI holders not staking or farming who purchase before March 9th and prior to the initial snapshot will be based on the following ratio:
1 YF-DAI= 1250 SSGT
Long-Standing Existing YF-DAI Stakers / Farmers: To reward long-term YF-DAI supporters staking or farming their tokens before March 9th will receive an airdrop based on the following ratio:
1 YF-DAI = 1350 SSGT
Snapshot Cadence, Permissions and Restrictions: Snapshots will be taken monthly and any additional YF-DAI staked, farmed, or added to a token holder’s wallet will be included for the claimable airdrop for that month (based on the ratios above).
Unclaimed SSGT after the 6-month distribution period will be added to the staking pool.
Any wallet reducing the number of YF-DAI tokens they hold in the staking or farming contracts will lose any bonus tokens for all further distributions (over the 6-month period) and will revert to (a) either 1150 tokens or 1100 tokens per YF-DAI (new YF-DAI holders/stakers/farmers), or (b) 1350 tokens or 1250 tokens per YF-DAI (long-standing YF-DAI holders/stakers/farmers), see graphic above.
There is no penalty for selling claimed rewards from staking/farming.
Airdrop Example - Existing YF-DAI Holder: If you purchased 2 YF-DAI before March 9th and just held it without changing your wallet balance, you would be eligible for a 2500 SSGT airdrop. The 2500 SSGT will be distributed over a 6-month vesting schedule, or 2500 SSGT/6 months = 416.6667 tokens per month.
Voting Eligibility Requirement: The amount of SSGT required to vote and receive the voting NFTs will be 2500 SSGT (equivalent to holding 2 YF-DAI).
SSGT Loyalty Bonus #1 (YF-DAI Stakers/Farmers)
YF-DAI Stakers/Farmers that do not reduce the amount of YF-DAI in each pool between each SSGT distribution will receive a bonus amount of 10% of their total SSGT airdrop as long as the following criteria have been met:
- Have not sold or transferred your staking or farming tokens (claiming and re-staking your rewards will not affect your bonus eligibility).
- Have not removed LP tokens from the farms (3–30–60–90 day farms).
- Have not un-staked any amount of YF-DAI.
For those that have met the above criteria, please note that any additional tokens acquired between the snapshots will be counted towards the SSGT airdrops and the bonuses.
Bonus Tokens Distribution: Bonus tokens will be distributed after the end of the initial 6-month distribution on a monthly basis over an additional 90 days (3 months). During these last 90 days, token holders can pull out their funds and still get the bonus distributed to them.
SSGT Loyalty Bonus #2 (SSGT Token Holders)
SSGT holders that do not reduce the amount of SSGT held in wallets (not staking or farming and not on exchanges) between each SSGT distribution will receive a bonus amount of 5% of their SSGT airdrop as long as the following criteria have been met:
- Have not sold SSGT or moved your tokens to another wallet or lowered the balance in any way.
Unclaimed, pending SSGT rewards will not be counted towards the following month’s bonus.
Bonus tokens Distribution: Identical to ‘Loyalty Bonus #1’, bonus tokens will be distributed after the end of the initial 6-month distribution on a monthly basis over an additional 90 days (3 months). During these last 90 days, token holders can pull out their funds and still get the bonus distributed to them.
SSGT Loyalty Bonus #3 (Last-man Standing)
For those token holders that complete bonus levels #1 and #2, will receive a SSGT last-man standing NFT. Its sole utility will provide a pro-rata share of a $100,000 prize pool paid out in YF-DAI following the initial 6-month distribution period with no lockup or extended distribution period. YF-DAI tokens will be provided from the marketing budget, per the transparency report.
Future Claimable SSGT Rewards
(1) SSGT Rewards for SafeSwap Users
In order to promote trading activity and liquidity on SafeSwap, starting in April 2021, we will be offering SSGT rewards to SafeSwap users.
There will be future rewards of SSGT to users of SafeSwap totaling 21 million SSGT tokens (10% of total SSGT supply). These SSGT rewards will be claimable monthly over a 6-month period and will be awarded based on the amount of YF-DAI held and committed to the project. This will encourage users to not only use SafeSwap, but also to acquire YF-DAI which will in essence reimburse users for their gas fees when using the SafeSwap DEX.
How to Qualify: To qualify for the SSGT rewards, you will be required to have:
- Traded on the SafeSwap exchange
- Made at least four transactions per month
Further details, including required timescale, will be announced at a later date.
SSGT Multiplier Tiers for Stakers/Farmer: Those that have staked or farmed YF-DAI will receive a SSGT bonus in-line with our standard multipliers, per below. Further details on conditions that need to be met will be announced prior to the first SSGT reward for SafeSwap users.
SafeSwap Longevity Bonus: Any users that do not sell the initial SSGT airdrop (that all YF-DAI holders, stakers, and farmers will receive) will qualify for a 10% SSGT rewards bonus on top of the aggregate of the first SafeSwap reward and the second SafeSwap reward. This ‘longevity’ bonus will be claimable immediately after the second SafeSwap reward.
More details and examples to be provided in future announcements.
(2) SSGT Rewards for Top Token Holders of SafeSwap Projects
To grow our community, DeFi ecosystem, and user base overall, YFDAI will partner with key projects to list on SafeSwap.
With each project that is listed on SafeSwap, we will at the same time enter into a joint marketing agreement that will also result in the project receiving a vault. Token holders of key SafeSwap projects will be able to provide liquidity on SafeSwap of the projects’ native token, farm the LP token in the vault, and will be rewarded SSGT as a result.
Attracting Top Projects to SafeSwap: The YFDAI community, core leaders, and partners will be heavily involved in the recruiting and marketing efforts to list top projects on SafeSwap, bringing us more users and traders in the process while amplifying our reputation of being a leader in the DeFi industry by carefully hand-selecting only the best projects to list.
Marketing efforts will include running “listing competitions” and other efforts with our community and the hopeful, to-be-listed projects themselves. We will also involve the influencer community to make recommendations of top projects to list on SafeSwap.
Vesting and Claim Schedule: 10% of the total SSGT token supply, or 21 million SSGT tokens, are reserved for this claimable airdrop. SSGT airdrops to top token holders of key projects will have a 6-month distribution schedule, equally weighted, with a one-month lock period from the time that a SafeSwap-listed project is nominated for this SSGT reward.
Liquidity Providers Rewards: SafeSwap aims to provide liquidity providers with the highest returns in the industry. With that, liquidity providers will be awarded with:
- Eligibility to receive a share of the SSGT rewards pool
- Opportunity to receive a NFT providing income streams from other YFDAI services (SafeSwap trading fees, advertising fees, borrowing and lending, and more)
- A pro-rata share of a pool of YF-DAI
Details on rewards and examples to be provided in future announcements. (Please note that the NFT profit share rewards are taken from those previously designated to the development fund and not from current rewards allocated to YFDAI Stakers/Farmers).
Bonuses: There will be SSGT bonuses that are similar to those outlined with our initial SSGT airdrop above. They will be detailed in a future announcement.
YFDAI is committed to bringing our community with the most rewards, bonuses, and opportunity of any project in DeFi to date! As we speed to the top of the industry, we will continue to differentiate ourselves while always holding true to our transparency and security ethos.
In the third installment of our SSGT deep dive, we will be examining NFT rewards for liquidity providers, SSGT utilities, and governance.
Governance — https://governance.yfdai.finance
Telegram Governance — https://t.me/joinchat/TjNNP9ipD9ObYLUU
Farming — https://farm.yfdai.finance
Staking — https://stake.yfdai.finance
Website — https://yfdai.finance
Telegram Community — https://t.me/yfdaifinance
Telegram Announcements — https://t.me/yfdai
Discord — https://discord.gg/S3GRXRC
Bitcointalk — https://bitcointalk.org/index.php?topic=5295276.new#new
Reddit — https://www.reddit.com/r/YFDAI