Dear Shoebill Finance Community,

We are thrilled to unveil the highly anticipated Shoebill Finance Governance Token (SBL) and its escrowed (staked) counterpart, gSBL. These tokens are at the heart of our ecosystem and are designed to empower our community members in several unique ways. In this post, we will delve into the exciting utilities that come with SBL and gSBL.

Major Utilities

1. APY Boost

One of the standout features of SBL and gSBL is the ability to boost your Annual Percentage Yield (APY) for both asset supply and borrowing. Holders of gSBL will enjoy an APY boost for various assets, including WEMIX, stWEMIX, STONE, ETH, wUSDM, USDC, and more. There will be three tiers initially, and as you hold more tokens in the form of gSBL, you ascend to higher tiers with increasingly attractive APY boosts.

2. Profit Share

As a gSBL holder, you become entitled to a share of the platform's profits. These profits are generated from the reserve factor for the yield spread between asset supply and borrowing. A noteworthy detail is that 50% of these profits will be used to buy back SBL in the market. The protocol smart contract will automatically convert SBL into gSBL and distribute it among gSBL holders. This feature ensures that gSBL holders directly benefit from the platform's success.

3. SBL Auction

Our ecosystem introduces a unique opportunity for users to acquire gSBL by purchasing them with SBL tokens, but at a discounted rate. These gSBL tokens are available for purchase in the auction and are primarily sourced from Early Exit penalties, offering a novel way for users to engage with our platform while enjoying cost-saving benefits.

4. Additional Incentives

We are committed to rewarding our loyal gSBL holders with additional incentives. These incentives may take the form of third-party tokens received through partnerships or airdrops from network foundations such as WEMIX and Manta. Additionally, half of the Early Exit penalty imposed on gSBL holders will be distributed to current gSBL holders as further incentives.

Basic Mechanisms of SBL and gSBL

Understanding how SBL and gSBL interact is crucial for community members:

  1. SBL can be instantly converted (staked/escrowed) into gSBL.
  2. gSBL can be gradually and linearly converted (unstaked) back into SBL over a 40-day period.
  3. Holders of gSBL have the option of an Early Exit, where 20% of their gSBL is instantly converted to SBL, while the remaining 80% is subject to a penalty. Half of this penalty will be redistributed to current gSBL holders, while the other half is allocated to the Auction Vault for sale at a discount.

Additional Information

We'd like to provide some additional context:

  1. SBL will exist in different versions on various networks, each with slight variations in tokenomics and parameters.
  2. However, the utilities of SBL and gSBL will remain consistent across these networks.
  3. We're excited to announce that the governance token on Manta network, m.gSBL, will be eligible for a $MANTA token airdrop, while mSBP (ShoeBill Point) will be exchangeable for SBL at a 1:1 ratio.

At Shoebill Finance, we are dedicated to creating a robust and rewarding ecosystem for our community members. The introduction of SBL and gSBL is a significant step forward in achieving this vision. We invite you to stay tuned for further updates and announcements as we continue to enhance our platform and empower our community.

For more information and updates, please visit our official channels: Website | Twitter | Medium | Telegram Announcement (ENG) | Telegram Chat (ENG)