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:

https://vote.symblox.io/#/symblox/proposal/1?key=symblox

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.

After a vote is passed, the voting execution needs to send instructions to the reward distribution pool. But when this proposal was created, the reward distribution pool on…

Season 2 and Beyond

Goal

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.

Duration

6 Weeks

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

【Event Guidelines】

• This campaign is only valid for users who participate in USDT mining on Symblox;
• If a user invites a friend to participate in USDT mining, both the inviter and the invitee can receive VLX rewards. For the specific amount, please refer to the “Reward Distribution Rules” below;
• There is no mandatory lock-up, that is, users can withdraw USDT and their mining reward…

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.

SIP 3

This SIP proposes to add a USDT/SYX swap pool, and change the reward allocation ratio for the existing pools.

In…

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

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…

Summary

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:

• Add new reward pool
• Modify the reward ratio of the reward pool
• Modify the proposal delay time
• Replace governance contract

Campaign Duration

• Start: November 10, 2020
• End: December 10, 2020

New Proposal Rewards

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.

SYX Governance

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.