💯BIPS
Introduction
The BIPS program provides users with an ideal way to earn SYNO and multichain ecosystem rewards. Transparency, fair distribution and maximum rewards are all part of the BIPS structure.
At launch, our initial tokenomics were quite complex. The BIPS program improves our token reward allocation model and improves transparency for users. Overall, this program is ultimately cleaner and easier to understand for users of all experience levels.
The BIPS program will run across multiple seasons. Details for Season 1 follow.
How to earn BIPS?
BIPS can be earned through one of the following ways:
Deposits on the money market
Borrows on the money market
vlSYNO Locks
Breakdown:
Supplying: Earn 1 BIP per Dollar per Day
Borrowing: Earns 2 BIPS per Dollar per Day
vlSYNO: Earns 0.5 BIPS per vlSYNO per Day
As we are in the growth stage, many assets might have a boost. Checkout all the boosts on the markets page.
For example: at the moment USDC has a boost, meaning depositing USDC earns 3 BIPS per Dollar Per Day whilst borrowing earns 6 BIPS per Dollar Per day.
vlSYNO Boost:
vlSYNO is an advanced LP locking mechanism designed to establish deep liquidity for the Synonym ecosystem overall. If you are unfamiliar with vlSYNO, navigate to vlSYNO page to learn more about it. BIPS dramatically improves the vlSYNO mechanism for users and makes achieving a significant points boost even easier:
You will be eligible for SYNO Emissions & Base Market Rates for simply borrowing & supplying assets.
If you lock more than 5% of your supplied assets in vlSYNO, you will be eligible for vlSYNO boost.
Why would you lock vlSYNO?
Get boosted BIPS and increase your allocation for SYNO and ecosystem airdrops.
Be eligible for treasury yield & fees.
Remember: a minimum 5% ratio between your total deposit value and vlSYNO value must be maintained at all times to remain eligible for vlSYNO Boost. We suggest locking 10% to account for price volatility.
Ecosystem Allocations
Synonym is a truly multichain protocol. Wormhole, Arbitrum, Pyth and multiple chain deployments are all key pieces of our platform. What does that mean? Put simply, airdrops and ecosystem allocations from our partners. Earn BIPS, get rewarded. Join us today!
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