Single Finance Launched The $veSINGLE
On April 19th, Single Finance launched the $veSINGLE, a non ERC-20 token that rewards long-term $SINGLE stakers through Bonus rewards and boosted yield on existing strategies or farming positions. The token also provides holders with additional ability such as Voting Power for Governance in the future.
Benefits of $veSINGLE
You might be wondering why we’ve been stressing how great the #SINGLE life is. There’s a few reasons why we’ve been enjoying it so much and what exactly the #VErySINGLE life is like. Let’s run through some benefits of $veSINGLE:
- By far, one of the most cared for and desired things about $veSINGLE is the high APR. With $veSINGLE, users can now enjoy ~60% APR on Bonus $SINGLE rewards during the staking period.
- Boosted borrowing rewards is another one of the key benefits of $veSINGLE, as your strategy and farm’s borrowing rewards are boosted as you claim and accumulate $veSINGLE.
- The boosting doesn’t stop here. You can also boost strategy rewards for the positions that employ the Pseudo Market-Neutral Strategy.
- Apart from boosted rewards and high APR, users will also be able to enjoy governance and voting power. We strongly emphasize the importance of community governance and allowing the community to dictate the future of our platform. $veSINGLE marks the very start of our plans to allow our community to make more choices on our platform.
* Note that if you do not claim any $veSINGLE, you will not be able to enjoy any benefits!
Mechanisms of $veSINGLE
In a gist, once you deposit your SINGLE and/or SINGLE LP tokens, you begin to earn $veSINGLE. During the 6 months lockup period, $veSINGLE will be generated at a 2x speed. Note that you must manually claim $veSINGLE in order to enjoy any of the aforementioned benefits.
When the lockup period is finished, you have the option to extend the lockup period (if you would like to continue earning $veSINGLE at 2x speed) or to unstake your assets. By unstaking any of your assets (ie. partial unstake), you will lose all of your $veSINGLE — claimed and pending.
Please see our gitbook for more details and step-by-step guide.
What other possible reasons are there for you not to be… #verySINGLE like us? Let’s be #SINGLE now! http://app.singlefinance.io/boost
About Single Finance
Single Finance is a super intuitive platform to all your DeFi investments minimizing correlations to the general market. Everything here is worked out from your injected capital in USD. Everything is visualized. And everything is within your fingertips.
