Burning SIS Tokens - Further Steps

A couple of weeks prior to this blog post Symbiosis announced the willingness to burn the bought back SIS tokens. Today, we’re excited to update you on the positive feedback from the Symbiosis community, and share the next steps we’re taking very soon.

SIS Token Burn is Meant to Be

Last month, on July 24th 2024, the governance vote was initiated in Symbiosis Snapshot page, and the community took part in it to decide the future of the 251,384 SIS tokens (0.25% of the total supply). 

After the voting has been done, the majority of the voters* favored the option to destroy the bought back SIS tokens and remove it from the circulation. This event is aimed to strengthen the value creation and move further to the Deflation Framework that we introduced earlier.

The Symbiosis Community approved this suggestion, and we will be guided according to the decision.

*Voter - a member of the Symbiosis Community that has acquired SIS tokens and locked them to get veSIS (vote-escrow version) tokens in return. This type of asset unlocks the Governance participation for the voter and grants him exclusive benefits of Symbiosis Protocol.

What’s Going to Happen Next?

SIS Burn Event - Summer 2024

Within the same month, in August, Symbiosis is going to implement Ultimate Burning for the SIS tokens and eliminate them for good. Therefore, all of the 251,384 SIS tokens will exit from circulation.  

When the burn will be done, we will share the updates on it accordingly in our Social channels. Therefore, the event would be completed and finished.

Further Contribution to Deflation Framework

This SIS burn event marks the new era for the Symbiosis ecosystem as it continues to evolve and transform. The suggested Deflation Framework is designed on a forward-looking basis that interpolates the mechanisms to increase the value of SIS tokens moving further to Symbiosis Protocol v3.

Nevertheless, the novel additions to strengthen the protocol and its growth path are in the hands of Symbiotes, fostering the culture of collaboration at Symbiosis. 

Time to Use Your Community Power

It’s you - the members of the Symbiosis Community who help us shape the best possible future of cross-chain. 

With the most recent collaborations, such as the ZetaChain Rewards Program for veSIS holders and existing benefits including fee decrease and staking rewards, we gear up and take the additional steps to provide extra perks that our community members can obtain.  

Your input has the power which you can use for the good of the protocol. Enter our Discord and Telegram communities to participate in the life of Symbiosis. 

All socials and important links are located in our Linktree as well.

In DeFi we trust