- Introducing The Socket Chamber
Where true pioneers help shape the future of the socket finance ecosystem.
Socket Chamber members will be able to benefit from the many perks and virtues that The Socket Chamber will provide. We believe that only the true holders and believers will want to shape the project in the right direction for the community. A private channel (The Socket Chamber) will be created in Discord, and be accessible exclusively to holders of 150 SFI.
The team will always provide updates in that channel first before our official Telegram, and this pool of people will exclusively decide on what will be proposed on future developments. We might also decide to cap the number of chamber members if we feel the need to. Socket Chamber members will also benefit from a range of other practical, and financial incentives through new rewards later in our roadmap.
To gain access to the private channel, and prove that you are a real dedicated Chamber Member, you need to lock your 150 SFI in a contract for 72 hours, and keep them in the contract for the time you wish to stay in the chamber. After the 72 hours have passed, you will be able to withdraw the amount back. But beware, when withdrawing your 150 SFI from the contract, you will not only lose access to the Socket Chamber — but you will also be fined with a hefty 20% fee. This will make sure that we only have real, dedicated Socket Chamber Members that want to help the community grow. The 20% withdrawal fee will be split into two parts. 10% goes to SOCKET LP farmers as rewards. And 10% is split among the Socket Chamber Members in solidarity.
Do not forget that SFI is still our governance token, and this will be very useful when proposals will be announced in governance. Governance will be used for further development ideas and plans, and the Socket Chamber will be the place where the ideas are formed to begin with. Do not confuse SFI with SOCKET. SOCKET is our newly launched VaultsLite product. You can read more about SOCKET here: https://socketfinance.medium.com/socket-coin-deflationary-farming-experiment-b44c5bb0c049
After we have implemented The Socket Chamber we will begin developing vaults, where both SOCKET holders and SFI holders will earn rewards in these vaults. The SFI and SOCKET will have their different balanced financial incentives, but this is yet to be announced. The early phase around vaults development will first take place in the Socket Chamber.
The Socket Chamber will be launched around 27th November, and this update will set the foundation for the future of this project. Upcoming development plans are as follows and will be announced in their separate medium post:
- The Socket Chamber exclusively for holders of 150 SFI
New trade tokenomics to improve rewards for SOCKET LP farmers
Vaults inspired by Yearn Vaults:
- New rewards for SFI holders
New rewards for SOCKET holders
4. Generally increasing SFI’s and SOCKET’s floor price through new, improved mechanics that will benefit the whole ecosystem
- NO ICO. NO PRE-MINE. NO PRE/PRIVATE SALE.
Market Cap: $277,200
Total supply: 31,500 (12,800 of these are LOCKED in the recent SOCKET LGE. Meaning they are out of circulating supply.)
SFI price at the time of writing: $8.80
- Market Cap: $308,000
Total supply: 10,000
SOCKET price at the time of writing: $30.80
Short term (1 week):
- Implementing The Socket Chamber contract that requires users to have a holding of a minimum 150 SFI to access the exclusive group in Discord where all updates and developments will launch first.
Implement chamber withdrawal fees and mechanism to distribute withdrawal fees to Socket Chamber Members AND SOCKET LP farmers. Fee distribution may be subject to change as this can be voted through governance later.
Longer term (next update):
- New trade tokenomics to improve reward distribution among assets.
Implement Yearn inspired Vaults. Where new rewards will be created for both SFI holders and SOCKET holders.
We are also planning to use a portion of the rewards to increase both SFI and SOCKET floor price through adding it as locked liquidity.
We’re welcoming new community mods, developers and others to join us! We are looking for new people to join the community, contribute and help us grow. Apply by sending us a message and how you think you can contribute today!
Telegram Announcement: https://t.me/SocketFinanceAnn
Telegram Trading Chat: https://t.me/SocketFinanceTradingChat
Trade Socket Finance (SFI):
- Date of publication:
- Sat, 11/21/2020 - 09:20
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