Since its inception, decentralized finance (DeFi) has come a long way. In terms of financial transactions, the world is gradually moving away from the current structure of traditional finance and has begun to embrace the concept of permissionless, trustless, and decentralized systems. DeFi has gained a lot of traction and mass adoption in the digital space, and this has only been possible because startups in the DeFi ecosystem, such as YFDAI Finance, have penetrated the traditional financial space.
YFDAI Finance is a DeFi startup that aims to decentralize finance and be a major driving force behind the mass adoption of the next generation of financial products. YFDAI follows a ‘customer-centric' philosophy that emphasizes transparency, security, and ease of use. YFDAI has kept their word and gone one step further with the recently launched SSGT, the SafeswapGovernance Token. This article will provide an overview of SSGT and what this new development means for YF-DAI holders, stakers and farmers.
General Overview of SSGT
The Safeswap Governance Token (SSGT) is the native token for YFDAI's decentralized exchange "SafeSwap," created with the sole purpose of realizing YFDAI's vision of being the industry's most complete DeFi ecosystem. SSGT provides a variety of services, including but not limited to improved DAO governance, bottomless liquidity on SafeSwap, staking and soon farming.
YFDAI can successfully become more decentralized with SSGT, and all major stakeholders/token holders would have voting power to oversee YFDAI’s operations, with SSGT at the heart of this.
Some of the practical applications provided by SSGT includes:
- DAO Governance: Using SSGT, YFDAI is able to properly implement their decentralized governance system. Every user who owns at least 2,500 SSGT has the right to vote on critical YFDAI business decisions.
- Staking Rewards: Staking SSGT provides a high return on investment. SSGT APY is a fixed 72% per year.
- Pre-sale Bonus: When participating in YFDAI launchpad-based projects, staking and farming an equal amount of SSGT to YFDAI for 60 days increases your pre-sale allocation.
Read also: YFDAI Finance Launchpad
The total number of SSGT tokens available is 210 million. This ensures adequate liquidity on Safeswap as well as rewards for YF-DAI holders who have committed to the project through staking, farming, and other means.
Read also: https://yfdai.finance/learn/tokenomics.html
SSGT Distribution: In May 2021, there was a pre-sale and public sale of SSGT. Over a 6-month period, eligible YFDAI token holders, farmers, and stakeholders will receive an SSGT airdrop based on the vesting period from the token generation event (“TGE”) of SSGT that took place on May 26.
SSGT can currently be purchased on:
SSGT is also listed on:
What Are the Key Benefits SSGT Provides for YF-DAI Holders?
For YF-DAI holders, the launching of SSGT signifies a new milestone for YFDAI and comes with a lot of key benefits and utilities:
- Airdrops and Loyalty Bonuses: The SSGT airdrop will take place monthly over a 6-month period for all YF-DAI holders, stakeholders, and farmers who were YF-DAI stakeholders prior to March 16. The first airdrop took place on June 28.
- Pre-sale allocation boost: By staking at least 1,250 SSGT for at least 60 days, YF-DAI stakers and farmers can increase their pre-allocation ratio for launchpad pre-sales.
- Bonus SSGT Tokens Distribution: After the initial 6-month distribution, bonus tokens will be distributed on a monthly basis for an additional 90 days (3 months). YF-DAI token holders can withdraw their funds and still receive the bonus during the last 90 days.
- Enhanced DAO Governance: By holding at least 2,500 SSGT, voting power is assigned to respective holders, who are in charge of YFDAI business decisions in accordance with YF-DAI’s vision of embracing a fully decentralized and open system. Eligibility to Vote: A token holder can claim 1,250 SSGT for every 1 YF-DAI they own. To vote, you must have 2,500 SSGT, which is equivalent to 2 YF-DAI. All SSGT token holders will be given NFTs to vote with, allowing them to stake their tokens while still having access to YF-DAI’s governance rooms and voting platforms. The required 2,500 SSGT equals 1 voting NFT, which will be used to cast actual votes.
SSGT heralds the start of a new era in YFDAI's DeFi ecosystem. It is a critical tool for achieving a complete DeFi ecosystem, thanks to its utilities and use-cases. A lack of trust and a degree of centralization are two current issues plaguing the DeFi industry. SSGT is the solution, and it is a positive step forward for the YFDAI ecosystem.