Greetings fellow Polarites!
As you will all be aware, PancakeSwap has recently begun the process of migrating its liquidity over to a new V2 contract.
This is going to have an inevitable impact on Polaris, given that our exchange page uses their router and all of our current Supernovas utilise V1 PancakeSwap liquidity.
The migration has prompted discussions in our team about the future of Polaris and, more particularly, what changes we can make at this time to benefit our amazing community.
As such, we are excited to announce that we will be taking the PancakeSwap migration as an opportunity to embark on the final frontier for Polaris — POLAR V3.
It is also clear that inflation is not a sustainable long-term strategy, utility is. With partner Supernovas launching rapidly, we are already seeing significant sums of POLAR being burned for multipliers, validating our utility model.
POLAR V3 will therefore have a 50,000,000 fixed supply, with a 1:100 airdrop for existing holders.
Increasing the total supply of POLAR means the minimum dollar cost of using POLAR multipliers will effectively decrease (as the current algorithm is calculated using a fixed amount of “1 POLAR” as the minimum unit).
In terms of the updated deflationary tokenomics, we anticipate that price will serve as a self-regulation model. The more POLAR is burned, the higher the price. The higher the price, the less will be burned in supernovas. However, a higher price will also lead to sell pressure and therefore bring the balance of POLAR expenditure into equilibrium with the decreasing supply.
Removal of Farms
Whilst farms were essential in the origins of Polaris to bootstrap initial liquidity and distribute POLAR to our original community members, it has become clear that this feature no longer provides a net benefit to the Polaris community.
Polaris has always been centred on the innovative competitive farming principles put into practice by our Polaris Supernovas. This allows us to bring in new partners to the ecosystem and provides genuine utility for the POLAR token by allowing it to be expended for enhanced multipliers.
By contrast, our farms currently serve only to dilute existing community members. This negative is clearly no longer offset by the deposit fees that were initially re-distributed to the community via our native POLAR Supernovas.
With that in mind, Polaris will now focus exclusively on our USP — Supernovas.
As such, liquidity and staking rewards will now be distributed solely via Supernovas.
Fear not — we are currently in discussions with major specialist BSC Vault/Farm platforms to provide innovative options for Polarites without negatively impacting the overall Polaris ecosystem!
V3 POLAR will bring with it a new-look Polaris UI, with a focus on accommodating the rapidly increasing number of partner supernovas launching. An early mock-up of our proposed redesign is shown below and we will be aiming to finalise and push this live as soon as possible after migration.
On a related note, we have begun development on new UI capabilities that would allow any BSC project to launch their own partner Supernovas in a fully decentralised manner (e.g. without the input of the Polaris team to integrate with the Polaris UI).
There will be a 4% performance fee charged on rewards claimed from all Supernovas hosted on our platform, half of which goes to buying and burning POLAR for further value accrual to the token.
Our current proposal is that, whilst any project should be able to set up their own supernova, we will only feature those that are audited and have paid a modest fee for the publicity.
As such, we will be launching a new “Featured Supernovas” page that is distinct from the general, decentralised Supernovas that anyone can set up without the Polaris team endorsing the project.
A percentage of the fee paid to become featured will be used to buy and burn POLAR.
In addition, we have two upcoming roadmap items that we will be working to build out as part of the V3 migration framework:
- an on-chain referral system where every user gets a unique referral URL which will allow Polarites to automatically collect rewards from any new users who join the Supernova pools through your link.
- NFTs that give you additional bonuses when farming in Supernovas.
Timeline and Migration Process
The migration to V3 will take place on Tuesday 27 April at 18:00 UTC.
- Major Pool emissions will stop immediately.
- V2 Supernovas will continue until they are set to expire.
We have learned the lessons of our previous migration and will ensure a smooth process for the entire community by creating a custom migration contract that will enable anyone to burn their V2 POLAR at any time to receive V3 POLAR at a 1:100 ratio.
The team will then set up new V3 supernovas for:
- POLAR/BUSD (pancake v2)
- POLAR/BNB (pancake v2)
Existing Supernovas will be moved to a “Legacy Supernova” tab on the Polaris app.
Please note that the Polaris Exchange will be taken down during migration and users will instead be redirected to the PancakeSwap exchange page.
We look forward to welcoming you on this exciting new stage of the Polaris project!
🌌 Website: https://polarisdefi.io
👨🌾 Farm & Supernovas: https://app.polarisdefi.io/
💻 Github: https://github.com/polarisdefi/
📖 Gitbook Docs: https://polarisproject.gitbook.io/polaris-defi/
🐦 Twitter: https://twitter.com/polarisdefi
💬 Telegram: https://t.me/polarisdefi
🎮 Discord: https://discord.gg/v3w9wZgcG6
📢 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.