Defi: Introducing POLIS DEFI farms

Medium social icon Telegram social icon Discord social icon Youtube social icon Facebook social icon Bitcointalk social icon Twitter social icon Reddit social icon

As you may already know, we recently launched the POLIS bridge to DEFI, where you are able to change POLIS for WPOLIS, which is an ERC20 token on the Ethereum network backed exactly by 1 POLIS. This opened up a lot of possibilities in the DEFI world, since POLIS will now be able to interact with all the services provided by the Ethereum network.

But we didn’t stop there. We are glad to introduce the new POLIS defi farms, where you will be able to earn POLIS by providing liquidity to WPOLIS / ETH pair on Uniswap. This will introduce a new way to earn passive income, while helping the POLIS project to grow both in userbase and liquidity.

How will POLIS DEFI farms work?

POLIS farms will incentivize the DEFI and POLIS community to add liquidity to WPOLIS / ETH pair. This farm system will not work like the usual farming system on the Ethereum network, instead, POLIS has build a new system that will reward all liquidity providers in the POLIS blockchain.

The DAO has decided to set aside 50 masternode rewards for all liquidity providers on the WPOLIS / ETH pair, as well as stake all the POLIS sent to the DEFI bridge, and spare all the rewards with liquidity providers. T

his rewards will be sent to the following POLIS address PRmCbZxVRtYmsTcF1FXy3SZj7ye5DZW37i.

By monitoring this address, you will be able to monitor all rewards from 50 masternodes coming, as well as the staking rewards from the coins that are being staked in the defi bridge.

A snapshot of all the liquidity balances will be taken at random times. This snapshots will capture the balances of how much % of liquidity you have in the liquidity provider pools, and will store them in this Google Drive folder, which will be public and verifiable by anyone. The snapshots will be taken from the holders of LP tokens, which are the tokens that represent which % of the ETH / WPOLIS pool you have. You can see all the balances directly from this page.

A timer will begin in the defi page bridge, and when that timer hits 0, the rewards will be sent to everyone on the POLIS blockchain. To be elegible for this rewards, you must first submit your POLIS address and sign it with your ETH address, that way the system will know which POLIS address will use to send the rewards. Don’t worry the POLIS defi website will help you do that easily.

The rewards will be calculated the following way:

  1. We take all the balances from the rewards address PRmCbZxVRtYmsTcF1FXy3SZj7ye5DZW37i.
  2. We count all the snapshots that were taken between the last split of the rewards, and now.
  3. We divide the balances from the rewards address by the numbers of snapshots we did.
  4. Now, we take the % of every address for every snapshot, and send POLIS to their linked address in the POLIS blockchain.
  5. We start accumulating rewards again, and do this process again every x days. This days will be decided by the DAO, depending on how often we are getting rewards from masternodes and staking.

An example of how this will work:

  1. We take all rewards from the reward address. Lets say we have 500.
  2. Lets say we took 5 snapshots between Dec 23 and Dec 27.
  3. Now, we divide 500 by the 5 snapshots we have: We get 100 POLIS per snapshot.
  4. Now lets say you have the following % of the liquidity pool in every snapshot:
    – Snapshot 1: 20%
    – Snapshot 2: 25%
    – Snapshot 3: 10%
    – Snapshot 4: 8%
    – Snapshot 5: 15%
  5. With those numbers you will receive this rewards:
    – Rewards from snapshot 1: 20% of 100 POLIS = 20 POLIS,
    – Rewards from snapshot 2: 25% of 100 POLIS = 25 POLIS.
    – Rewards from snapshot 3: 10% of 100 POLIS = 10 POLIS.
    – Rewards from snapshot 4: 8% of 100 POLIS = 8 POLIS.
    – Rewards from snapshot 2: 15% of 100 POLIS = 15 POLIS.
  6. You will get a total of 20 + 25 + 10 + 8 + 15 = 78 POLIS.
  7. We will wait x days before doing this process again, this will give time to the reward address to accumulate POLIS.

This system was made this way so people will not take advantage by removing and adding liquidity just to get the rewards. People will also earn 0.3% of all the fees happening on the ETH / WPOLIS pool, excellent way to passively earn crypto.

How can I start earning?

To start earning, you need to follow these steps:

  1. Convert your POLIS into WPOLIS using the defi bridge.
  2. Provide liquidity in the uniswap WPOLIS / ETH pool.
  3. Link your POLIS address to your ETH address using the defi bridge website.
  4. Wait for your rewards.

If you need help on any of these steps, you can check our Defi Help & Guides page on our website, or you can open a ticket over discord.

FAQ

What is the ROI of POLIS farms?

Right now, it is impossible to calculate the ROI on defi farms, since this depends on your % of the pool you own. However, right now supposing you have 50% of the pool you will earn 25 masternode rewards + 50% of all the staking POLIS rewards + %.03 on all trades made on uniswap, which have been good the past few weeks.

What are the POLIS DEFI next steps?

The next step, is to create the bridge from WPOLIS to POLIS, and start bringing in even more DEFI enthusiast into the POLIS project.

Where can I learn more about DEFI?

You can read our official DEFI FAQ on our website.

Medium social icon Telegram social icon Discord social icon Youtube social icon Facebook social icon Bitcointalk social icon Twitter social icon Reddit social icon