veSAIL
SAIL is for Governance
veSAIL is the vote escrowed token (veToken) 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 escrow account 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.
Note that the DAO voted to distribute Real Yield instead of (or in addition to) of SAIL. That is expected to be implemented in veSAIL v2.
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.
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.
For information on protocol fees see:
View protocol fees on Token Terminal
The magnitude of the opportunity: Projecting Protocol Fees
DEX traction: Clipper DEX performance
How to Get veSAIL
Visit Clipper's Get veSAIL page and connect your wallet.
Enter the amount of SAIL you want to stake. You will be shown the current SAIL<->veSAIL conversion rate here.
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 SAIL page.
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