Utility of DEVIL token
What is the value of the DEVIL token.
Holders of the DEVIL token will in the long-term benefit from the increase in the token's value.
Users who stake their tokens in the locked DEVIL single vaults are eligible to receiving a share from the profit Devil Finance generates.
Users currently have the possibility to deposit DEVIL in 4 different vaults which provide an option to lock the invested capital for 0, 7, 14, or 30 days. If locked, DEVIL cannot be withdrawn for the desired amount of days and the DEVIL rewards you receive are automatically compounded back into your invested capital, automatically increasing it each day. In case you decide to withdraw prior to the expiry of the time-lock, you will be charged a penalty on your capital, which should prevent early withdrawals and DEVIL dumping (lowering the price). This penalty will be distributed to other vault stakers.
Additionally, the Devil Finance team will from now on distribute all collected fees to the stakers in the locked DEVIL single vaults, retaining none for ourselves.
The profit distribution logic (percentage allocated) will be the following:
7-day locking stakers will receive 10% of the platform fees collected;
14-day locking stakers will receive 25% of the platform fees collected;
30-day locking stakers will receive 65% of the platform fees collected;
What this means is that instead of the ‘Harvest DEVIL rewards’ function, that is available on non-locked DEVIL single vault, this function will be replaced by the ‘Claim MIM’ function.
Devil Finance team will convert all the profits generated by the platform into MIM and distribute them among stakers in the lock DEVIL single vaults, according to their share of the vault (share of TVL). What this entails is that the more DEVIL you stake, and for more time, the greater will be your profit share.
Holders of DEVIL token will have governance rights and will be able to vote on proposals and elect changes on how to improve the protocol. Governance will be available to those who hold or stake the DEVIL token and one token will be equal to one vote.
After the launch, once the platform establishes itself on the Fantom Ecosystem, DevilDAO will launch transferring the governing hand to the holders of DEVIL.