We are pleased to announce the launch of the SOLO Savings Program (SSP).
SSP is an exclusive program for SOLO holders who would like to stake and lock their SOLO for a period of time to receive daily SOLO rewards.
How is the SSP Funded?
Funded by the SOLO Expansion Fund (SEF), the SSP fund’s purpose is to grow the Sologenic ecosystem directly, increase its global reach, and help to increase the value of the SOLO coin in the long term to protect all the initial HODLers. This fund goes towards the marketing and promotional activities for the Sologenic ecosystem, such as listing fees for SOLO on global exchanges, summits, gatherings, and worldwide marketing campaigns explicitly promoting the Sologenic ecosystem and SOLO coins as well as community Airdrops.
The SEF wallet has a total of 60M SOLO, which is equal to 15% of the total supply of Sologenic. The SOLO core team has decided to assign a small portion of this fund to create the SOLO Savings Program, to help the market price stability.
What is the SOLO Savings Program (SSP)?
The SSP is a community airdrop program exclusive to the SOLO community. Loyal SOLO HODLers who stake and lock their SOLO holdings for a set period of time can receive SOLO rewards. The rewards are distributed daily and range from 6% to 20% per annum year.
What’s the size of the rewards pool for SSP?
SSP is a limited-time program with a maximum of 2% of SEF holdings, equal to 1.2M SOLO. Once this amount is completely distributed, the program continuity will be evaluated and may be suspended.
What are the rewards percentage & Lock-up time?
Depending on the programs, the rewards range from 6% to 20% per annum year, and the rewards are distributed on a daily basis. The reward calculation is simple interest, not compound interest. For example, If a user enrolled in a two-year program with 100,000 SOLO, she/he will be rewarded a total of 40,000 SOLO for two years.
Once enrolled in SSP, will there be a penalty to remove the funds?
There is no penalty to remove the funds from a “Flexible” enrolled program, however, users will lose all the rewards received on a daily basis up to that date. The penalty does not apply to “Fixed” programs as the funds are locked in the agreed period of time by the system.
Who is eligible?
Anyone who holds a minimum of 100 SOLO in their wallets has a CoinField Pro account and has passed KYC & AML can enroll with their desired amount of SOLO into any of the programs and receive daily rewards transferred to the same locked account. If the funds are removed from the locked account, the users will lose all the rewards received on a daily basis up to that date.
This program is not available to the residents, citizens, or legal entities of the USA and Canada.