Mining
1.Overview
SYI is Shouyi's token and the total number of tokens is 100 million SYI.
5% of them are given to early investors, 10% are reserved for the team, 5% are used for external cooperation and operation, and 80% are distributed to users.
SYI tokens will be mined from June 2021 until approximately June 2022, in two-week decrements. To incentivize early adopters, the first two weeks will be a bonus period.
In order to ensure fair exploitation of SYI, only users of the machine gun pool can exploit SYI, and in addition to exploiting SYI, users also mine the machine gun pool separately.
2.Application scenarios for SYI
Lending: Used for lending when participating in DeFi mining.
Airdrop: Community builder and backer rewards.
Interest: Provide lending pools to earn interest.
Governance: Decide on key governance decisions.
3.Award Period
The reward period is divided into two phases, the first phase lasts one week and the second phase lasts one month.
Phase I
For the first 2 days, 90% is allocated to single coins and liquidity providers in the machine gun pool, and 10% is allocated to LPs in SYI-HOO and SYI-PUD on PUDs.
On days 3 to 7, 40% is allocated to single coins and liquidity providers in the machine gun pool, and 60% is allocated to LPs in SYI-HOO and SYI-PUD on PUDs.
Phase II
Per day, 38% is allocated to the LPs of SYI-HOO and SYI-PUD on PUD, 24% is allocated to the single coins and liquidity providers of the machine gun pool, and 38% is allocated to the highest yielding users of the machine gun pool. (Subsequent allocations will be made to debit mining users.)
During the two-month bonus reward period, 30% of all rewards will be available for immediate collection and the remaining 70% will be locked for 30 days and then after one month, linear unlocking will begin (1/70th per day). Locked-in rewards will not be reinvested. This is to alleviate early sell-off pressure and maintain stable liquidity within the agreement.
4.Token Repurchase
ShouYi withdraws 5%~15% of the profit portion of the machine gun pool as revenue share. And a 0~0.2% handling fee is charged for withdrawals as appropriate.
For the portion of earnings share withdrawn by Shouyi, 1% of it is used as risk protection fund and 99% is used to repurchase and destroy SYI.
5.How do I apply for a SYI award?
Accumulated SYI earnings will be displayed on your wallet address on SYI, and users can claim SYI every Thursday by clicking on your wallet address on SYI and then clicking "claim".
Any unclaimed SYI rewards will be accumulated and available to the user for later collection.
6.How do I open a leveraged income farming position on ShouYi?
Select a revenue farming pool that supports more than 1x leverage.
Enter the number of HOOs or other tokens you want to farm, select a leverage level greater than 1x, and click "Mine". If you choose the HOO/SYI pool, the other tokens are SYI.
7.How do I distribute SYI to qualified ShouYi users?
Eligible users will receive SYI in proportion to the total number of HOOs they lend from ShouYi.
8.What do eligible users get? What are their risks?
Bargain revenue farmers
Earnings：
Earn SYI
Use leverage (e.g. HOO, PUD) to earn harvested tokens.
The harvested tokens are automatically reinvested and added to your leveraged farming position.
Leverage is used to provide liquidity to the pool, thereby earning a trading fee.
RISK:
No conventional loss.
If a leveraged position is used, when the price of HOO increases, it causes the value of your position to decrease. When using a leveraged position, a portion of the borrowed HOO is automatically sold to match the token pair. So, by opening a position with leverage, you are actually shorting some HOO.
Barred Liquidity Provider
Earnings：
Earn SYI.
Leverage is used to provide liquidity to the pool, thus earning a transaction fee (mining out of the PUD).
RISK:
No conventional loss.
If a leveraged position is used, when the price of HOO increases, it causes the value of your position to decrease. When using a leveraged position, a portion of the borrowed HOO is automatically sold to match the token pair. So, by opening a position with leverage, you are actually shorting some HOO.
9.What does it mean to run liquidity mining and trading mining at the same time?
Meaning: the SYI obtained from the liquidity mining of open leveraged positions can be used in the SYI pool (sHOO/SYI) and then more SYI can be obtained from trading mining.
Last updated