Liquidity Mining Nov-Jan'21
To bootstrap and encourage liquidity for $PLOT, token holders who provide liquidity on the PLOT/ETH liquidity pool on Uniswap will be able to mine more $PLOT as rewards.
To bootstrap and encourage liquidity for $PLOT, token holders who provide liquidity on the PLOT-ETH liquidity pool on Uniswap will be able to mine more $PLOT as rewards.
The liquidity mining program will run for a period of 60 days from 12th Nov'20 to 11th Jan'21 with 10,000 PLOT per day to be distributed as mining rewards each day to the liquidity providers. These PLOT rewards are over and above the Uniswap Fee which liquidity providers earn.
The motivation behind the PlotX Liquidity Mining program is three-fold:
- 1.It helps in bootstrapping token liquidity on Uniswap, leading to reduced volatility and a sustainable token growth
- 2.It helps a wider community to claim the tokens in a sensible, permissionless and predictable manner
- 3.It rewards PLOT Heads who directly contribute to the health of the $PLOT ecosystem
If you’re already farming $PLOT, you can migrate to the new 60 days farm by following these steps:
- 3.Chill and watch your farm grow :)
If you’re a new PLOT farmer, here’s how you can start farming free PLOT:
- 3.That’s it! Enjoy your instantly claimable $PLOT yield and chill.
Once you've staked the LP tokens, you can check the rewarded $PLOT using the PlotX Liquidity Mining user interface. You could even deposit more liquidity pool tokens or withdraw them whenever you want as there is no minimum vesting/lockup period.
Rewards in $PLOT will be distributed every second in proportion to the LP tokens deposited by you and the total LP token deposits at that second.
During the course of the new Liquidity Mining program (12th Nov - 11th Jan'21), 10,000 PLOT will be distributed every day to the LP token depositors
10,000 $PLOT are allocated daily, which means ~0.11574 $PLOTs to be distributed every second [10000/(24*60*60)]
Now, if you have deposited 100 LP tokens and a total 1,000 LP tokens are deposited overall for any given second, then, at that second, you own 10% of the pool.
This means, you can claim 10% of 0.11574 $PLOT which is 0.011574 $PLOT per second, equivalent to 1000 $PLOT per day or 60000 $PLOT over 60 days.
The formula for calculating APY is as follows:
APY = (Rewards to be distributed in 1 month * 12 / Worth of LP tokens deposited * 100%)
The mined $PLOT are instantly claimable from the interface itself. And what's more is that once you claim your farmed $PLOT, you can use them to provide even more liquidity, then increase participation in liquidity mining and ultimately mine even more $PLOT!
- 12th November 2020, 2 PM UTC
- 11th January 2021, 2 PM UTC
- 600,000 PLOT
- No vesting/lockups. Rewards are distributed every second and are claimable anytime.
We hope this liquidity mining program distributes PLOT tokens into the hands of real users who are interested in participating in the PlotX protocol and its governance in the long-term.
Good question! Yes, the Liquidity Mining program is getting extended by 60 days, BUT, this extension will involve a different new farm called UWETH/PLOT (Nov-Jan'21) which will become live at 2 PM UTC, Nov 12 '20 at liquidity.plotx.io.
If you’re already farming $PLOT, you can migrate to the new 60 days Liquidity Mining program by following these steps:
1. Go to liquidity.plotx.io and withdraw your UWETH/PLOT Liquidity Provider tokens (this will also automatically withdraw your farmed PLOT) from the “UWETH/PLOT (Oct-Nov'20)” farm, which is the existing one.
Hence, all the stakers in the current farm will need to withdraw their LP tokens (which can be done anytime, even after the current program ends) and deposit their tokens into the new farm to keep farming $PLOTs.
There is no lock-in, so you can withdraw your LP tokens and farmed PLOTs any time during the 60 day period. Although rewards @10,000 PLOT/day are distributed on every second basis so the earlier you participate and the longer you remain staked, the more your rewards will be.
Whenever you deposit liquidity into the DEXs (like Uniswap V2) you get a certain amount of tokens in exchange that represents your share of that pool (in this case PLOT/ETH pool). These tokens are called Liquidity Provider (LP) tokens or staking tokens or Uniswap-V2 LP tokens
The mined $PLOT are instantly claimable from the interface itself.
Yes. All benefits of the LP tokens (trading fees etc) are unchanged by participation in PlotX Liquidity Mining. The PlotX liquidity mining contracts simply hold the LP tokens for you and gives the ability to claim even more $PLOT tokens.
Uniswap incentivizes users to add liquidity to pools by rewarding providers with fees on trades. This activity, in general, is a complex one and has the risk of the participant also losing money (compared to just hodling) in the case of big directional moves of the underlying asset price which is traditionally called impermanent loss. It is recommended that all users are aware of the mechanics and the associated risks with this activity. You can read more about the associated risks here.