🔓Locking $SLING

Locking $SLING is at the heart of the Slingshot ecosystem. It can be done easily within the Slingshot dApp.

SlingShot DAO

Simple version

To interact with the ecosystem, users need power, which they get in return for locking their $SLING.

In it's most simple terms, a users power is determined by:

1. How much $SLING they have locked

2. How long they have locked it for

The more $SLING a user locks and the longer they lock it for, the more power they get.

As time goes on, a users lock duration becomes smaller (i.e. 30 days -> 15 days -> 5 days -> unlocked). Because of this, Power also becomes smaller over time before it eventually reaches 0.

Detailed version

Slingshot uses a Voting Escrow smart contract to permisionlessly manage the locking of $SLING. All of the locked tokens and the resulting power balances are held within the smart contract.

1. A user can only have one lock at a time (per wallet).

2. The minimum lock duration is 30 days.

3. The maximum lock duration is 4 years.

4. A user receives more power linearly as the lock duration increases. For example:

   1. 100 $SLING locked for 1 year = 25 Power

   2. 100 $SLING locked for 2 years = 50 Power

   3. 100 $SLING locked for 4 years = 100 Power

5. Power decays in realtime. Power is constantly recalculated based on the lock duration (which is decreasing every second). Because a users Power is a function of their lock duration (which is decreasing every second) a users Power also decreases every second.

6. Users can extend their lock duration (up to 4 years) at any time. This is an effective way to maintain Power which is otherwise slowly decaying (see point 5).

7. Users can add more $SLING to their lock at any time.

8. Users can only withdraw their locked $SLING once the lock duration expires. It is not possible to partially withdraw $SLING from a lock.

The calculation

The Power calculation for the Voting Escrow contract is as follows:

(tokenAmount / 126144000) * (⌊unlockTimestamp / 604800⌋ * 604800 — currentTimestamp)

• tokenAmount: The number of $SLING locked in the contract.

• 126144000: Represents 4 years in seconds (4 x 365 x 24 x 60 x 60).

• unlockTimestamp: The Unix timestamp when the locked $SLING will be unlocked.

• 604800: Represents 1 week in seconds (7 x 24 x 60 x 60).

• currentTimestamp: The current Unix timestamp at the time of calculation.

Audits

Slingshots smart contracts have been audited, including the Voting Escrow contract discussed above. You can read more about security audits here.

👮Security Audit