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$SATIN / $veSATIN

Satin Exchange uses two tokens to manage its utility and governance:
$SATIN — ERC-20 utility token of the protocol
$veSATIN — ERC-721 governance token in the form of an NFT (non-fungible token)
$SATIN - ​0x9FC3104f6fC188fee65C85Bbc4b94a48282aE76D
$SATIN is used for rewarding liquidity providers through emissions.
Liquidity providers in gauges receive the Satin emissions directed to the gauge but do not receive swap fees.
$SATIN is unique among other Solidly-style governance tokens - it is the only token with a max supply.
Total Supply of $SATIN is 25,000,000,000 tokens. Token distribution is as follows: (insert graphic here)
$veSatin - 0x0F321971c72982D5E18D3DC3c49536831Bf4c8d6
$veSATIN is used for governance. Any $SATIN holder can vote-escrow their tokens and receive a $veSATIN (also known as veNFT) in exchange. Additional tokens can be added to the $veSATIN NFT at any time.
SATIN/$CASH LP tokens can be locked to receive veSatin for any amount of days from 7 to 365.
veSATIN holders receive 90% of trading fees from the gauge they voted for (65% of specified partner pools as 25% of trading fees in these pools go directly to the partner’s treasury).
veSATIN voters will receive 25% of the $CASH rebase for the pairs that they vote for in the form of autobribes. This means that if they vote for pairs that contain a large amount of $CASH, they will receive some of the rebase for that pair during the week.
veSatin holders, because they are also Satin/$CASH LP providers by default, also receive any Satin emissions directed to the Satin/$CASH LP and $CASH rebases for the $CASH that they have locked.
veSatin holders with more than 180 days left on their lock will receive boosted Satin emissions (2.5% of total community emissions are reserved for veSatin holders who lock for >180 days.
The lock period (also known as vote-escrowed period, hence the ve prefix) can be up to 1 year, following the linear relationship shown below:
100 $SATIN locked for 30 days will become 8.33 $veSATIN
100 $SATIN locked for 180 days will become 50 $veSATIN
100 $SATIN locked for 365 days will become 100 $veSATIN
And so on. The longer the vesting time, the higher the voting power (voting weight) and rewards the $veSATIN holder receives.

Locking & Rewards Mechanism

When SATIN-CASH LP is locked for veSATIN, the underlying LP is already staked in the gauge. These gauge rewards are received at the end of the next epoch. Each epoch starts on Thursday 00:00 UTC.
Lock period of SATIN-CASH LP for veSATIN starts with the start of next Epoch.

An Example

Let's say Epoch 2 starts on 6th April 00:00 UTC. All further times are in UTC.
  • Alice locks 10 SATIN-CASH LP 4 days before start of a new Epoch for veSATIN on 2nd April.
    • The lock period of her veSATIN will start on 6th April and end on 12th April 23:59.
    • Alice will receive gauge rewards of the period 2nd April till 12th April at the start of Epoch 3 on 13th April 00:00.
  • Alice locks 10 SATIN-CASH LP 2 days before start of a new Epoch for veSATIN on 4th April.
    • The lock period of his veSATIN will start on 6th April and end on 12th April 23:59.
    • Bob will receive gauge rewards of the period 4th April till 12th April at the start of Epoch 3 on 13th April 00:00.
    • Bob will be able to claim rewards for his SATIN-CASH LP (which were staked in farm) for 2nd and 3rd April on the same day, and will not have to wait for the end of next epoch.
Hence, to maximize emissions received for each lock, we recommend locking LPs before 23:59 UTC on Wednesdays.