Sep 1, 2022
Parallel/Heiko AMM APY Multiplier Is Now Activated!
In order to further strengthen the liquidity on Parallel/Heiko AMM and to bring a better user experience to sTOKEN holders as well as PARA/HKO token holders, an APY multiplier of up to 40x has now been activated for selected pairs on Parallel/Heiko AMM.
Users who are providing liquidity to these pairs and supplying the received LP token to Parallel/Heiko Money Market will be able to earn extra PARA/HKO rewards on top of the trading fees generated from the AMM.
Each week following this announcement, the Reward/Block ratio will be adjusted according to the total LP value of each pool, making sure that the APY will remain within the ranges listed below:
- LP-sDOT/DOT : 50% — 60% APY
- LP-DOT/PARA : 38% — 48% APY
- LP-KSM/sKSM : 48% — 58% APY
- LP-KSO/HKO : 32% — 42% APY
Step-by-Step Guide
1. To add Liquidity, go to Parallel AMM page (or Heiko AMM page if you are supplying KSM LPs) and switch to Liquidity. Select the desired pair you would like to supply liquidity to (you need 50/50 of each asset) and input the amount. Finally, click Add Liquidity:
2. After the transaction goes through, you will be able to see your LP position under My Dashboard (Please be aware that the Est. APY shown here does NOT include the multiplier APY):
3. Once you are satisfied with your LP position, go to Parallel Money Market page (or Heiko Money Market page if you are supplying KSM LPs) and click on the LP pair you just supplied to under Lend section:
4. Input the amount of LP you would like to earn reward on, then click Lend button (the boosted APY will be shown under PARA rewards):
5. After the transaction goes through, you are all set. You will be able to see your PARA rewards and claim them whenever you want on the top of the Money Market page:
Please note that you are going to need a small amount of PARA/HKO for gas during the process. If you don’t have any PARA/HKO left in your wallet, you can head to Parallel official Discord and claim some PARA/HKO in the #🤖faucet-parallel channel.
Q&A
How long will the multiplier last?
At least 2 months. Whether the multiplier will continue and whether the multiplier ratio will be changed after 2 months depends on the community feedback and market condition.
Who is eligible?
All users who provide liquidity to the selected pairs and supply the received LP token to Parallel/Heiko Money Market will benefit from the extra rewards in the form of PARA/HKO token, including the current liquidity providers and all future liquidity providers.
Is the amount of token rewards fixed?
The reward per block will be adjusted on a weekly basis depending on the total LP value of each pair, and the goal is to ensure the APY will stay within a ±10% range of the currently displayed “adjusted APY”.
Do I have to supply my LP on Money Market in order to receive the extra rewards?
Yes. Since the APY multiplier is subsidized with PARA/HKO token, it can not be distributed through AMM directly. Hence, the user MUST supply their LP token onto the Money Market in order to receive the boosted rewards.
Have any more questions?
Join our Telegram or Discord and ask for help! The amazing community members and our super responsive mods will be able to assist you with anything you need.
Stay in touch with us.
Website: https://parallel.fi
Twitter: https://twitter.com/ParallelFi
Telegram: https://t.me/parallelfi_community
Discord: https://discord.gg/buKKx4dySW
