Oct 16, 2023
Oct 16, 2023
Maximize Your SAIL Yields
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.
Convert your SAIL to veSAIL in 3 easy steps:
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.