Kraken Adds Saffron Token SFI for Trading
Cryptocurrency exchange Kraken has announced that the Saffron native token, SFI, is now available for trading on its platform.
Kraken Adds Saffron Token SFI for Trading
Cryptocurrency exchange Kraken has announced that the Saffron native token, SFI, is now available for trading on its platform.
SFI available for trading on Kraken
Cryptocurrency exchange Kraken announced that SFI is available for trading on its platform according to a recent blog post. Users can add the asset to their accounts by navigating to the Funding section, selecting the asset, and hitting deposit. The platform reminds users to ensure they deposit their tokens into supported networks to avoid losing funds.
Spice, known by the ticker SFI, functions as the native token of Saffron. The project describes itself as a peer-to-peer risk adjustment protocol where underlying yield is transformed by a smart contract system based on users indicated risk.
Protocol Mechanics and Governance
In the current implementation of Saffron, each vault is built on a Uniswap concentrated liquidity position and pairs two distinct sides. One side receives an upfront payment in exchange for giving up fees generated during the vault term, while the other side pays that upfront amount to capture potential future fees. Earlier iterations of the protocol included a tranching mechanism released in October 2020 and a subsequent insurance mechanism, both of which have since been deprecated.
The SFI token serves primarily for governance purposes within the ecosystem. Major protocol and treasury management decisions are handled by token holders authorized to vote in the Saffron DAO. The token supply is capped at 100,000 SFI, having been created through a liquidity mining program that operated from October 2020 to mid-2021.
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