SYK Token

The transition from Dopex’s DPX and rDPX tokens to the new SYK token represents a pivotal evolution in the platform's strategy, aiming to streamline tokenomics and enhance the utility within its ecosystem. This detailed overview covers the SYK token's economics, including supply details, the migration process, and the emission program designed to sustain and grow the Stryke ecosystem.

SYK Token Fundamentals

Total Supply: 100 million SYK tokens

Initial Circulating Supply at Merge: Approximately 47.8 million tokens, derived from the conversion ratios applied to DPX and rDPX circulating supplies.

Migration Details:

Date and Process

The migration commenced with the token rebranding initiative, transitioning DPX and rDPX tokens to SYK based on predefined conversion ratios. This process was carefully designed to ensure a seamless transition for existing token holders.

Details for the token migration are specified in detail here.

Conversion Ratios

1 DPX will be converted to 100 SYK, and 1 rDPX to 13.333 SYK, balancing the value transition from the old tokens to the new SYK token.

Emission Program

The emission program for SYK tokens is structured to provide a sustainable growth model for the ecosystem:

Total Un-emitted Tokens:

• Post-merge, 52.2 million tokens are allocated for strategic emissions over time.

Annual Inflation Rate*:

• Approximately 3%, ensuring a controlled increase in token supply.

Distribution*:

• 60% for reward gauge emissions across various products, enhancing participation incentives.

• 30% dedicated to bonding mechanisms to increase protocol-owned liquidity.

• 10% allocated to a protocol grant system, supporting community-driven projects and innovation within the ecosystem.

Utility and Economic Model

Token Utility

SYK tokens are instrumental in the Stryke ecosystem, serving multiple functions including incentives for liquidity providers, payment of transaction fees within the platform, and a medium for settlements in options trading.

Economic Integration

The tokenomics model is designed to encourage active participation in the ecosystem, rewarding users for their contributions through various mechanisms such as liquidity provision and trading activities.

Migration Strategy

The strategy aims to ensure a smooth transition to SYK tokens for all users, facilitated by a smart contract enabling the minting of SYK tokens according to the finalized ratios. This migration contract will be operational for 1.5 years post-deployment, with a potential extension to accommodate all stakeholders.

Token Distribution and Utilization

The strategic allocation of SYK tokens includes a substantial commitment to the protocol treasury and emissions, ensuring long-term sustainability and growth. Distribution tokens, including SYK, enable versatile fee management and reward mechanisms, pivotal for the economic activities within the platform.

Cross-Chain Capabilities

The SYK token is designed with cross-chain functionality in mind, ensuring that stakeholders can seamlessly engage with Stryke’s offerings across various blockchain environments. This fosters a more integrated and accessible ecosystem.

(*) Token Annual Inflation Rate & Distribution are subject to change based on Stryke governance updates.