Polaris Defi AMA transcript

BSCNews hosts Polaris, a fairly distributed competitive farming protocol and launchpad platform on Binance Smart Chain.

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Crypto Shrimp (AMA Host): Let’s welcome Polaris Team to BSC News for another round of educational AMA, looking forward to learning more about the project and understanding it more too. How are you guys doing today ? @polarisdefi_singularity @luminancepolaris

Luminance | @polarisdefi: We’re great thanks – big day for Polaris both with the AMA and a few updates we’ll touch on later 🙂

Crypto Shrimp (AMA Host): wow guess you know what our favourite AMA question is in BSC news hahaa. You guys ready for the AMA? Room is locked now and let me know when you guys are ready for it

Luminance | @polarisdefi: Yep – good to go!

Q1 Would love to get to know more about you and your team members, what’s everyone’s role and experiences ?

Luminance | @polarisdefi: No problem – our team is made up of individuals drawn from various professions – from full stack developers to content writers and marketing managers! The core team is also complimented by a supporting cast of excellent community managers who are active in both Telegram and Discord. In keeping with what is quickly becoming the industry standard in DeFi, the team has elected to remain anonymous. This is predominantly because (i) the community does not rely on the team for liquidity (this is community bootstrapped via the farms/supernovas) and (ii) our V2 contract is deflationary and we do not have the ability to mint (the emissions are fixed). Those two factors together mean our community can rely entirely on the code rather than the identities of the individuals behind it!

Crypto Shrimp (AMA Host): community is definitely the core of the project, we need them and also we need a good team to make a project flourish

Luminance | @polarisdefi: Totally agree!

Crypto Shrimp (AMA Host): we respect the anon part for sure, so who runs the show mostly? or decides where the project should be headed towards?

Luminance | @polarisdefi: We take a modern approach and don’t have a traditional hierarchical structure. The core team functions like a mini DAO in that sense 🙂

And that core team have direct links to both the development and community management side

Crypto Shrimp (AMA Host): that’s a great way to start off too, plus i think being anon is also another way to show that we are confident in our work, be it as a person or a project, we let the work speak for itself and if its bad we change and build the name up as we grow

Luminance | @polarisdefi: Exactly – we want to let the code and platform speak for itself.

Crypto Shrimp (AMA Host): before I dwell too much on the individual level, lets talk about what you guys created.

Q2 How did the project Polaris Defi come together? Does the north star or constellation play a part in naming the project?

Luminance | @polarisdefi: Polaris was inspired by the GYSR concept on Ethereum – which set out the “competitive farming” principles that Polaris has now implemented on BSC. The name was inspired by the idea of creating a “universe” of Supernovas with Polaris as the focal point (e.g. the north star as you say!)

Crypto Shrimp (AMA Host): i see even with your names i can tell it’s all about the universe

Q3 Could you give the audience a brief outline of what Polaris Defi is about?

Luminance | @polarisdefi: Sure thing – as I just mentioned, Polaris is a fairly distributed competitive farming protocol and launchpad platform and is the first of its kind on Binance Smart Chain. In brief, the Polaris platform enables BSC projects to offer liquidity incentive schemes in an entirely novel way by creating competitive farms (e.g. Supernovas) on the Polaris platform. Polaris will also offer its own competitive farms as a reward for early contributors and as a proof-of-concept.

Crypto Shrimp (AMA Host): pictures says a thousand words for sure, and I can see the geyser supernova is really in the middle of the whole native polar pools

Q4 Going onto the website, we can see the tabs with unique names, what’s the distinction between, major pool, minor pool and supernovas? is it just the fees?

Luminance | @polarisdefi: Appreciate it can look daunting at first – but hopefully I can help! First thing to establish is that the Farms (major and minor pools) are entirely distinct from the Supernovas. Major Pools and Minor Pools are more straightforward/traditional yield farms where users deposit various assets to earn a constant drip of POLAR. There is a small deposit fee on the non-POLAR farms of 4% which is used to fund the Polaris Supernova. The difference between the major and minor pools is limited to the APY. On the other hand, Supernovas are where the competitive farming element comes into play. Seasoned DeFi veterans may recognise these as “Geysers” – where projects can fund a reward pool with any token and allow users to farm these using a multiplier-based system. In a similar manner to AMPL, Supernovas calculate users’ farming rate based on a multiplier that starts at 1x and increases over time for as long as the user remains staked in the pool. Instead of rewards per block, users will own a % of the pool based on (i) time staked and (ii) total staked amount. On top of this – users can spend POLAR to enhance their Supernova farming multipliers at the point of claiming rewards. This functions in a similar manner to GYSR on Ethereum, and encourages active management of deposits in order to earn a competitive edge over other stakers!

That’s how the Supernova UI looks – you can see here that the user is able to spend 100 POLAR to get a 3x multiplier at the point of claiming. That’s a lot of information – so let me know if you have questions at this point 🙂

Crypto Shrimp (AMA Host): that’s really interesting because it’s rewarding ppl who are holding. one question is why would ppl not want to have that multiplier? and if i’m not wrong multiplier is not the same as multiplying the reward rite? sorry that’s two questions, look at myself getting excited with this concept

Luminance | @polarisdefi: Our hope is that people will always want to pay POLAR to get a multiplier – that’s what gives POLAR real-world utility (distinct from 99% of other “farm tokens”). Your pending rewards are allocated based on your % ownership of the pool and automatically increase over time. Let me give you an example which might help!

Crypto Shrimp (AMA Host): that will be great

Luminance | @polarisdefi: User A deposits into a Supernova for 5 days without unstaking. On day 5, taking into account users A’s time in the pool, Polaris allocates User A a default 1.5x bonus multiplier on their pending rewards (this is what I mean by the automatic increase over time). However, when claiming these rewards, User A can also choose to spend POLAR to increase that default multiplier. In the example I pictured above, User A was able to spend 100 POLAR to triple their pending rewards. In return for paying the 100 POLAR, User A would then receive a 4.5x multiplier when they unstake and harvest rewards. What is important to note is that the reward pool is constantly being claimed – which then reduces the amount available for other participants. This therefore encourages users to claim multiple times during a Supernova’s lifespan (and spend POLAR each time for multipliers) and also opens the door to interesting compounding strategies!

Crypto Shrimp (AMA Host): wow that’s mind blowing man, and i bet everyone will use that token to get more rewards for sure. Why collect the token during harvest and not let the investors pay it first and commit themselves to the holding? sorry maybe that’s an evil idea of locking ppl in..

Luminance | @polarisdefi: In terms of the harvest, 50% of the POLAR spent on multipliers is burned (creating a deflationary effect) and 50% goes to the relevant project team to implement in their own strategies. 

Crypto Shrimp (AMA Host): that also answered another question of mine too 🙂 you are doing awesome !

Luminance | @polarisdefi: Does that answer your question? Just let me know if you meant something different!

Crypto Shrimp (AMA Host): what i mean is why pay the 100 POLAR during the harvest and not during the deposit?

Luminance | @polarisdefi: Gotcha – the Supernova concept relies on users regularly removing their stake and spending POLAR to claim pending rewards with enhanced multipliers (aiming to compound and capture more pool shares each time they re-stake). As such, the idea is for users to form their own tactics around timing their claiming and re-staking. These tactics are partially reactionary (e.g. you want to claim when the reward pool has filled up a decent amount which depends on what other people in the pool are doing). Alternatively, users could passively leave their stake in for the full duration and claim at the end of the reward period – but there might not be many rewards left for them to claim! This is where the “Competitive” nature of the Polaris Supernovas comes into play.

Crypto Shrimp (AMA Host): I see, that explains why you guys collect later, just in case it’s not as attractive and ppl can save on that and decide to use them at another round of staking. Did I get that right?

Luminance | @polarisdefi: People need to decide on when it will be optimal to claim rewards as you are competing against everyone else in the pool. That’s a decision you need to make at the time as you say 🙂 If someone else has just claimed a large amount of the reward pool, you might want to wait a while for it to fill back up again before spending a multiplier bonus and claiming yourself. We find that once you use them in practice you get the hang of it really quickly!

Crypto Shrimp (AMA Host): thats superb explanation, I can picture the strategies that can be done and planned before I even do it hahaa, thanks for the great explanation

Q5 Where does the fundings for future development come from? is it solely from the POLAR that is spent on the multiplier? Future developments could be like more audits? or insurance? Are there any plans for those?

Luminance | @polarisdefi: On the audit point, we are currently undergoing a skynet audit by Certik, and the results will be posted as soon as it’s been complete.

Crypto Shrimp (AMA Host): wow skynet is like the full audit if im not wrong

Luminance | @polarisdefi: On security more generally – the basic farming contracts are based on battle-tested code in the form of Goose DeFi, which itself has been audited by Hacken and Certik. The Polaris Masterchef contract has the original PancakeSwap migrator code removed. This can all be verified using www.diffchecker.com/ and comparing two contracts 🙂

Crypto Shrimp (AMA Host): this is like what we spoke about earlier on letting the product speak for itself!

Luminance | @polarisdefi: Correct – it can take a little longer but it’s worth it in the long term. In terms of funding – 5% of newly minted POLAR is allocated to the developer wallet to fund ongoing community incentives etc.

Q6 what are the ongoing development? How about future development or roadmap that are planned out?

Luminance | @polarisdefi: We are actually well ahead of our original developmental roadmap. I’ll share a picture of that below.

We essentially front-loaded the work of integrating the spendable multipliers (GYSR) on top of the basic AMPL concept and will be launching these together. The next stage for the project will be onboarding partners and we will be working on a pitch deck to summarise all the information we discussed today and show how attractive this proposition can be for any BSC project (old or new). We will then be working to make the creation of Supernovas a trustless process so that any project can set up and use the platform and start using POLAR as a spendable boost!

Crypto Shrimp (AMA Host): Oh wow, that’s nice! with all the examples that you have shared i think everyone will be able to understand and know how amazing this concept is!

Luminance | @polarisdefi: Thanks – we’ve had a great start and are excited to continue to deliver for the community.

Q7 Do share all the links to Polaris Defi, so that readers can find out more about the project and also follow the development of it.

Luminance | @polarisdefi: 

Telegram => t.me/polarisdefi 

PancakeSwap => exchange.pancakeswap.finance/#/swap?outputCurrency=0x3a5325f0e5ee4da06a285e988f052d4e45aa64b4

Website => https://polarisdefi.io/ 

App => app.polarisdefi.io/  

Twitter => twitter.com/polarisdefi

Discord => discord.gg/kvjEGHubtS

Telegram Announcement Channel => t.me/polarisdefiANN

Gitbook => polarisproject.gitbook.io/polaris-defi/ 

CoinGecko => https://www.coingecko.com/en/coins/polaris

CoinMarketCap => https://coinmarketcap.com/currencies/polar/

ApeTools Chart => apetools.gg/app/pairs/pancakeswap/0x22ec5e9897a2d6b00fc91936383cc27ac51aba22

Q8 Lastly our famous question, do you have any alpha or juicy news for us in BSC News today ?

Luminance | @polarisdefi: Fortunately I can bring some HUGE news for Polaris which hasn’t been announced anywhere else yet 👀

Crypto Shrimp (AMA Host): exclusive!!

Luminance | @polarisdefi: At 19:00 UTC today our first two Supernovas will go live! In our wBNB Supernova, users will be able to earn their share of $50k in wBNB rewards by staking POLAR over a 5 day period! We will also be launching a POLAR Supernova where users can earn POLAR by staking POLAR over 30 days. Then, in 48-72 hours, our third Supernova will go live and users can earn $100k in wBNB by staking POLAR-BNB. We’re intentionally launching in this order so users can earn BNB first and LP to compound if they so wish. Last but not least, our first Partner Supernova will go live next week. We can’t say who it is at this stage, but they had one of the most hyped launches in BSC history, and you can use POLAR to earn multipliers on token rewards to earn their native token 🍌

Crypto Shrimp (AMA Host): those are huge alphas and I just finished setting my alarm clock for it too! hahaha

Thank you so much for spending your time here with us in BSC News, it has been both exciting and educating to me and I’m sure to all our readers as well. 

I do wish you and your project all the best and also dun stop building too!

Luminance | @polarisdefi: Thanks very much! Pleasure being here 🙂

Source : bsc.news