PolarisDefi Project Insight: A Fairly Distributed and Competitive Farming Ecosystem

Recently there has been a proliferation of yield farming and launchpad platforms with a multiplicity of functions and near emptiness in essence. It has become increasingly hard to see focused projects like PolariDefi, whose delivery is aimed at the quality output of its products and platform features.

By
Wilfred Victor
on
March 24, 2021
Category:
Project Insight

What is PolarisDefi?

PolarisDefi is a fairly distributed competitive farming protocol and launchpad platform built on the Binance Smart Chain (BSC) network. It aims to take the competitive farming model pioneered by GEYSER and enhance the model. It uses the best elements of popular Defi protocols by applying the whole package to the BSC network’s gas-optimized platform.

Polaris will allow users to farm the fairly distributed native token of the platform - $POLAR. In time, users will be able to spend $POLAR in Polaris Supernova to increase harvested rewards.


Key Features

  • Staking
  • Yield Farming
  • Yield multiplier boosts (Supernovas)
  • Launchpad


Project Components

Polaris distinguishes itself from the plethora of projects. Instead of offering the same services, they apply an  innovative model to its product features:

  • Polaris Supernova Geyser (Coming Soon)

Users can earn BNB by staking POLARIS/BNB using Polaris Supernova Geyser. Typical farming protocols allow their users to farm their tokens, introducing high inflation. In the Polaris Supernova, users can earn BNB rewards when they provide POLAR/BNB liquidity into the Geyser contract.

In a similar manner to AMPL on Ethereum, the Polaris Supernova Geyser will calculate users’ farming rate based on a multiplier that starts at 1x and increases over time for as long as the user remains staked in the pool. Instead of rewards per block, users will own a % of the pool based on (i) time staked and (ii) total staked amount.

Users can top up their stake without impacting their multiplier, but to claim their stake, they have to unstake. This will reset their multiplier for the portion of the tokens that were unstaked. The Geyser Supernova offers competitive advantages when compared to other yield farming protocols in the following ways;

  • If other users drop out of the pool, you get more pool share
  • Users benefits from multipliers for more extended uninterrupted farming
  • The Polaris Geyser Supernova incentivizes long-term staking making it more beneficial than short-term staking.
  • Single Asset Staking

Typical yield protocol projects pair tokens on their pools when they launch. The situation is different from PolarisDefi as the team introduces a single asset staking. This protects users from impermanent loss risks. As an experimental project, users should participate in the platform without exposing themselves to the risks associated with liquidity provision.

A graphical breakdown of the pools;

  • Polaris Launchpad and Partner Supernovas

Projects can leverage the Polaris competitive and unique farming model to bootstrap their liquidity provision. This is entirely novel on the BSC chain as Polaris becomes the first to provide such a service. Other projects can launch their Supernovas. Specifically, project teams will receive any $POLAR spent by users when claiming their partner Supernovas rewards. This will function as an ongoing incentive for projects looking at using Polaris Launchpad.

  • Competitive Farming Upgrade

The Polaris Supernovas’ final feature will be that users are allowed to spend $POLAR to enhance their farming multipliers. Like the Geyser on Ethereum, this will encourage active management of deposits to earn a competitive edge over other stakers. The amounts are calculated algorithmically, based on the average number of $POLAR used.


For Example:

  • User deposits into a Supernova for 30 days without unstaking.
  • After a period, taking into account the users’ time in the pool. Polaris allocates a default 1.5 bonus multiplier on his pending rewards.
  • When claiming these rewards, the user can choose to spend POLAR to increase this default multiplier.
  • In this example (taking into account the price of POLAR). The user will be able to spend 100 POLAR to triple their pending rewards.
  • In return for paying the 100 $POLAR, the user would then receive a 4.5x multiplier when they unstake and harvest rewards.

A graphical representation of further details;


Polaris V2

The Polaris platform currently boasts of a $3,988,778 Total Value Locked (TVL) at the time of this article and has recently announced a Polaris V2 migration. This is a further improvement of the platform, security, and farming model. No security issues, breaches, or risks have been reported as no funds held in any farm are at risk. The main reason for this migration is a mistake that burned the Masterchef admin keys. The migration will allow the developers to regain access to these keys. Further, the team has decided to incorporate further developments into the contract migration. Some key changes to POLAR tokenomics will make the token deflationary over time.

The team has outlined the following key points for the V2 migration:

  • POLAR V2 will have a maximum supply of 500,000 POLAR.
  • The initial mint of POLAR V2 will include 75,000 POLAR, in addition to the migration airdrop of ~50,000 POLAR, which shall be used for incentive programs to onboard partners/community rewards via special Supernovas and additional farming rewards for certain pools.
  • Farming pool multipliers will be amended to favor native POLAR pairs to bootstrap higher liquidity and create a more stable liquidity floor, as well as reducing sell-side pressure from stable pairs. Further details on the finalized pool weightings will be released in the coming days.
  • Emissions will be reduced to 0.1 per block for 100 days from migration, dropping to 0.05 per block thereafter until the 500,000 total supply cap has been hit (~200 days).
  • 50% of all POLAR spent on Supernova multiplier rewards will be burned.
  • The amount of newly minted POLAR allocated to the developer wallet has been reduced to 5%.

Overall, the V2 contract update was used to tweak the tokenomics alongside the main goal of recovering the Masterchef admin keys.


Tokenomics

Emission rate: 1 POLAR/block

  • 28,800 POLAR/day
  • 5% of each mint will be automatically sent to the developer’s address to fund ongoing developments.

Fees: 4% deposit fees on all non-POLAR staking pool

  • 2% will be converted to BNB and will fund the first wBNB Supernova Geyser on a rolling basis
  • 2% will be sent to the developer wallets as compensation to the team.


Roadmap

  1. Launch major and minor pools (available on TGE)
  1. Earn POLAR rewards by staking POLAR-BNB, POLAR-BUSD, and POLAR with zero fees.
  2. Earn POLAR rewards by staking single assets with no risk of impermanent loss and a 4% deposit fee.
  1. Launch BNB Supernova Geyser (1–2 weeks)
  1. 50% of the deposit fees from pools will be converted to BNB.
  2. Users can also earn BNB by staking POLAR-BNB LP.
  1. Integrate Launchpad Partner tokens into Partner Supernova Geysers (1–2 weeks)
  1. Earn launchpad partner tokens by staking TOKEN-BNB LP.
  2. Spend POLAR during harvests to earn bonus multipliers on rewards.
  1. Upgrade Supernova and Partner Supernovas to Integrate Competitive Farming (1–2 weeks)
  1. Earn BNB rewards by staking POLAR-BNB LP.
  2. Spend POLAR during harvests to earn bonus multipliers on BNB rewards

Launchpad partner tokens and partner Supernova Geysers will be prominent features for the platform. It adds another layer of utility for the project, its native token $POLAR, and the overall BSC ecosystem.


In Conclusion

With the PolarisDefi unique features, there will be no need for upcoming projects to worry about bootstrapping users. The Supernova Geyser feature will help the project with liquidity on their protocol. The hassles of adding liquidity or looking for a means of generating liquidity upon launch are taken care of within the Polaris ecosystem.

The risk of impermanent loss experienced by LP providers becomes a thing of the past with Polaris Single Asset Staking. Earn/farm other tokens with a single asset, e.g., BNB, POLARIS, TWT, etc. The barrier of entry for intending farmers is therefore lowered within the protocol.

For those who wish to learn more about PolarisDefi, check out the following resources and media pages:

Website

Twitter

Telegram

Announcements

Overall it is vital to proceed with caution when purchasing tokens that have just been listed. For those who have not already read our articles on safety in the BSC it is crucial to reference the following items, HERE and HERE.

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Wilfred Victor

Ace finds himself as a blockchain enthusiast who is focused on growing with the entire crypto sector. He is an energetic and passionate writer who believes that all things are achievable.