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  • 🐚Introduction
    • Admiralty
  • 👩‍⚖️DAO Governing Bodies
    • Who Governs AdmiralDAO?
    • Operators
      • Operator Responsibilities
      • Operator Elections
    • The Security Council
      • Security Council Elections
  • 📜Community Governance
    • Overview
    • ⛵SAIL Primer
      • Clipper Fundamentals
      • DEX Market Structure
      • SAIL Utility & Tokenomics
      • veSAIL
    • Governance Process
      • Proposal Template
    • 🧑‍🌾SAIL Farming
    • 🪙SAIL Tokenomics
    • Token Listings
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  • How veSAIL Works
  • Is There a Lockup Period?
  • Where Do the SAIL Rewards Come From?
  • How to Get veSAIL‍
  1. Community Governance
  2. SAIL Primer

veSAIL

veSAIL is the veToken of AdmiralDAO.

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Last updated 1 year ago

veSAIL is the vote escrowed token of AdmiralDAO. It enables SAIL holders to stake their tokens in an escrow account to earn additional SAIL, further increasing their voting rights and giving governance participants a vested interest in managing the DAO.

How veSAIL Works

SAIL holders stake their SAIL in the and receive veSAIL in return. veSAIL can be used in governance, just like SAIL.

To convert veSAIL back to SAIL and redeem rewards, depositors burn their veSAIL. The exchange rate between veSAIL and SAIL changes over time, depending on how much additional SAIL (for rewards) resides in the redemption contract.

Is There a Lockup Period?

Currently, there is no required lock-up period for veSAIL, similar to the 0-day lock-up for xSushi. However, a lock-up parameter may be implemented by DAO governance in the future.

Note that although there is no required lockup period, the longer a deposit is left in the escrow contract the more rewards it accrues.

Where Do the SAIL Rewards Come From?

A portion of Clipper’s protocol fees will be used to purchase SAIL off the open market. This SAIL is then deposited into the redemption contract and distributed as rewards to veSAIL holders. In the future, SAIL rewards may be vested over a long timeframe to ensure long-term incentive alignment of governance participants.

How to Get veSAIL‍

  1. Visit Clipper's and connect your wallet.

  2. Enter the amount of SAIL you want to stake. You will be shown the current SAIL<->veSAIL conversion rate here.

  3. Once your transaction completes, your returns will begin growing at the current Staking APY rate listed on the veSAIL dashboard! Your SAIL balance is always visible on the .

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escrow account
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