The Fourth and Final Installment of our SSGT Deep Dive Series summarizes our In-depth Review
In this final installment of our 4 part series regarding the SafeSwap token (SSGT) and all of the elements associated with its implementation and release, we wanted to create a summary and pull out all the important pieces we have covered so far.
We will also release a FAQ and concise timeline in the coming days to supplement this summary.
We appreciate all the positive feedback and support we have received so far, and look forward to the launch of SSGT. The SafeSwap token is instrumental to achieving our vision of being the most complete DeFi ecosystem in the industry. SSGT enables bottomless liquidity on SafeSwap, streamlines governance voting, provides YF-DAI holders allocation boosts in LaunchPad pre-sales, and more.
In helping our community better understand the SSGT token metrics and the TGE itself, we’re happy to share a breakdown of the SSGT token release at listing as well as the full token metric table:
SSGT Token Metrics: View Spreadsheet
Now, let’s jump in to recapping parts 1–3 of our SSGT Deep Dive Series.
Part 1: SSGT Tokenomics and Pre-Sale Details
In part 1 of the deep dive, we examined SSGT’s tokenomics and upcoming pre-sale.
The SSGT tokenomics ensure that there will be plenty of liquidity on SafeSwap as well as rewards for YF-DAI holders committed to the project. The maximum token supply for SSGT is 210 million tokens.
Note: Any tokens not claimed in the claiming period will be used toward the staking fund after the respective distribution periods.
The SSGT Presale will launch on YFDAI LaunchPad and will only be available to those Staking or Farming YF-DAI for at least 15 days (late eligibility exception detailed below).
SSGT Pre-sale to Listing Breakdown
- SSGT Pre-sale: On LaunchPad, only available to stakers/farmers
- 4.5% of total supply
- 6 month token distribution: 25% at TGE, 15% per month after
2. SSGT Public Sale: On LaunchPad, require white-list registration
- 1.5% of total supply
- 100% unlocked and distributed at TGE
3. SSGT Listing: Initial listing on SafeSwap and Uniswap
SSGT prices will be as follows:
- LaunchPad pre-sale price: $0.05
- LaunchPad public sale price: $0.075
- Listing Price: $0.11
We will give 20 days notice to the Pre-sale launch date and subsequent public sale.
The more YF-DAI you have staked or farmed, the higher the allocation of SSGT you will be able to purchase in the pre-sale.
SSGT Multiplier Levels:
Late Eligibility and Longevity Bonus: New YF-DAI holders members who miss the 15-day staking/farming eligibility cut off for the SSGT pre-sale may still gain entry by purchasing and staking a minimum of 2 YF-DAI up to 48 hrs prior to the pre-sale itself (snapshot taken then).
Also, those who do not sell or move their staking or farming rewards over the 180-day distribution period will receive a bonus amount of SSGT tokens of allocation x 1.75 multiplier.
Part 2: Airdrops and Loyalty Bonuses
In part 2 of the deep dive we explored SSGT airdrops and related loyalty bonuses, including the SSGT airdrop to all YF-DAI holders and two future airdrop rewards.
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.
Eligibility for the SSGT Airdrop based on 1 YF-DAI (ratio):
Vesting and Claim Schedule: Following, subsequent snapshots will take place every calendar month for 6 months from March 16th onwards (i.e. April 16th, May 16th, etc…). The airdrop distribution is monthly in arrears after the SSGT listing.
Pool, Permissions and Restrictions: Unclaimed SSGT after the 6-month distribution period will be added to the staking pool.
There is no penalty for selling claimed rewards from staking/farming, however any wallet reducing the number of YF-DAI tokens they hold in the staking or farming contracts will lose the bonus tokens for all further distributions.
SSGT Loyalty Bonuses: 3 loyalty bonuses will be rewarded to users that meet qualifying requirements related to the SSGT airdrop (further requirements detailed in Part 2 SSGT Deep Dive).
- Loyalty Bonus for YF-DAI Stakers/Farmers: 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.
- Loyalty Bonus for SSGT Holders: SSGT holders that do not reduce the amount of SSGT held in wallets (not staking, farming, or on exchanges) between each SSGT distribution will receive a bonus amount of 5% of their SSGT airdrop.
- Last-man Standing Bonus: Token holders that complete bonus levels #1 and #2 (above), 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 initial SSGT distribution period.
Future Claimable SSGT Rewards
(1) SSGT Rewards for SafeSwap Users:
Starting in April 2021, YFDAI will be offering SSGT rewards to SafeSwap users, totaling 21 million SSGT tokens in all (10% of total SSGT supply).
These SSGT rewards 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. Our standard multipliers (see above) and a longevity bonus will also be in play.
(2) SSGT Rewards for Top Token Holders of SafeSwap Projects:
YFDAI will partner with key projects to list on SafeSwap to grow our DeFi ecosystem and user base. Token holders of key SafeSwap-listed 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.
21 million SSGT tokens (10% of the total token supply) are reserved for this claimable airdrop.
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 $200,000 pool of YF-DAI
Further details, including timescales and bonuses, will be announced at a later date.
Part 3: Token Utilities, NFT Rewards, and Governance
In part 3 of the deep dive, we examined SSGT token utilities, NFT rewards, and governance.
SSGT has many inherent utilities, including enabling fully decentralized governance, serving as an additional token mechanism for LaunchPad, facilitating rewards to liquidity providers, and more.
Here is a full list of of SSGT utilities:
- DAO Governance: 2500 SSGT are required to participate in governance voting.
- SafeSwap Liquidity Rewards: Liquidity providers can use LP tokens to earn SSGT
- Staking Rewards: Staking SSGT rewards 72% a year SSGT (APY)
- Fee to stake is 1.5% (will be burnt)
- Fee to un-stake is 0.5% (will be burnt)
- Pre-sales Allocation Bonus: Staking or farming YF-DAI is the only way to qualify for LaunchPad pre-sales. Staking or farming an equivalent amount of SSGT (per the ratio below) for at least 60 days will increase your pre-sale allocation.
Note: A step-by-step explanation of how LaunchPad pre-sale allocations are determined is in part 3 of the SSGT deep dive.
NFT Rewards for Liquidity Providers
Liquidity providers to the SafeSwap exchange will receive multiple income streams and rewards, including a NFT, to incentivize ample liquidity on SafeSwap, especially as we plan on significantly ramping up our project listing schedule.
The NFT will provide income streams from YFDAI services for a period of 6 months as detailed below. Following 6 months, the income structure outlined will be subject to a governance vote.
We envision YFDAI governance to become entirely decentralized and open, meaning that all stakeholders will be able to participate in the governance of the project through voting. This will be achieved through SSGT, voted in by our community last month, which grants voting power and is the heart of our governance system.
Voting Eligibility: Every 1 YF-DAI that a token holder owns entitles them to claim 1250 SSGT. 2500 SSGT is required to vote, or the equivalent to 2 YF-DAI. All SSGT token holders will receive NFTs to vote so they can stake their tokens and still have access to our governance rooms and voting platforms. The 2500 of SSGT that is required to vote equals 25 voting NFTs, which will be used to cast actual votes.
25 NFTs will be held in a wallet in Collab.land. To be able to vote, NFTs must be held in the same wallet and are non-transferable.
More details, including an example of how to claim your voting NFTs and how these NFTs will be used are available in part 3 of our SSGT deep dive.
Thank You & What’s Next
On behalf of the entire YFDAI team, we want to thank you for being such a supportive and engaged community. Please reach out with questions in our main Telegram community channel and get ready for the SSGT airdrop and pre-sale!
A supplemental FAQ will be released in the next few days.
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