What is sVIC

Background

sVIC serves as an VRC20 token that represents an individual account's ownership share in the total VIC tokens that have been staked, along with the accumulated rewards. sVIC has a decimal of 9 which is equal to that of VIC .The balance of sVIC can only be altered through specific actions, such as transfers, minting (creation of new sVIC tokens), and burning (destruction of sVIC tokens). The total supply of sVIC does not rebase, remaining constant over time.

The value of sVIC in terms of VIC is subject to change and is not fixed. Holders of sVIC have the flexibility to convert any amount of it to VIC or vice versa at any given time, using a predetermined fixed rate. This fixed rate is the same for all users and remains consistent at any given moment. Typically, the rate is updated once a day when rewards are generated from staking VIC. To obtain the current conversion rate, users can access the sVIC contract and retrieve the relevant information. This mechanism ensures that sVIC holders can easily switch between staked assets and liquid VIC based on their preferences and market conditions.

How is rate calculated and updated?

• rate starts with an initialized value of 1 VIC: 1 sVIC = 1 VIC

• When the first user stakes an amout of X VIC into our liquid staking, the user receives an amount of X sVIC as the rate is initialized at 1.

• When there is an additional rewards of R VIC generated by staking, the rate is updated as follows: updatedRate = currentRate + R * (100 - ProtocolFee)/ (total supply of sVIC) / 100

• ProtocolFee is set at 10

• the newly updated rate is then pushed to the sVIC contract

For example, if the current rate is 1 VIC, the total supply of sVIC is 100, and there is newly generated rewards of 1 VIC, the updated rate will be: 1.009 VIC

Users receive sVIC immediately after making a stake deploy successfully. The amount of sVIC a user can receive depends on the amount of VIC being staked and the rate. And it can be calculated as follows:

Amount of sVIC = Amount of Staking VIC / Current Rate

There is a minimum of 500 VIC applied when users stake on our app. This minimum is similar to the standard delegation of the Viction blockchain.