TLDR:
- Starting August, 35k UMA per week will be distributed to participating synthetic asset minters including pxAssets.
- 90% of the rewards obtained from Developer Mining 2.0 will be passed down to pxAsset minters, up from the previous 70%.
- Rewards will now be calculated based on collateral value, instead of minted value.
- $CAKE reward for PancakeSwap PERL/BNB may be discontinued if PanakeSwap’s proposal for adjustments to Farm Rewards is approved.
Phase 2 Recap and Result
PerlinX was the first project to participate in UMA’s developer mining program and we have learnt a lot through our participation. In Phase 2 of our liquidity mining experiment, we have attracted a sustaining $5 million liquidity, reaching $60 million at the peak. At the time of writing, a total of 8.7M PERL rewards & 60.6k UMA rewards has been distributed across all liquidity providers. Perlin has also performed 4 rounds of buyback and locks with a total of 1.4M PERL throughout Phase 2 of the tokenomics experiment.
What’s next — Phase 3
In light of UMA’s post about rolling over to an updated reward structure of Developer Mining 2.0 (DM 2.0), we are excited to announce that our pxAssets will continue to earn UMA rewards until 30 September 2021.
What are the updates?
Starting August 2 and applying to the August 9 payout, Risk Labs Foundation will be distributing 35k $UMA weekly across all qualifying synthetic asset minters. This includes minters of all of our current pxAssets.
The rewards are now calculated based on the value of the collateral provided, instead of the value minted.
Previously, pxAsset minters were getting 70% of the rewards obtained from the Developer Mining program. In the updated DM 2.0, PerlinX will distribute 90% of the rewards to pxAsset liquidity providers who mint pxAssets. With the high collateralization ratio observed on current active pxAssets, liquidity providers may see a bump in reward due to these changes.
If you are not yet in our PxAsset pools
Check out our articles on how to mint PxUSD:
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
Part 3: How do I Manage My Position?
Check out our detailed user guides on how to mint PerlinX synthetic assets:
PerlinX User Guides:
Providing Liquidity Guide
PerlinX Synthetic Asset Guide
Other PerlinX Links
Start Staking now: https://app.perlinx.finance
Community APY dashboard: bit.ly/PerlinX
PERL on Binance Smart Chain
Based on a proposal on PancakeSwap regarding the adjustment on farming rewards, $CAKE for the PERL-BNB liquidity pool may be discontinued if the proposal is approved.
More utilities for $PERL on Binance Smart Chain will be announced soon.
What is the relationship between PerlinX and PERL.eco?
PerlinX will continue to run alongside our PERL.eco work. Both aim to bring real-world assets to DeFi — PerlinX through synthetic assets and PERL.eco through real-world ecological assets such as carbon credits. Both will be linked to $PERL. Read more about PERL.eco here.
More incentive programs on PERL.eco will be announced soon.
Thank you for your continued support!
Follow us on social media
Telegram Discussion | Telegram Announcement | Twitter PERL.eco | Twitter PerlinX | Discord | Instagram
Disclaimer
This post is not investment advice. As with exposure to all assets, there are risks involved in trading synthetic tokens or entering liquidity pools, which you need to assess for yourself before participating. Minting synthetic PxAssets using PERL means that you will be exposed to the price volatility of both the PERL and the PxAsset (both upside and downside!). Always do your own research and don’t use any funds you can’t afford to lose.
