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Symbiosis DAOSymbiosis DAOby0x04fDE790D26Da69AA9178249EAD6863977684e9D0x04fD…4e9D

[SIP-4] Slashing vesting time for cross-chain farming

Voting ended almost 3 years agoSucceeded

Context

Symbiosis supports several rewarding programs for its liquidity providers. One of the programs is cross-chain farming: liquidity providers get additional rewards for having their assets in the Symbiosis liquidity pool (Octopool) used for cross-chain operations. APR values of the pool are competitive. On the other hand, users should wait for the vesting period up to 6 months to get their rewards in full.

Proposal

Reduce the vesting period to a shorter term.

Key Points

The main point is that 6 months feels too long in the DeFi world. So it seems quite obvious that the reduction of vesting time attracts more liquidity providers → that increases TVL of the Symbiosis protocol → that makes exchange rates even better → that increases the volume of cross-chain operations conducted via the Symbiosis protocol → that attracts more liquidity providers…

Off-Chain Vote

Reduce vesting to one month
16.2K veSIS13.5%
Reduce vesting to two month
61.94K veSIS51.5%
Reduce vesting to three month
41.79K veSIS34.7%
No change
417.8 veSIS0.3%
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Timeline

Feb 22, 2023Proposal created
Feb 22, 2023Proposal vote started
Feb 24, 2023Proposal vote ended
Oct 26, 2023Proposal updated