Greetings fellow denizens of Polaris!
We are fast approaching the long-awaited day of migration to the new and improved Version 2 contract for POLAR.
Before we boldly go where no BSC project has gone before, make sure you familiarise yourself with the materials below and -importantly — unstake all of your POLAR and POLAR LP tokens before the snapshot on 19:00 UTC on Wednesday 24 March.
Onto the details…
🌌 V2 Migration Update 🌌
The snapshot for the POLAR V2 migration will be taken at 19:00 UTC on Wednesday 24 March. The specific block will be announced closer to the time of the snapshot, but we recommend that you take action well in advance to avoid disappointment.
Only POLAR held in your BSC-compatible wallet (e.g. Metamask or Trust Wallet) will be included in the snapshot (LP tokens will not be counted).
Before the snapshot, make sure that you:
- Harvest any pending POLAR rewards from the pools.
- Remove any POLAR-BUSD or POLAR-BNB LP and remove LP on so that you are just holding the POLAR token. You can re-LP with your brand new Version 2 POLAR after the migration.
- Remove any POLAR farming in the single asset pool.
You can continue to farm as normal until the snapshot (but give yourself plenty of time to complete the steps above).
The V2 airdrop will take place as soon as possible after the snapshot. We will keep you posted on timescales in real-time as we make progress.
🔥 V2 Tokenomics — POLAR now deflationary 🔥
We have heard your feedback over the weeks since launch and are excited to announce a number of changes that are being introduced in the V2 contract that we believe will benefit POLAR holders and the long-term health of the Polaris ecosystem.
- 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 favour 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 finalised pool weightings will be released in the coming days.
- Pool 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%.
The cap on supply, combined with the multiplier token burn, will make POLAR truly deflationary in the long term.
🌠 Kickstarting the Supernovas 🌠
Finally, an update on why we are all here in the first place!
We are glad to report that development of the Supernova contracts has now completed.
The team is currently stress testing and integrating the contracts with the Polaris UI.
In total, over $140,000 worth of BNB will be distributed to POLAR holders via our first native Supernova geyser.
🌌 Website: https://polarisdefi.io
👨🌾 Farm: https://app.polarisdefi.io/
📖 Gitbook Docs: https://polarisproject.gitbook.io/polaris-defi/
🐦 Twitter: https://twitter.com/polarisdefi
💬 Telegram: https://t.me/polarisdefi
📢 Telegram Announcement: t.me/polarisdefiANN
Polaris a DeFi experiment. The $POLAR token carries no intrinsic financial value and does not pretend otherwise.
Polaris contracts have not been audited yet, however our team contributors and developers have made reasonable efforts to ensure the protocol’s integrity through testing and collaboration, as well as by developing Polaris using battle-tested code. Any person or entity who chooses to engage with the POLAR and associated contracts are doing so completely at their own risk.
The Polaris developmental roadmap is aspirational and delivery (or non-delivery) of these objectives is entirely at the team’s sole discretion.
To facilitate faster development and improvements, the Polaris team will remain anonymous in line with common DeFi industry practice.
The Polaris team and community will not be liable in any way for financial losses incurred due to your use of the Polaris platform (including technical issues or liquidity providing activities) or $POLAR token.
Please perform your own due diligence and thorough research on Polaris DeFi and the other protocols before taking any action.