PerlinX Community & Incentives Update
Results Over 7 Weeks Since Launch
Our incentives program officially kicked off on 25 August and since then PerlinX users have earned a total of over 7.7 Million PERL in rewards over 7 weeks. PERL rewards APY peaked at 1143.93% and has averaged at 157.44% daily.
Despite the extreme volatility since our launch, we’re proud to share that our user base numbers and TVL have remained largely constant throughout.
UMA & PerlinX — Joint Incentives Program
“Working with sustainable projects like PerlinX at the leading-edge of DeFi, we’re committed to supporting new synthetic assets to advance the ecosystem and drive positive real-world impact. Our innovative joint incentives program will reward early adopters and kickstart an inflow of capital hungry for viable alternatives to struggling legacy finance markets.”
Clayton Roche — Head of Community Development, UMA
We‘re honoured and privileged to be the first project to participate in UMA’s upcoming incentives program. Users minting synthetic assets (pxAssets) on PerlinX will soon be earning UMA rewards on top of existing PERL and BAL incentives. Stay tuned for more news on our joint incentives program with UMA soon.
Our Goal is Long-Term Sustainability
We recognise that there are (or were) projects in the DeFi space offering ridiculously high APYs. But it should be obvious to anyone tracking these projects that most are both extremely high-risk and inherently unsustainable. Over just 7 weeks (a lifetime in DeFi), we’ve seen food-based projects rise and fall spectacularly — adding little or nothing of positive value to the larger ecosystem.
Unlike these projects, PerlinX is focused on incentivizing high-retention user adoption and long-term sustainability. Our mission remains to build new products that help advance DeFi, bridging legacy finance to the cryptoverse and democratizing fairer access for all.
What we’re seeing now is a very healthy adjustment in DeFi to more realistic and sustainable incentive structures. According to YieldFarmingTools, ~70% of all liquidity pools currently listed are offering APYs of something less than 40%. While degens may *yawn* at returns at this level, the key to remember is that players and traders in traditional markets would kill for ROIs this high.
COVID-19 Opportunity for DeFi
Even if post-COVID-19 recovery is possible in the short-term, chaos will continue to reign in legacy finance, with a low-interest environment likely to continue for at least the next 4 years. The astronomical stimulus programs and out-of-control printing of fiat to artificially bolster markets guarantees this. The good news is that this presents a powerful opportunity for credible, long-term projects like PerlinX to continue growing as traders, funds and finance market players look for more attractive returns on capital.
Rewards Structure Update
As PERL has a fixed supply, we’ll be updating our rewards structure to keep the project on track and better utilise our treasury for more effective user-adoption campaigns. This is essential to ensure we can respond quickly to market shifts and new developments in DeFi.
To adapt the new (and healthier!) DeFi environment, we will be offering a flat APY of 20% across all pools and double rewards on pxAsset pools with a cap of 1.2 million PERL per week. This will take effect from after the rewards airdrop on 16 October.
Sneak Peak on Coming Updates
We’re also extremely excited about the continuing updates and additions to PerlinX we’ll be launching over the rest of 2020. Coming soon is PerlinX V2.2, with greatly enhanced platform features.
Due to popular demand from the community, we will also be releasing pxAssets with a longer effective date. The next pxUSD at the upcoming rollover (end of October) will expire at the end of March 2021! This will greatly enhance user experience as token sponsors will not have to go through the rollover process as frequently and borrowers will also have a longer period to repay their debt. This will also improve platform stickiness as lenders will need to lock up collateral for a longer period of time.
Useful Links
Start Staking now: https://app.perlinx.finance
APY Dashboard: https://dashboard.perlinx.finance
Community Calculator: https://bit.ly/pxCalculator
PerlinX & UMA Synthetic PxAsset Minting:
Part 1: Introducing PxUSD & what you can do with it
Part 2: All the Calculations & Values You Need to Know
Tell Us What pxAssets You Want Listed
Have a synthetic asset in mind that you’d like to see on PerlinX?
Head on to our brand new “commodities” channel to talk about it on Discord!
Stay tuned for more updates and announcements on our channels:
Twitter | Discord | Telegram Announcements | Telegram Discussion
