Self Service Bridging & Deprecation of xSIL Bar

Dear SILians,

After integration with poly.network, now the SIL token(ERC-20) can be seamlessly swapped into SIL token(BEP-20) or vise-versa on poly.network’s bridge . And in the meanwhile, the SIL Bar(xSIL) will be deprecated.

Self Service Bridging Initial Supply

Since the SIL token(BEP-20) was mirrored fully(30000 SIL) at bridge creation(bridge can’t support SIL’s minting algorithm), the direction of ERC-20 -> BEP-20 bridging liquidity is fully uncapped, which means the bridge has all availability even for 30000 SIL swap since it was mirrored at the beginning. But the direction of BEP-20 -> ERC-20 bridging is capped at max circulating supply of SIL token(ERC-20) that’s available on Ethereum, which is way smaller, check PolyBridge page for at-the-moment availability(1,486.5206752653303 SIL as of writing this document). But for safety reasons(refer to chainswap hack), the current upper cap for ERC-20 -> BEP-20 is 5000 SIL, which is enough for bridge swapping in a month, and the SIL bootstrap team will add more liquidity to the PolyBridge when total SIL circulation exceed 5000.

For transparent governance, check operation details:

  • The first 5000 SIL recharge transaction to the PolyBridge
  • The remaining balance are stored in the address: 0x91860094ed2aa39d3e8b39142c2cae31b5e50d1a

Close of the temporal ETH->BSC Bridge & SIL Bar

Since PolyBridge is fully working, the SIL’s Ethereum temporal bridge will be closed.

And the SIL Bar will be deprecated and will be closed eventually, the team find the xSIL profit is not that interesting when compared to the SIL/BUSD pair, which has way better ROI and has acceptable IL after IL mitigation. It is deprecated

Due to the old SIL’s Ethereum temporal bridge will move user’s funds to BSC’s SIL Bar, which will lock the funds for 7 days with passive income(profits of xSIL). In this case the xSIL profit will keep distributing for another 7 days(Calculated from the day of the announcement) or until all the funds are unlocked, no worries on this.

A new destination of the 20% pan-SIL-product yield profit

After SIL Bar(xSIL) goes offline, the 20% pan-SIL-product yield profit will be used to buy back SIL tokens from the market by the team in a timely fashion, then the brought SIL tokens will be stored in a Vault (address will be disclosed later).

After all the SIL tokens(30000 SIL) are minted, the SIL tokens in the Vault will be released into the SIL master contract and yield mining will be continued.

The SIL.FINANCE bootstrap team

--

--

--

SIL.Finance is a single sided yield aggregator (1 click hedging) with adventurous functional #NFT farming card add-ons.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

MechaChain x Kommunitas IKO Details

The Lydia Launchpad is Coming…

Kommunitas is Seen on Polygon Daily

MobiePay + Orion Partnership 🔥

Cherry Network 5 Whitelist Spots Giveaway

Bored Ape Yacht Club establishes a cryptocurrency to support games, events, and merchandise

Satoshi City Private Sale is Sold Out

Lodge Letter #40: Ethereum Enters ElkNet Edition

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
SIL Finance

SIL Finance

SIL.Finance is a single sided yield aggregator (1 click hedging) with adventurous functional #NFT farming card add-ons.

More from Medium

Yaaaaayyyyy glorrrryyyyyyy!!!!

Project 3: Type Specimen

The girl, named ELLAROMIRE.

The MongoDB areas of exploration