Symblox Yield Farming 2.0

3 min readDec 9, 2020

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 number of rewards in the third cycle is 640,000 SYX, and so on). Before the end of the second cycle of mining, SYX holders will vote according to the progress of the project to determine whether it is necessary to start the next cycle of liquidity mining.

Migration from YF 1.0 to 2.0

The first reward season for Symblox YF will end on Dec. 11th. Even though the swap pools (smart contracts) will continuously run on Velas blockchain, the smart contracts were written to only mint 1 million SYX tokens for a duration of 8 weeks. There will be a new smart contract that will allow SYX 1.0 token holders to swap their assets 1:1 for SYX 2.0 tokens.

Current SYX holders, starting Dec. 11th, can exchange SYX 1.0 to SYX 2.0 by depositing SYX 1.0 tokens to the new YF 2.0 contract. We will provide a detailed guide on how to undergo the migration process.

Why the need for migration?

Symblox is a community-driven project; decentralization is at the core of our project philosophy. To keep the project as decentralized as possible, Symblox’s smart contracts was coded to mint a pre-determined and/or pre-approved amount of SYX tokens. This means that once the smart contract is launched, no one is able to manipulate, alter or create extra tokens, not even the Dev team.

Details of the mining pool

There are 5 mining pools and all are transaction pools (Swap Pools). The original seed pool (Seed Pool) VLX is discontinued per voting.

2.0 and Beyond

Before the end of cycle 2, the progress of the project may be reviewed by all SYX token holders and they can vote to determine whether a new cycle should be continued.