What are the differences between staking and yield farming?
Yield farming (or liquidity mining) is where we ask you to lock your LP tokens from the $SLCC-$USDC pool in order to receive the $SLOC governance token. Once you've earned the $SLOC token, you can stake it within the Slips governance application to create and vote on proposals related to the day to day running of the league.
While your tokens are staked, you will get a "pick" of the players that join the league at the start of every season in the "Draft". The pick order is determined by how many tokens you have staked.
How does staking work? What are the benefits?
As explained above, the only way to earn $SLOC tokens aside from buying them from the Uniswap pool will be to yield farm them from your LP tokens. Once you've obtained the $SLOC tokens, we ask you to stake your $SLOC tokens into the Slips platform. You can choose the period for which the tokens are locked up. The benefits of staking include:
- The ability to create proposals that affect the Slips ecosystem. In time, we hope to step away from day to day decision making and allow the community to shape the future of the protocol. Immediately you will be requested to have an input on how much our seasonal prize pools will be for each division and cup competition. You will choose what price we sell franchise spots in the league. You will decide what fees we charge for transactions (which affect the above mentioned prize pools).
- Earning additional $SLOC for locking up tokens for longer durations. In order to incentivize participation in the governance process, we will reward those that choose to stake their $SLOC holdings with additional $SLOC tokens which are paid at the end of the lock-up period and depend on how long you decide to stake for.
- The ability to offer a contract to a player in our pre-season drafts, with your pick order being determined by the quantity of $SLOC tokens you lock up.
If you are interested in learning more about staking and want updates on the progress of the governance application, please join the Discord community:
Join the Discord