The SEFI Token is the governance token for SecretSwap and is also used to incentivize traders and liquidity provider on SecretSwap
SEFItoken was distributed in a one-time genesis event in March 2021 and will continue to be distributed to SecretSwap users over four years. The token emission and the details of each class of rewards can be seen below.
SEFIis non-inflationary with a fixed supply of 1 billion tokens.
SEFIwas distributed at genesis. The remaining 90% of tokens would be distributed over four years, with rewards halving year over year. Of the remaining 90% of tokens to be distributed after genesis, approximately 71% will be allocated to SecretSwap Users (LP Providers & Traders in the form of $CSHBK) as notated and broken down in the chart below. Approximately 11% is allocated for SEFI Stakers and 18% is reserved for future development, accounting for 100% of the remaining supply distribution. These parameters (e.g. weighting of rewards between LP Providers and Traders) could change in the future through governance.
The SEFI token allows the Secret DeFi community to govern its protocol in a decentralized fashion. The decentralized governance functionality is now live! Some of the aspects that the community can govern include:
- Spending the development pool
- Determining pools eligible for user rewards, including changing their respective weights
- SecretSwap fees and use of fees
- Adding other products into Secret Finance that receive and utilize SEFI
SEFI tokens staked in the previous pool will need to be migrated to the new pool to continue to earn rewards & participate in decentralized governance. Only SEFI tokens staked in the new pool will be eligible to participate.