#IFGV2: SIL Compensation Unvesting Duration

For the previous SIL compensation Medium articles, please see:

https://ironfinance.medium.com/sil-compensation-plan-update-1-358624a87fee

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INTRODUCTION In our previous update, we have laid out two compensation options for STEEL holders: 

Option 1: Gradual unvesting, receive 1:1 SIL-STEEL over a longer period

Option 2: Quicker unvesting of STEEL, but receive fewer coins (not 1:1)

After many discussions with several users and advisors, we decided to merge these two options into just one. While it sounds better to have two options instead of just one, in reality, one option always turns out to be more attractive than the other. In our case, Option 2 will win because the price of STEEL is currently high(er than SIL), and farming yields are very attractive. Below is the compensation plan.

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SIL COMPENSATION PLAN UNESTING DURATION VOTING

Compensation starts on 03 April 2021. Vote for vesting duration:

a) 5 weeks b) 6 weeks c) 7 weeks d) 8 weeks

The voting is live for 72 hours.

Eligible voters: STEEL holders, STEEL holders in the Foundry, STEEL-BNB LP token holders in vFarm and vSafe.

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COMPENSATION CALCULATIONS STATUS

As already described in the previous article, the compensation amounts for each category of SIL holders will be as follows:

1. SIL in wallets, 1:1 STEEL-SIL compensation (calculations are done)

2. SIL in vFarms (LPs), 2:1 STEEL-SIL (calculations are done)

3. SIL in bVaults and JurassicFarm: still processing, requires more work

4. Regarding Hotbit, they responded to us via email. We are waiting for their follow-up reply on whether they can make a Hotbit SIL holders snapshot pre-incident. Depending on that, we will provide an update. Hopefully, we can do a fair 1:1 compensation with help of Hotbit. Otherwise, a "Plan B" must be discussed.