FAQ
Last updated
Last updated
Below is a simple, ELI5-style explainer that addresses the key points (When, How, What, Where, Why, Who, How Much) and ends with a list of questions one may have about this.
What? The TGE (Token Generation Event) is when the $SYMM tokens officially launch, liquidity will be added to a Decentralized Exchange (https://aerodrome.finance) , and initial (30% of everyones) tokens are distributed to holders, the remaining 70% of the tokens are vested as described here: TGE Plan
When? Date: December 16, 2024. As decided per the SIP-1 and officially announced via Twitter, the 16th of December is the day tokens become available.
Where? It’s all happening on the Base chain. Here is an explanation on how to use BASE: https://docs.base.org/docs/using-base/
We chose Base because of the continued growth and traction of the ecosystem. With several Symmio partners already active on Base, it’s the ideal platform to drive SYMM’s growth. Transferring tokens on Base will cost you less in “gas fees” (small network charges) to claim and use your tokens. Later on, if the community votes for it, the tokens can be moved to other networks as well.
Why? We’ve been earning fees from people using the Symmio platform. On TGE day, we’ll take all those earned fees (about $1.6 million worth!) and add them to a special trading pool with the new tokens. This helps ensure enough tokens and money are in the system so people can trade easily without big price jumps.
Getting Your Tokens: Everyone entitled to Symmio tokens will receive 30% of their total right away on December 16. The remaining 70% will be given out (vested) slowly over 9 months. If it takes us longer than expected to set up everything (maximum a couple of months), we will shorten that 9-month wait by the delay time so you don’t lose any time overall.
Early Claim Option (with a Penalty): If you don’t want to wait for all your tokens to slowly unlock, you can claim everything early. But there's a catch: you’ll pay a 50% penalty on what’s still locked. Think of it like getting all your candies now but losing half of them as a “rush fee.” The penalty fees we collect will be given back to patient holders or to people who provide liquidity later.
Liquidity and Trading: We’ll create a trading pool on a service called Aerodrome Finance with an equal amount of SYMM and ETH. This pool lets people buy and sell SYMM tokens easily.
Future Fees & Rewards: New fees earned after TGE will go to a special staking area (where you lock up your tokens to earn rewards). We’ll also have a low, steady yearly increase (2%) in the total number of tokens for rewards given to people who help the system by providing liquidity.
Who is Involved?
Symmio Holders: Anyone who owns Symmio tokens at TGE time will get their share. There’s a list (snapshot) on GitHub showing who gets what.
Community & DAO: The community decided how we’re doing all this through a vote. The team is just putting the community’s plan into action.
How Much?
Token Distribution: 30% right away, 70% over 9 months.
Liquidity Added: About $1.6 million worth of tokens and fees.
Penalty Fee: If you claim early, you lose 50% of your locked portion.
Inflation for Rewards: 2% per year for liquidity providers.
Some questions you may want to ask?
When will I get my tokens? (30% on December 16, 2024, the rest over 9 months)
How do I claim them? (On the Base chain via our claiming contract; early claim option available)
Where do I trade them? (On Aerodrome Finance using the SYMM/ETH pair)
Why is the TGE happening this way? (Community vote and to ensure a fair, well-funded launch)
Who is eligible to receive tokens? (All Symmio holders listed in the snapshot)
How much do I get and what are the penalties if I claim early? (30% now + 70% over time, or pay a 50% penalty on the locked portion if you want all now)
