Introducing: Comet Pools — The Olympics of Yield Farming on BSC

Now you can earn yields on virtually any BSC token you hold via Polaris Comet Pools!

A few days ago, Polaris crossed the $10 million TVL threshold, and have generated over $200,000 in fees which are flowing back to users in the form of wBNB Supernova pools (stake POLAR, earn wBNB).

These Supernovas are currently providing some of the best APRs available on BSC. And the best part is, POLAR stakers are receiving rewards in wBNB which is both very stable and liquid.

We’ve also formally launched our Supernova Partnership Program which will drive organic demand for POLAR irrespective of platform revenue.

Next Up: $25 Million TVL

As we continue developing a real world use case for POLAR, we are also brainstorming ways to increase the overall Polaris TVL (total value locked), since higher TVL means more Supernova rewards.

That’s why we’re excited to introduce our new team-based competitive farming pools known as Comet Pools, which we expect to take us to our next milestone of at least $25,000,000 in TVL.

With BNB breaking it’s ATH and BSC lowering gas fees to 5 Gwei, we believe BSC will keep its reputation as a blockchain optimized for yield farming.

Our vision for Polaris is to become a platform for the “Olympics of Yield Farming” on BSC with room for individual and team-based strategies.

Polaris Comet Pools and How They Work

The Comet Pools will feature 4 of “teams” of community-voted tokens that you can stake to earn POLAR. These will be set up similar to the current Major pools (ie. stake TOKEN to earn POLAR with a deposit fee).

The 4 teams can be any BSC token and will be voted in and decided by the community before launch. This gives you the opportunity to earn yield on virtually any token you hold as long as you can summon enough votes.

This means before going live, we will host an open vote for users to suggest and vote on any project token as one of the four teams that will get a Comet pool.

Once the four tokens are finalized, each will get a…

  1. Team Comet Pool — Stake tokens to earn POLAR with daily reward boosts
  2. Team Comet Supernova- Used for team-based voting purposes (more on that in a bit)

Now, here’s the exciting part:

Every day, your team’s Comet pool will receive a POLAR reward boost of one of the following:

  • 10x boost
  • 6x boost
  • 3x boost
  • 1x boost

Your team’s boost can change from day to day, depending on how many votes are in your team’s Comet Supernova.

You cast votes by simply staking POLAR in your team’s Comet Supernova. (every dollar in TVL = 1 vote). This means you also earn POLAR while voting to boost your team’s Comet Pool rewards.

Once a day, the votes in the Comet Supernovas will be counted. Then, the reward boosts on the Comet Pools will be assigned accordingly.

The Comet pool which has the highest number of votes (TVL) will receive the 10x boost, the second highest, the 6x boost, the third highest, 3x.

Note: The reward rates for Comet Supernovas will be unaffected. Only the 4 Comet Pools will be affected by reward boosts.

Bringing in Fresh Pools

At the end of every week, the Comet pool with the lowest weekly average TVL will be depreciated and replaced with a new contender pool, which again, will be suggested and voted in by the community.

Each week’s losing pool will turn into a“Red Giant” where it will earn the base 1x emission rewards for another week until it finally becomes deactivated.

This model allows new pools to be introduced into the farms without disrupting the yields of existing pools.

It continuously creates more exposure for Polaris to various BSC communities.

Comet Pools — Example

Let’s say you’re a long term BIFI holder. Right now, the highest APY you can earn on BIFI is in their native vault which pays 34% APY.

So you suggest and vote for a BIFI, and push the BIFI community to vote. BIFI gets enough votes and becomes one of the 4 Comet Pools.

When farming starts, you can stake BIFI and earn POLAR. The pool starts off at a 1x reward earning say 54% APY. That’s better yields than what BIFI offers, but not amazing. especially considering the 3% deposit fee.

So you and other BIFI holders stake your Polar into the BIFI Comet Supernova, which ends up getting the most TVL for the day (votes).

The next day, the BIFI gets boosted 10x. Now the APY is 540%, which is a lot more attractive and profitable now.

And while this is happening, you’re earning more POLAR in the BIFI Comet Supernova. Plus, the deposit fees are used to fund wBNB Supernovas, driving more demand for POLAR and keeping the APYs healthy across the board.

Benefits of Competitive Comet Pools

  • Allows you to earn yield on your tokens you can’t get from yield from anywhere else. For example, there’s no place you can currently get yield on CODEX (cdo.finance), at least not the token itself. With Comet pools, CODEX holders can vote to create a CODEX Comet pool and earn POLAR with up to 10x boosted rewards
  • Generates more platform TVL from deposit fees and in turn more funding for the core Supernovas (stake POLAR, earn BNB)
  • Increased demand for POLAR as it will have an additional use case as a voting token
  • Encourages collaboration with other users to strategize and collectively boost rewards. This allows you to network with other like-minded people.
  • Adds another layer of game theory to the Polaris ecosystem
  • Attracts more members from various BSC communities to test out the Supernova Geysers (we know once users test them out, they’ll be hooked!)

When Launch?

Over the next week, we will start releasing more details on the Comet pools including how you can vote for the initial 4 team tokens that will be featured.

We plan to officially release the Comet Pools and Supernovas during the week of April 19, 2021.

This is technically a beta-test as it’s never been done before on BSC (or any chain for that matter), and depending on the reception and impact on our TVL, we may continue to build and improve on this model or scrap it altogether.

The good news is, the Comet pools and Supernovas will use the same contracts as our current ones (including the contracts audited by Certik) so user funds will always be safe.

Finally, in order to make room for Comet Pool rewards, these single-asset pools will paused before the launch. We decide to deactivate these pools because they are either redundant (you can still stake your BUSD in the BUSD-USDT LP pool) or they don’t contribute much to the BSC ecosystem.

  • BUSD
  • USDT
  • USDC
  • DAI
  • BTCB
  • ETH
  • DOT
  • CAKE

Stay tuned in our Telegram channel and Twitter for more updates!

https://polarisdefi.io