HaloDAO v1 Launch Announcement
AMM V1 is officially kicking off!
HaloDAO will be kicking off the v1 launch with a new customised AMM, cross chain bridge and the deployment of new farming contracts on Monday, 13th September 2021.
Our customised v1 AMM will feature swaps between various stablecoins allowing users to efficiently swap their local stables to USD denominated stables. This is a crucial feature since cryptocurrencies are generally dollar denominated.
Additionally, our v1 AMM will now be deployed on both Ethereum and Polygon networks. The deployment on Polygon mainnet is especially vital and beneficial for users as Polygon seeks to address various limitations of Ethereum including throughput and poor user experience. Furthermore, to ease the transition of users onto the Polygon Network, HaloDAO has also developed a cross chain bridge between Ethereum and Polygon, allowing users to bridge various assets across these two chains.
In this article, we will walk you through the major technical changes and some important pointers regarding liquidity migration for users to continue earning rewards. It is important to note that pools from our previous product will not be receiving rewards. Please migrate liquidity and follow the instructions below.
Bridging Assets to Polygon from Ethereum Mainnet
Polygon offers technology that aims to improve blockchain experience. Specifically, one differentiating factor that Polygon possesses against Ethereum is the ability to process more transactions per second and it does it at a fraction of the cost as compared to Ethereum. Therefore, with our bridge, we aim to improve the user experience on our dapp by allowing easy asset transfer between the Ethereum and Polygon chain.
For xSGD, USDC and TUSD, use the Polygon bridge here: https://wallet.matic.network/login?next=%2Fbridge%2F_
For the remaining assets within our farm (RNBW, xRNBW, TAUD, TCAD, and TGBP) users will be able to use the HaloDAO cross-chain bridge. The following diagrams depict the five tokens on mainnet along with their contract addresses, and their wrapped counterparts on
Polygon:
A wrapped token is simply a method of minting a token on a chain different from its source chain, which involves placing your tokens into our Bridge contract on one end and receiving newly minted wrapped tokens on the other end.
Read more about our Bridge here: https://docs.halodao.com/bridges/polygon-matic
Liquidity Migration
Please be informed of the following pools where you can add liquidity and earn RNBW rewards. This is the first liquidity mining phase that will reward liquidity on our custom AMM’s pools. Take note that these RNBW liquidity rewards are not necessarily fixed. If the team and/or community decides that certain changes should be made, then we will adjust the rewards for all pools accordingly.
Existing pools from v0 will be shifted to the Inactive Pools section of the HaloDAO farm.
- No rewards will be given to HaloDAO v0 pools once Epoch 2 begins.
- Users can withdraw their LP tokens at any time.
- Users will no longer be able to stake additional BPT tokens on the HaloDAO Farm page.
- Anyone can Harvest their xRNBW rewards at any time from any inactive pool.
What do I have to do to continue earning rewards?
For the RNBW/ETH and xRNBW/ETH Pools, users must:
- Unstake LP tokens
- Stake in the new RNBW:ETH or xRNBW:ETH pools under the active section
For the xSGD/USDC Pool, users must:
- Unstake LP tokens
- Withdraw liquidity from Balancer v1 pool
- Add liquidity into the new HaloDAO AMM
- Stake HaloDAO LP tokens (HLP) in active pool section
Rewards breakdown — EPOCH 2
We will be releasing the following total RNBW rewards across both Ethereum and Polygon for Epoch 2.
1. Farming xRNBW with Stablecoins using HLP tokens
Our AMM v1 is stablecoin optimized, facilitating efficient fx swaps between various local stablecoins (such as xSGD, TCAD, TAUD, and other TrustToken currencies). For our community that may have noticed, we previously announced our upcoming Balancer integration which will come as a future integration to this AMM v1.
See Supported Pairs here:
Ethereum:
https://docs.halodao.com/products/automated-market-maker/stablecoin-marketplace
Polygon:
https://docs.halodao.com/products/automated-market-maker/supported-pairs-polygon-matic
35754.18994 RNBW has been allocated to *each* stablecoin pool on the Ethereum mainnet and 16000 RNBW has been allocated to *each* stablecoin pool on Polygon.
On Mainnet, when you stake your HLP or UNI V2 LP tokens on the farming contract, you are earning the vesting token xRNBW directly. This auto-staking function deposits all earned RNBW to our vesting contract, the Rainbow Pool, with no lockup. Remember not to redeem too early, since 20% of all liquidity rewards are paid to our Rainbow Pool at the end of each epoch.
Learn more about vesting on ETH mainnet here: https://docs.halodao.com/products/rainbow-pool/how-vesting-works
On Polygon, when you stake your HLP tokens on the farming contract, you are still earning the vesting token xRNBW but for various fundamental reasons, claiming your RNBW using xRNBW will happen a bit differently compared to Mainnet. There will be 2 ways to exchange your xRNBW for RNBW if you choose to leave the Rainbow Pool;
- Swap your xRNBW for RNBW via the Polygon xRNBW:RNBW Sushi pool
- Withdraw your xRNBW to mainnet via our brand new Ethereum ⇔ Polygon bridge and claim your RNBW directly from the Rainbow Pool
Read more about how to vesting works on Polygon here:
https://docs.halodao.com/get-started/how-to-earn/how-to-vest-rainbow-pool-polygon-matic
2. Farming xRNBW using RNBW/ETH UNI V2 LP
16759.77654 RNBW has been allocated to the RNBW:ETH Ethereum mainnet Uniswap pool for Epoch 2.
Farmers will earn the xRNBW vesting token directly and will automatically earn more RNBW at no risk without a vesting lockup of any kind.
3. Farming xRNBW using xRNBW/ETH UNI-v2 LP
2234.636872 RNBW has been allocated to the xRNBW:ETH Ethereum mainnet Uniswap pool for Epoch 2.
One nice thing to note is that when you earn xRNBW you can use it to earn even more RNBW by depositing it into the xRNBW/ETH Uniswap Pool, then staking those UNI V2 LP tokens in the Farm page. This serves to stack rewards based on:
- Swap fees between xRNBW and ETH on Uniswap (though this is not much due to lower expected swap volume on this pool)
- Earning xRNBW from staking in the farm
- Rainbow Pool — continue earning additional RNBW for all your underlying xRNBW liquidity within the Uniswap pool
Updated Roadmap
Our upcoming deployment will officially kick off the start of our “Test in Prod” month for our AMM v1 and Ethereum ⇔ Polygon bridge. We will be placing caps on TVL for each pool and for each transfer across the bridge during the whole month of September, then we will gradually increase these caps until we remove them. The max TVL number may go up or down as the team decides, so do head over to our Discord for any questions!
What’s Coming Next
From here on out we’ll be busy stress testing the AMM v1 and bridges on mainnet, but at the same time we’ll still be working hard to get the stablecoin focused Lending Market off the ground! The team is happy to report that development has nearly wrapped up and the code base has been scheduled for audit during October.
In parallel we will be working on upgrading our AMM v1 with our previously announced Balancer integration which will bring much more capability and volume into the protocol.
Learn more here: https://medium.com/balancer-protocol/halodao-aims-to-bring-defi-to-the-masses-with-custom-amm-built-on-balancer-v2-534c2d72312
