We have been working hard over the past weeks to launch SynLev and yesterday we took the first step by enabling Uniswap LP rewards. This will be followed by incremental releases of different parts of the project until it is fully launched. There has been a lot of questions and some confusion regarding when and how these phases will take place. And now that project is coming together we can confidently present a realistic timeline and their order along with a brief description.
The SynLev launch will proceed as follows:
- Uniswap LP Rewards (active)
- SynLev Exchange LP Rewards
- First SynLev asset launch
- Enable SYN Staking
- Public SYN Sale
Uniswap LP Rewards
Are already live, for more info check yesterdays blog post.
SynLev Exchange LP Rewards
Those familiar with the SynLev Beta know that each asset pair has a corresponding liquidity pool. These liquidity pools function similarly to Uniswap or others, a user provides ETH and earns .2% of all trading fees for that BULL/BEAR asset pair. While not entirely necessary to function these ETH liquidity pools are an important part of keeping assets as close to their target leverage as possible. To incentivize users to add ETH liquidity before and during launch SYN rewards will be offered.
A total of 500,000 SYN will be distributed to ETH liquidity providers for the first 21 days on the SynLev exchange. Rewards will be split evenly based on the amount of ETH and length of time users provide liquidity (e.g. a user who provides 21ETH in liquidity for one day would receive the same as a user who provided 1 ETH in liquidity for 21 Days). There will be a 24 hour and 1 ETH minimum to receive rewards. We want to have the dApp final revision done before we launch this program, so expect launch on Oct 25th. Followed by our first asset launch.
(Note: These LP Rewards will be calculated and distributed off chain)
First SynLev Asset Launch
The first asset to be featured on SynLev will be a 3X leveraged ETH/USD BULL & BEAR token pair. This asset will launch 3–5 days after the SynLev LP rewards program starts to ensure the asset is launched with healthy liquidity.
Enable SYN Staking
The purpose of the SYN token is to earn fees in ETH generated on the SynLev exchange. The SynLev exchange charges a 0.4% fees on all trading activity, half or 0.2% of this goes to the SYN staking contract. SYN staking will be enabled very shortly after the first asset launch, any accrued fees will be held in a holding contract and distributed once staking is enabled.
Public SYN Sale
There have been a lot of questions regarding public sale, about half of questions I get on the project are about public sale. I have not answered them as I have always wanted to put the product first. However, now I’m ready to speak on the issue and our plan.
First, SYN token sales will be conducted in 3 rounds of 10 million, 10 million, and 5 million SYN respectively. The first round will commence about 2 weeks after the first asset launch. The price will be a 5-10% discount on the average trading price of SYN on Uniswap beginning when SYN staking is enabled. Sold tokens will then be vested, locked in the SYN staking contract for 1–2 weeks from the moment tokens are bought based on the order in which they are bought (e.g. the first token buyer’s SYN is locked for 1 week, and the last token buyer is locked for 2 weeks). Over this time locked SYN will still be able to earn staking rewards, but not able to be withdrawn.
The goal is to release to the tokens in a fair way that does not punish early buyers and emits the tokens in a healthy manner. This manner of sale accomplishes this while emphasizing the utility of the token. That being said feedback on this method of sale is welcome and will be taken into account. The subsequent 2nd and 3rd sale rounds will be conducted in a similar manner based on the success of the first round and the general state of the project at a later date.
I’m very excited to begin launching the project. Those who have been around for a while know I have been publicly working on SynLev for over 2 months and it’s really great to see it all come together. We have recently brought on a web developer who is responsible for the great recent site update, and is now working on the dApp. We are still looking for more team members, particularly in the areas of social media and marketing. If you feel like you could benefit the team contact me @Crypto_Icarus on telegram, @synlevdefi on twitter, or email firstname.lastname@example.org