After a Successful DAO Vote, Stakewise decided to Launch the 1 Phase of the $gSWISE Distribution

Background Stakewise's DAO governance is considering altering Stakewise Gold allocation rate, a newly approved function where 1% of bridge volume fees are converted to $gSWISE. $gSWISE has the potential to increase bridge transaction volume and reward holders, but will $SWISE face market cap reduction if a derivative token supply is increased, or will the increase in bridge volume contribute to greater value for users.

• Proposal Increase $gSWISE from 1% of bridge volume fees to 2% bridge volume to further incentive bridge usage and reward the Stakewise community. Maintain $gSWISE biannual rewards distribution timeline to incentive bridge prioritization and bolster market sentiment. Currently, for every $1M of bridge volume, $10,000 will be allocated to the $sGOLD treasury. This proposal is suggesting to contribute $20,000 to $gSWISE for every $1M of bridge volume, which will later be distributed to bridge users based on wallet activity. A majority vote of 51% or greater is required for the protocol to implement this new addition.

• What is $gSWISE and when is the first distribution? Stakewise DAO has voted to implement $gSWISE rewards for the first distribution which is live for users from February 19, 2024 to March 15, 2024. Each $SWISE holder is eligibility if their wallet is older than 7 days and they have made a txn with $SWISE. $gSWISE distribution rate will be based on wallet solvency levels and bridge volume.

If you haven't already, check HERE if you are eligibility for the Phase 1 $gSWISE Rewards Distribution.

• Execution If this proposal receives a majority vote of 51% of greater, $gSWISE treasury allocation rate will be increase from 1% to 2% to further reward bridge users and hopefully increase overall bridge volume.

If the new rewards allocation rate is accepted it will be implement in the 2024 Q1 distribution.

Don't forget to check if you are eligible for the Phase 1 $gSWISE distribution if you have been an active $SWISE user and staker.