SYN Token Economics, Allocation, and Sales Proposal

We have been very happy with the progress that’s been made on the SynLev Exchange. Our first asset (3XETH/USD) has been trading successfully for over 3 weeks with over 80,000 ETH in total trading volume, SYN stakers have earned over 400 ETH in fees, and we just recently launched our second asset 3XBTC/USD trading live here. As we have grown so have the needs of the project and its underlying token economic needs. Now that these needs are more clear we can give an update on token economics, token allocation, and a public sales proposal.

ETH Earned By SYN Stakers

More charts on the project volume, users, etc can be see at duneanalytics.com/mazzi/synlev-dashboard. Made by one of our community members.

Token Allocation

SYN Token Allocation

Token Sale Proposal

We now propose to reduce the token sale to a single 2 million SYN sale that will be progressively priced and vested to prevent price impact. Token sale would start at 1800 UTC 21 Dec 2020 and end when all 2 million tokens are sold. Upon purchase tokens will be locked 1 week in the sales contract before it may be withdrawn by the buyer. Token price will start at market price taken from coingecko on 1800 UTC 21 Dec 2020. Increasing by 0.0001 ETH for every 100,000 SYN sold. Below are examples of the sale price vs total SYN sold based on current SYN prices.

SYN sale price in ETH
SYN sale price in USD

At current price all 2 million SYN would be sold only once SYN price reaches 0.0036 ETH or almost $2 USD. We believe this will allow for controlled emission of SYN that does not inhibit price growth meanwhile giving a significant boost in funding for the project.

Funding from public token sales would allow us to afford services that have high upfront costs such as a formal audit and advertising on crypto news sites, etherscan, etc. This stimulus for the project would benefit token holders, liquidity providers, and users.

We will be holding multiple votes/polls both on telegram and twitter to gauge the community response to this proposal and move forward based on that. Adjusting the sale parameters based on consensus.

Dev Fund

This fund represents 40% of the total SYN supply. It would be unfair to SYN stakers to stake the entire 33 million SYN as circulating supply is just 12.4 million. As such we will only be staking dev fund send as to be awarded ~40% of staking rewards, based on SYN currently being staked. Only staking the entire 33 million once all SYN is in circulation. In the meantime all dev fund syn will be time locked in a contract that can only interface with the SYN staking contract. Expect more details and this to be implemented in the next 1–2 weeks.

LP Rewards

Bounty

  • Bug bounties
  • Freelance workers
  • Rewards to community members who create tools around the project (analytics, telegram bots, etc..)
  • Rewards to our mod team.
  • Code contributors
  • Trading competitions
  • Meme competitions

Business Development

Airdrop

Relevant Addresses

SynLev Deployer: 0xa2E316CbfA81640ce509ab487867a136b75C83C4

Dev Fund: 0x620525D38732C51526e3Ffc317093dE424EFB431

Join the discussion on telegram at t.me/synlev, let us know what you think of the public sales plan. Follow us on twitter @SynLevDefi for the latest updates.

Defi Synthetic Leveraged token ecosystem built on Ethereum and Chainlink oracles

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