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On this page
  • How veSAIL Works
  • Is There a Lockup Period?
  • Where Do the SAIL Rewards Come From?
  • How to Get veSAIL‍

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  1. Governance Token
  2. SAIL Primer

veSAIL

SAIL is for Governance

PreviousSAIL FarmingNextToken Listings

Last updated 1 year ago

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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 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 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.

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.

For information on protocol fees see:

  • View protocol fees on

  • The magnitude of the opportunity:

  • DEX traction:

How to Get veSAIL‍

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

Visit Clipper's and connect your wallet.

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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How Clipper Generates Protocol Fees
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