Sloth Hibernation Season is Over!
Last updated
Last updated
We tried some things.
We learned some things.
Now, we pivot back toward our original plan … with some exciting improvements.
The thing about crypto is that we are still so early in this space that there really is no tried-and-tested path from here to tomorrow. For every project that exists, success is based on hacking your way through a jungle of ideas to figure out what path really makes sense and which doesn’t.
To that end, we’ve spent the past few weeks reviewing SOY Finance, where it’s currently going, where it should be going, and where we drifted away from our central path. Based on that self-reflective rethink, we’re making some changes to return SOY to its previous glory.
This is happening as Callisto Network takes on a new CEO and as the structure of the company changes. As part of that, we are improving processes, addressing previous problems, and aiming to involve the community more deeply in the development of SOY Finance.
Let’s start with what we think is going to be one of the most exciting changes for the community:
A big challenge with the Charity NFTs is that they have no ongoing utility. We’re changing that.
These NFTs were released a year ago this month, and we now see an opportunity to morph them into a new token that brings beneficial utility and real value to Charity NFT holders.
We have begun a process by which owners of Charity NFTs will be able to combine their NFTs with SOY tokens and burn them to bring forth a new token that will provide gated access to higher APR on SOY Finance farming.
These tokens will be the only way anyone will ever attain higher rates of return when liquidity farming on SOY Finance.
We won’t release all the details yet. But we can tell you:
Three variations will exist, as is currently the case - Emerald, Sapphire, and Purple.
Emerald will collect a 25% booster rate when using SOY Finance liquidity pools; Sapphire will earn a 10% boost; Purple will collect a 5% boost.
We will not limit the number of Emerald, Sapphire, or Purple SOY Charity NFTs that can exist within the collection. That depends entirely on community members and whichever booster rate they want to be applied to their liquidity farming.
But we will limit the entire collection to just 1,500 SOY Charity NFTS.
Note: Before the introduction of the Boost Token in the March 13, 2023 video, the total number of SOY Charity NFTs was about 850 units. After the announcement of the new use case, the SOY Charity NFTs have boomed, and the planned initial 1250 units of NFTs have been hit in a few days! As a result, in order to allow everyone to participate, we decided to expand the total number of charity NFTs to 1500.
At the moment, 1250 SOY Charity NFTs are in circulation among the community. On Saturday, March 18 at 10:00 A.M. UTC, the smart contract will be updated to enable the minting of an additional 250 SOY Charity NFTs. After that, no more Charity NFTs will be sold.
After all 1,500 Charity NFTs are minted, we will be auctioning off every month a collection of uber-rare, 1-of-1 SOY Boost Tokens that will offer the highest booster rate available.
We will provide a complete update soon on specifics regarding the burning process, the amount of SOY needed for a burn with a Charity NFT, and other necessary details. Until then, you have just a few days to grab whichever Charity NFT you want before that option is forever closed.
We will be closing the farms outside the Callisto Network ecosystem.
In the past, it was decided to deploy Soy Finance across multiple blockchains, but this approach has drawbacks, such as splitting the liquidity and causing high slippage, making it harder for new entrants to get in. Instead, we envision making Callisto Network a liquidity gateway and leveraging the power of Soy Bridge by deploying it on more chains while we will continue to improve it with the goal of facilitating entry to the Callisto Network ecosystem.
Consequently, the multipliers of the farms on Ethereum Classic and BitTorrent channels will be set to 0 on Friday, March 24, at 12 PM (noon) UTC to allow for the liquidity to be migrated to the farms on Callisto Network.
The goal is clear: taking advantage of Callisto Network's security and low fee to make Soy Finance the most efficient and advanced DeFi platform.
As part of this change, we will adjust the multipliers to reflect market conditions and investors' interest in specific farms. After analysis of the platform, the following multipliers will be applied from Friday, March 24, at 12 PM (noon) UTC.
We will continue to review Soy Finance regularly; as changes are made, we will give the community a 7 days notice so that farmers can adjust accordingly.
The liquidity of each farm will be considered for the multiplier selection. Hence, farms with small liquidity may not receive farming rewards until their liquidity increases again. The aim here is to rationalize the number of available farms to focus on those that make the most sense for the community and enhance the user experience. By participating in SOY DeFi and providing liquidity, the community is also empowered to vote on which farms should be included in the reward distribution for farming.
However, if the liquidity of these farms increases in the future, their multipliers will be adjusted according to the “Liquidity Pools Classification.” In this way, the community can determine the farmable pairs fully decentralized and transparently, open to everyone through the deposited liquidity funds.
All of those farming changes help get us back to our core strategy of being the best decentralized and safest yield-farming platform. We don’t want to be all things to all people—we want to be the best at what we choose to focus on.
At a time when inflation is wreaking havoc on the lives of millions of people around the world, the Soy Finance sloth has not been spared, but this time it's a different kind of inflation. The number of SOY tokens mined each day is too high, and an excessive supply leads to the result that we all know; a drop in the asset price.
In view of this, the decision was made to reduce the supply of SOY tokens by 20%. This way, the number of SOY tokens minted daily will be reduced by 20%, as well as the total supply. If this marks a major change, this is only the first step; the maximum supply and SOY minting will be further reduced, and an updated monetary policy will be unveiled in the next few weeks.
Right now, SOY is running the SOY Finance Lottery daily. That will be changing to a weekly draw. It just makes more sense because it allows more people the time to participate in each draw since we know life and work schedules get in the way.
We’re also lowering the cost of a lottery ticket to just 10 SOY, down from 250 SOY. Again, this is an effort to make the lottery more appealing to a broader collection of the community.
You will also soon see a new button on the lottery page labeled “Harvest & Buy a Ticket” that will allow you to harvest SOY from liquidity farming and staking activities in order to pay for lottery tickets.
In the coming weeks, the community members will be able to participate in a new, competition-based program to boost a particular farm's multiplier. It’s called Burn & Boost.
Yield farmers can support the farm of their choice each week by sending any amount of SOY to a dedicated wallet. All the SOY received is burned and permanently removed from the circulating supply, while the two farms that generate the most support will collect a one-week multiplier bonus.
The winning farm earns a +5 multiplier boost, and the runner-up receives a +3 boost. So, for instance, if the SOY-CLO farm wins one week, then the typical x53 multiplier becomes x58 for one week.
The purpose here is to increase the amount of SOY burned while giving the community an opportunity to increase its passive income potential by farming SOY tokens.
All of these efforts, taken as a whole, point to our desire as the SOY team to strengthen the SOY community and, ultimately, the SOY token. Our goal is to show the SOY community that we recognize there are weaknesses that need to be addressed and that we are addressing them.
There’s more to do, for sure, and we aim to release a new roadmap on the 15th of April (but remember that this is crypto, and things can and do change by the day. It seems like, we ask for a little wiggle room just in case external necessity requires we push that back a few weeks.)
As we see it, this new start moves us in the right direction toward a brighter, stronger future for SOY Finance.
