Hi Polaris community
We have decided to maintain the Polaris project holding pattern until a market develops for our service. We will review the situation again in 12 months.
The problem is that there are still no market for customers that require our service. Neither crypto projects nor traditional businesses are investing to attract liquidity to their tokens. Therefore they are not actively seeking the liquidity yield farming service that we offer.
Therefore we have decided to close down the front-end access to our Supernova service and website, as they are not being used and we can avoid these expenses. Of course the smart contracts will remain and they do have their own decentralised access interfaces.
We won’t remove the web2 user interface until the current live supernovas have come to an end in April 2023. This will provide plenty of time for liquidity providers to easily remove their liquidity tokens from the supernova yield farms.
We will also place our social media channels that support our community to sleep until we re-activate the Polaris project and Supernova service.
Polaris’ Supernova competitive yield farms is a fantastic innovation, which I believe will become an integral part of the emerging decentralised finance ecosystem.
However, it is too uncertain how long it will take before an active market emerges involving a customer base requiring our Supernova service to solve their token liquidity problems.
We plan the following upon reactivation of the Polaris project:
1. Focus on supernova competitive yield farming as a differentiated offering. This will complement standard yield farms which anyone can offer and DEXs are well positioned to provide.
2. Focus on our de-centralised do-it-yourself Supernova platforms. This will focus on improving customer control to attract liquidity providers to their tokens.
3. Improve information available to liquidity providers participating in Supernovas for them to have better control over their competitive farming
4. Rationalise branding between Polaris project and Supernova service depending on whether we remain one-service or multi-service
5. Restructure token economics to raise funds and liquidity reward pool for the benefit of existing token holders:
a. Create 1 billion Polaris tokens on Polygon
b. Convert the existing 100m Polar tokens on BSC to Polygon to new token on a 1 for 1 basis
c. Raise funds with 100m tokens
d. Use remaining 800m tokens for yield farming rewards to attract liquidity to our new Polaris token and to attract other selected projects to our platform.
In the meantime, the Polar tokens will continue to trade on BSC Pancakeswap and Polygon Sushiswap.
I will run an AMA session tomorrow morning for further discussion:
AMA Polaris announcement
Wednesday, 23 November · 09:00 GMT
Google Meet joining info
Video call link: https://meet.google.com/inv-ixkh-kmj
Once a market emerges for liquidity yield farming, Polaris will be well positioned to ramp up our activities.
I thank you all for your ongoing support and wish you the best in your dealings and undertakings in the crypto markets.