Oct 16, 2023

veSAIL is Live!

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Maximize your SAIL yields with veSAIL!

Maximize Your SAIL Yields 

In response to the successful passage of a proposal calling for a staking program for SAIL, AdmiralDAO has officially implemented veSAIL!

What is veSAIL?

veSAIL is the vote escrowed token (veToken) of AdmiralDAO. It enables SAIL holders to lock their tokens in an escrow contract to earn additional SAIL, further increasing their voting rights and giving governance participants a vested interest in managing the DAO.

How veSAIL Works

SAIL holders stake their SAIL in the escrow account and receive veSAIL in return. veSAIL can be used in governance, just like SAIL.

To convert veSAIL back to SAIL and redeem rewards, depositors burn their veSAIL. The exchange rate between veSAIL and SAIL changes over time, depending on how much additional SAIL (for rewards) resides in the redemption contract.

Getting veSAIL

Convert your SAIL to veSAIL in 3 easy steps:

  1. Visit Clipper's Get veSAIL page and connect your wallet.
  2. Enter the amount of SAIL you want to stake. You will be shown the current SAIL<->veSAIL conversion rate here.
  3. Once your transaction completes, your returns will begin growing at the current Staking APY rate listed on the veSAIL dashboard! Your SAIL balance is always visible on the SAIL page.
veSAIL empowers SAIL holders to see a return on their token holdings.

Is There a Lockup Period?

Currently, there is no required lock-up period for veSAIL, similar to the 0-day lock-up for xSushi. However, a lock-up parameter may be implemented by DAO governance in the future.

Where Do the SAIL Rewards Come From?

A portion of Clipper’s protocol fees will be used to purchase SAIL off the open market. This SAIL is then deposited into the redemption contract and distributed as rewards to veSAIL holders. In the future, SAIL rewards may be vested over a long timeframe to ensure long-term incentive alignment of governance participants. 

Check out these resources to learn more about how Clipper generates revenues and ways the DAO is exploring future revenue growth.