Context

SIS serves as the governance token for the Symbiosis protocol, underpinning its key functions and ensuring security. By staking SIS tokens for a chosen period, SIS holders receive veSIS tokens and gain voting power in the Symbiosis DAO. In this way, veSIS holders demonstrate their trust, support, and commitment to the future of the protocol. The Symbiosis protocol recognizes this support by offering exclusive benefits to veSIS holders, such as:

• Boosted APR for liquidity provision
• Cross-chain fee reductions
• Rewards for staking SIS tokens

For more details on SIS token and its functionalities, please refer to the SIS Token Documentation

Proposal

This proposal suggests the following:

• Buy Back: Purchase an amount of SIS tokens equivalent to 10% of the total staked token supply (10% * 2,394,907.316 staked tokens = 239,491 SIS).
• Bonus Distribution: Distribute the bought-back SIS tokens as a one-time bonus to veSIS holders under the following conditions:

1. The number of tokens locked must be 10 SIS tokens or more;
2. The lock must have begun at least 2 weeks prior to the reward distribution.

The number of repurchased tokens will allow a one-time doubling of the average rewards for all veSIS holders that meet the criteria.

Key Points

• Increased Awareness: This campaign is expected to increase awareness of the SIS token and related loyalty programs, potentially having a positive effect on both the protocol and the token.
• Support for veSIS Holders: The proposal reinforces the Symbiosis protocol’s commitment to supporting veSIS holders, recognizing their crucial role in the ecosystem.
• No Impact on Inflation: This event will not affect token inflation, as all tokens distributed will be purchased from the market.