SLOFI Token
Last updated
Last updated
In the previous articles, we looked back at the autumn launch of SOY Finance, its meteoric rise, and the challenges faced during the crypto bear market in the winter. Now, it’s time to look ahead to a new chapter in the life of SOY Finance — the spring!
As the next phase unfolds, SOY Finance reiterates its foundational values: true decentralization, rock-solid security, and a proactive community.
Since the launch of Soy Finance, we have been putting our experience to good use, firstly by implementing the ERC 223 token technology and making SOY Finance the first exchange supporting this technology; we also have audited and provided benefits to the most popular crypto-projects, such as Doge coin, Shiba Inu and Trust Wallet Token.
But we were not going to stop there…
The Spring Vision introduces a series of transformative features that will cement SOY Finance as the foremost secure decentralized exchange; let’s delve into the exciting developments that await in this chapter:
Distributed Insurance: This innovative feature is a crucial component of our vision. The distributed insurance mechanism ensures financial protection in unforeseen circumstances like hacking or software errors. This commitment to financial security sets a new standard in decentralized finance.
Fund to Guarantee The Insurance Mechanism Operation: In our pursuit of creating a resilient, decentralized ecosystem, we will establish a dedicated fund to support the distributed insurance mechanism. This fund will be initially backed by 50 million CLO coins from the SOY Finance IDO fund and the equivalent in native SLOFI tokens.
SOY Finance V2 UI: A sophisticated and intuitive User Interface to elevate the user experience. This initiative aligns with our mission to make decentralized finance accessible to everyone, fostering inclusivity and ease of use.
By completing these milestones, the initial goals of the SOY Finance IDO would be achieved. Therefore, we need to define new goals for the platform; today, we are thrilled to announce the rebirth of SOY Finance into Sloth Finance!
As we begin our next chapter, we are excited to announce a significant evolution in our ecosystem: the migration of SOY to the SLOFI token.
SLOFI, our latest innovation, is a strategic move that aligns with our long-term vision and commitment to the SOY Finance community. With optimized tokenomics, SLOFI is poised to replace the current SOY token, bringing many exciting features and benefits to its holders.
Our next article will unveil all the details about the SLOFI token. For now, here are the main reasons and benefits:
Enhanced Tokenomics: The SLOFI token will introduce an optimized tokenomics designed to enable a more sustainable and robust economic model. This new structure aims to enhance liquidity, stability, and growth potential.
Empowering Community Governance: With the introduction of SLOFI, we are taking a significant step towards more inclusive and decentralized governance. This token will play a crucial role in community-driven decision-making processes, allowing token holders to directly control the platform’s future direction.
Facilitating New Features and Innovations: The migration to SLOFI is a gateway to introducing new features such as distributed insurance and enhanced security measures. These innovations are part of our commitment to providing the most secure, user-friendly, and comprehensive DeFi experience.
At this point, sharing the story behind our new name is important. Sloth Finance was chosen to maintain the unique brand style that has been nurtured over the past two years.
Putting the Community, the Sloths, at the Heart: We believe that the strength and resilience of a DeFi platform are rooted in its community. By naming the platform after our community, we place them at the center of every process and decision.
Reflecting Our “Be Lazy, DeFi is Easy” Ethos: The sloth, known for its slow and steady nature, perfectly symbolizes our approach to DeFi — making it easy, accessible, and profitable for everyone. Whether you’re a newbie or a veteran in the crypto world, our goal is to provide tools and opportunities for effortless passive income.
To get the SLOFI token, participants have several options:
1. Migrate SOY Tokens: To ensure a smooth transition for those already actively involved in the SOY Finance ecosystem, existing SOY token holders will be allowed to transition to SLOFI by migrating their tokens via a specific interface.
2. Be active on SOY Finance: Participants can choose to actively farm or stake on SOY Finance, earning SLOFI tokens through their engagement with the platform. This option encourages community involvement and rewards active contributors.
3. Burn CLOE tokens: CLOE token holders have a unique opportunity; by burning their CLOE, they can secure SLOFI at an advantageous rate.
Investors who participated in the SOY Finance IDO are entitled to preferential rates during migration.
Note: To qualify for these preferential rates, migrating the amount of SOY tokens you originally purchased during the IDO is crucial. These tokens must be migrated from the same wallet used to participate in the IDO.
Active SOY Cold Stakers with their token locked on the day of the migration will be able to migrate at the rate of the day via a specific interface.
To facilitate a smooth transition to SLOFI tokens, the Masternode owners will be allowed to withdraw their SOY and CLOE tokens without the standard two-week waiting period. The Callisto Network Masternode Management Panel is being reworked to this end.
SOY tokens initially allocated to Marketing, Bug Bounty, and team members will not be reallocated or migrated.
The remaining SOY tokens on the Callisto Enterprise wallet will not be migrated.
The remaining CLOE tokens in the IDO Treasury will be burned.
The migration process to SLOFI tokens has been meticulously designed to prioritize our initial IDO investors and active community members. This process offers varying exchange rates for transitioning from SOY and CLOE tokens to SLOFI tokens.
Key Dates for the Migration: The migration window opens on 1st February 2024 at 00:00:00 UTC and will remain available until 30th April 2024 at 23:59:59 UTC.
In our commitment to fair distribution and market stability, a monthly distribution plan has been established for the SLOFI tokens migrated from SOY and CLOE. Following a 90-day locking period, participants will receive 5% of their SLOFI holdings each month. This strategy ensures a steady and balanced market introduction, allowing for a gradual and controlled release of tokens.
Furthermore, these holdings will be eligible for a 15% Annual Percentage Rate (APR), rewarding the community members for their continued commitment and support.
In our commitment to a community-driven approach, the final version of the SLOTH tokenomics will be established post-migration to reflect community participation.
For reference, we present the initial tokenomics structure below.
January 30th, 2024: End of SOY token minting.
February 1st, 2024: Begining of the migration.
February 20th, 2024: SLOFI token final tokenomics release.
April 30th, 2024: End of the migration.
The experiences of the past have shaped a new vision for SOY Finance, and the launch of the SLOFI token marks the beginning of a fresh chapter.
Stay tuned for the next steps of SOY Finance in the final chapter of this series, the exciting Summer season!
Together, let’s shape the future of decentralized finance.
