SIP-3 Proposes Converting UP Rewards to Staked UP
SIP-3 Proposes Converting UP Rewards to Staked UP
🗳️ SIP-3 voting begins
SIP-3 is now live for voting, proposing to convert UP Only Rewards to Staked UP (sUP). The change would allow holders to earn rewards, governance rights, and fee flows automatically.
Key details:
- Proposal available for review and voting on Snapshot
- Follows recent implementation of SIP-1 and SIP-2
- Foundation recently purchased 237,808 UP for $12,362.79 under SIP-1
- 95,123 UP transferred to sUP vault
- Total UP purchased to date: 1,940,572
Background context: SIP-1 and SIP-2 launched last week, establishing the protocol's fee distribution model. Performance fees are split 50/50 between buybacks and Foundation revenue. Of the buyback portion, 20% goes to sUP stakers and 30% to the Foundation. The first harvest generated $21,203.56 in fees across 5 vaults.
SIP-2 extended the unstaking cooldown from 1 hour to 2 weeks and formalized a 500,000 UP/month reward rate, currently yielding over 50% APY.
Community members can review the full proposal and participate in governance discussions through the provided Snapshot link.
The Superform Foundation purchased 237,808 UP for a total of 12,362.79 USD in connection with SIP-1. Protocol fees flow through SuperBank, are converted to UP, and distributed according to governance params. A total of 95,123 UP was transferred to the Staked UP (sUP) vault.
SIP-1 and SIP-2 go live this week. ➡️ The first harvest is in: $21,203.56 in performance fees claimed across 5 Superform-managed vaults. Buybacks are starting. How the fee split works: 50% of performance fees currently go to buybacks. - 20% of buyback $UP → sUP stakers (as
SIP-3 is live. Proposal: Convert UP Only Rewards to Staked UP (sUP). Earn rewards, governance rights, and fee flows automatically. Read the proposal, vote and discuss here: snapshot.box/#/s:superformf…
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