The last seven days have been extremely eventful for everyone at Sovi Finance and we are happy to announce the successful completion of the SOVI auction on the NewItem platform, and the launch of SOVI Liquidity Mining on the Huobi ECO Chain (HECO). The two events have proved to be highly successful and have attracted a significant amount of engagement from our community members and highlight how the Sovi revolution has spread across the gaming and DeFi worlds and will continue to do so!
The SOVI NewItem Auction & Liquidity Mining Launch
The SOVI auction on NewItem and the ability to liquidity mine SOVI on Heco began on February 18th. During the auction, 40,000 SOVI were made available with 1 SOVI being equal to 1HT, and the token auction ended at 14:00 GMT with 37,520 tokens being sold and with the remaining of only 2480 scheduled to be burnt.
SOVI Liquidity Mining began at 17:00 GMT, and we achieved a TVL of $20M USDT within the first 30 minutes before going on to hit $24M. The launch also saw participants benefit from an overall APY of 16983%, with the exact figures being as follows.
- TVL $23M
- APY 16983%
- SOVI/USD: 15632.25%
- SOVI/HT: 16983.63%
- SOVI: 1739.14%
- HT: 107.23%
- HUSD: 107.50%
- HPT: 106.60%
We would like to thank the SOVI community for all their support and congratulate everyone who participated. We would also like to add that the price of SOVI has stabilised at around the $30 to $40 (USD) level, and anyone can buy SOVI using Mdex. You can see all the relevant info regarding SOVI on Mdex here, and you just need to click on the “Trade” button to go directly to the available SOVI trading pairs.
Once again, the SOVI LP Mining Pool brings many beneficial features to influencers, network participants, and loyal platform supporters, and allows our entire community to earn rewards by acting as liquidity providers on HECO. The tokenomics of SOVI on HECO are as follows.
SOVI Tokenomics (HECO)
Hope Sovi Mining (hSOV & hSOV2)
- Type: hSOV & hSOV2 mining
- Start block: 930700
- Block period: 1528500
- Block Production: 0.02 SOVI
- Total Distribution: 58400 SOVI
- Type: Direct mint
- Total Distribution: 40000 SOVI
- Start block: 2257600
- Block period: 10512000
- Type: LP Token Mining (SOVI/WHT SOVI/USDT)
- Stage 1: 14 days | 70000 SOVI
- Stage 2: 21 days | 73500 SOVI
- Stage 3: 21 days | 51450 SOVI
- Stage 4: 21 days | 36015 SOVI
- Stage 5: 288 days | 345744 SOVI
- Total Distribution: 576709 SOVI
Single Token Stake Mining
- Type: Single Token stake mining(WHT, HUSD, HPT,SOVI)
- Start block: 2257600
- Block period: 201600
- Total Distribution: 7056 SOVI
Type: Given upon every user’s claim: In order to receive the bonus, the inviter needs to put at least $1000 worth of tokens into the liquidity pool. Inviters are able to collect extra production from 2 layers below them, with 50% from direct referrals and 50% from indirect referrals. Referral Index levels: Stage 1: 6% Stage 2: 7% Stage 3: 8% Stage 4: 9% Stage 5: 10%
Total Distribution: 51277 SOVI (calculated as fully occupied)
Type: Transferred upon every user claim, and users who stake the Igniter type of NFT will be able to enjoy 2% of extra SOVI production from overall liquidity mining.
Total Distribution: 11534 SOVI
Type: Received upon every user claim with 10% extra from every production except for the referral bonus.
Total Distribution: 66824 SOVI
For SOVI tokenomics please go to https://docs.sovi.finance/usdsovi-tokenomics/sovi-tokenomics-heco
We encourage our community members to take part in liquidity mining and you can find out more about our mining mechanism on HECO here, and single asset liquidity provision here. Sovi Finance allows everyone to join in the new financial revolution and earn valuable digital assets via strategic gameplay and taking part in DeFi activities such as liquidity mining, staking, and yield farming. There is much more good news to come soon, so make sure to join the Sovi communities, follow us across social media, and stay tuned!