As the cryptocurrency sector advances, the economic frameworks supporting token initiatives also transform. The SISHI team acknowledges that the current tokenomics of SISHI do not efficiently drive long-term staking incentives and sustained liquidity for our synthetic assets over the long haul. To tackle these challenges, the community is thrilled to unveil veSISHI, an innovative staking and governance mechanism leading to several modifications to motivate SISHI holders to secure their tokens and helps power the growing SISHI ecosystem.
In pursuit of this goal, SISHI aims to revitalize its tokenomics through the migration to an updated version of the SISHI token on Arbitrum blockchain.
To achieve this, we will develop a contract that exchanges SISHI tokens on Binance Smart Chain (BSC) for SISHI tokens on Arbitrum, maintaining a 1:1 ratio.
Furthermore, token migration presents an opportunity to address various other issues. The initial unlocking mechanism, established during the project’s infancy, proved overly aggressive for safe project management. The SISHI token migration enables its replacement with a more sustainable mechanism, democratically chosen by the community.
Below are more details:
- As of August 14, 2023, Sishi Finance has initiated the bridge contract connecting BSC to Arbitrum.
- Beginning on August 14, 2023, users have the option to exchange their SISHI tokens on BSC for Arbitrum tokens at a 1:1 ratio.
- The bridge contract is scheduled to conclude by December 31, 2023.