From liquidity mining to synthetic assets
On October 15, 2020, Symblox yield farming/liquidity mining launched on Velas blockchain. Since then, we’ve developed and released a few dApps including a decentralized Automated Market Making (AMM) exchange (https://app.symblox.io), community governance system (https://vote.symblox.io), Ethereum asset cross-chain bridge (https://x.symblox.io), and a no-loss mining dApp (https://pvlx.symblox.io). We’ve also released an iOS and Android app called DeFi wallet. In less then 4 months of launch, there has been more than $66 million USD worth of assets traded on the Symblox protocol.
After completing the construction of various infrastructures on the Velas blockchain, Symblox will begin rolling…
Based on the principle of complete transparency and openness, Symblox’s technical team will explain in detail of the failed implementation of SIP #6.
Online voting link for the failed proposal 6:
It was created at 10:02pm UTC+8 on January 5, 2021, and was voted through at 10 pm on January 7, 2021. Among them, 149,107.18 SYX ‘Yay’ and 36,639.43 SYX ‘Nay’. It should have been executed after 11:51pm on January 8th.
Season 2 and Beyond
To increase the total liquidity on Symblox so that we can have a solid foundation for Symblox’s synthetic asset platform. Our focus for YF 2.0 will be to add more liquid assets other than VLX and SYX. This will include USDT, ETH, BTC etc., and support all trading pairs between these assets.
Start date: 2020/12/14
End date: 2021/1/25
# of Yield Farming Rewards
The second season of liquidity mining plans to issue 800,000 SYX. After that, the total number of SYX rewards in each cycle will be reduced by 20% (for example, the total…
To celebrate the launch of the cross-chain (https://x.symblox.io), and the new USDT / SYX mining pool on Symblox, we will establish a referral reward campaign for USDT liquidity providers only.
【Event Time】Nov. 28t — Dec. 11th
This week will be the deployment of the TokenBridge on Velas blockchain. With the advent of the crosschain, a community member has submitted a proposal for voting.
Voting will start at 2200 hours UTC +8. During the voting process, do not move SYX from your wallet if you want your vote to be counted. Also, you must set your ‘delegatee’ prior to the voting process. For a quick guide to the voting process, you can check our guide.
This SIP proposes to add a USDT/SYX swap pool, and change the reward allocation ratio for the existing pools.
In the following week, Symblox will be deploying TokenBridge protocol to connect Velas with the Ethereum blockchain. This will allow users to deposit ETH or any whitelisted ERC-20 token into Symblox yield farming. Users can also safely withdraw their assets back to Ethereum anytime.
*Note* Only whitelisted tokens can cross the bridge; this curated list is used to avoid malicious contracts and DDoS attacks.
TokenBridge is an open-protocol designed by POA Networks. The TokenBridge will allows users to transfer data (e.g. digital asset ownership information) between two EVM chains. Cross-chain bridges provide fast and secure connections between blockchains, creating…
The on-chain proposal is mainly to adjust product parameters. In order to encourage more volunteers to participate in Symblox community governance, volunteers who have contributed to Symblox community governance will be rewarded by New Proposal Rewards and Voting Rewards.
The scope of the on-chain proposal, which are the parameters of Symblox that can be changed, are the followings:
If a proposal is created and passed, 10,000 VLX will be given to…
Symblox started out as a community-driven project, with no VC-backing, no pre-mine, and no ICO. Our goal is to create a financial infrastructure in which applications and developers can rely on, forever.
To get there, we intend to fully achieve decentralization for the Symblox protocol — removing any single point of failure (our team), and creating an indestructible, open protocol that can evolve in entirely new ways.
Today, we’re proud to announce a governance system that will replace the Symblox protocol’s administrator with community governance — allowing SYX token holders to suggest, debate, and implement changes to Symblox — without…
Before we start the guide, we would like to quickly mention the current status of Symblox.
At the time of publishing (within the first 48 hours after launch), Symblox contract is the 5th largest holder of VLX.
The total amount of VLX transferred to Symblox’s contract is over 171m VLX.
As Symblox yield farming is launching in a matter of days, I’d like to take this opportunity to talk about all the nitty-gritty of our yield farming.
Firstly, let’s overview all the major components, which include 2 staking pools, 1 reward manager with the Symblox token, and 2 connectors that strive to give users, especially for DeFi newbies, a better user experience. The details are as follows:
The first staking pool, called Seed Pool, is the wrapped VLX token, allowing anyone to deposit VLX tokens and get an ERC20 standard WVLX token back.
The second staking pool, called the Swap…
A decentralized asset issuance and trading protocol