SVY Staking is Live!
Savvy’s LBP has now concluded! Thank you to all who participated. So, whats next?
~50% (160 ETH) of the funds raised by the LBP will be paired against SVY on Trader Joe (SVY-WETH), and the pool should be available to the open market within a few hours of the conclusion of the LBP. Not only that, but Savvy and Trader Joe will be co-incentivizing the pool with 5k JOE and 32k SVY! For more details:
So, what can you do with your SVY?
Stake it!
In the hours following the LBP, you’ll be free to stake SVY and begin accruing veSVY for future governance power (earned exponentially) and boosted SVY rewards (from SVY booster contract) according to the equation below:
The Savvy booster is a *reserved pool* of SVY for staked that have a borrow (debt) balance.
veSVY will be claimable starting on August 12th at 12pm EST. Please note that veSVY is non-transferrable and staked SVY can be unstaked at any time. Unstaking any amount of SVY will reset veSVY balance to 0.
This tokenomics model is used to align the interests of all parties — the borrowers and the stakers. The borrowers benefit because their SVY rewards are a function of their open position. Long-term stakers benefit because they earn governance power (for SVY allocation) exponentially.
If you don’t want to stake, alternatively you can hold, trade, or provide LP in the SVY-ETH pool.
Now that the LBP has concluded, again, huge thanks to the community for turning out for our Liquidity Bootstrapping Event! We couldn’t have done it without you… and welcome to Savvy DAO!
