Traders on SecertSwap who swap
SCRT on eligible pairs (
SCRT -> SecretTokens or SecretTokens ->
SCRT) receive cashback in the form of
CSHBK tokens. The
CSBCK tokens that a trader receives are proportional to the volume of the swap. If Alice swaps 100
SCRT, Alice receives 100
CSHBK. Alice can Burn her
CSHBK tokens to receive
SEFI tokens and participate in governance of SecretSwap. The
SEFI mechanism works as follows:
CSHBK token contract continues to accumulates
SEFI tokens. The address of the
CSHBK contract is
10% of all
SEFI distribution goes to the cashback rewards contract. This equals approximately 131K
SEFI daily allocated for cashback rewards for Year 1 of SEFI rewards. This amount is subject to change by
CSHBK Alice gets for trading is minted directly to her account.
As Alice burns her
CSHBK, she receives
SEFI from the pool proportional to her
sSCRT / SEFI
sSCRT / sETH
sSCRT / sLINK
sSCRT / sRUNE
sSCRT / sRSR
sSCRT / sUNI
sSCRT / sOCEAN
sSCRT / sYFI
sSCRT / sDAI
sSCRT / sMANA
The eligible pairs are subject to change by
The Cashback Rate is a percentage that represents what is the portion of trading fees a trader gets back in the form of
SEFI at a given moment. The rate is calculated as follows: .
The Cashback Rate is transient and could change every block, since on every block new
SEFI rewards get accumulated in the pool while also new
CSHBK get minted.
Note 1: the Cashback Ratio becomes fixed only when burning
CSHBK and only for the
CSHBK tokens that get burned, i.e. the moment in which a user gets his CSHBK from trading does not determine the Cashback Rate for these tokens.
Note 2: burning
CSHBK does not change the Cashback Rate.
On the one hand,
SEFI rewards in the cashback pool continue to increase, but on the other - so does
CSHBKsupply. This creates an interesting dynamic as the rate of growth between
SEFI rewards and
CSHBK determines whether it’s better to hold off or redeem constantly.