TOWEL
Acts as staking access rights to SURF Finance's passive income dApp on the Polygon Network, The Beach.
Last updated
Acts as staking access rights to SURF Finance's passive income dApp on the Polygon Network, The Beach.
Last updated
The TOWEL token resides on the Polygon network and grants holders staking access to The Beach.
There is no max supply of TOWELs. An initial supply of 10,000 TOWELs was minted to the SURF Finance Polygon Deployer wallet, located: here. The initial supply was distributed as such:
3,122 TOWELs were earmarked for the SURF DAO Treasury
Note: 200 of the SURF DAO Treasury TOWELs were used to seed the TOWEL/MATIC & TOWEL/SURF Liquidity pools on Quickswap.
6,878 TOWELs have been marked as claimable by wallets who meet the following airdrop criteria:
1 TOWEL for each SURF ecosystem dApp you interacted with prior to April 1st, 2021.
1 TOWEL if you held at least 1 CyberKongz (up to the block before their custom contract release)
1 TOWEL if you claimed 1 of the first 470 Ribbits
1 TOWEL if you held greater than 0.01 QUICK on April 1st, 2021
Beyond the initial supply, new TOWEL tokens may be minted at will by market participants who lock SURF tokens equal in value to 500 MATIC within The Beach. An option is available to mint TOWELs with MATIC, but on the back end the contract is swapping the MATIC for SURF and locking the SURF into the contract.
Newly minted TOWELs and the SURF used to mint them are time-locked for 500 days. Newly minted towels are automatically staked on the beach alongside their variable SURF deposit. Newly minted TOWELs and the corresponding SURF deposit, can be unstaked for a 500 MATIC Fee. The unstaking fee goes down by 1 MATIC per day, until after 500 days when the unstaking fee reaches zero. At this point, the TOWEL, and the SURF locked to mint it, can be unstaked with zero penalty.
For the entire time the freshly minted TOWEL token is timelocked, and afterwards if you choose to leave it staked, you will earn SURF yield.
For more information on how TOWEL tokens pay out yield to stakers, please refer to The Beach.
TOWELs can also be deposited into a SAS (Single Asset Staking) pool on the polyWAVE dApp to earn WAVE yield.
