We’re going DeFi staking crazy: introducing the PHNX Uniswap Rewards Program!
We truly believe that getting PHNX into your hands whilst boosting the projects awareness and value is paramount, for that reason we really are going staking mad at the moment, we started with the Unifyre staking event which was a huge success selling out one of the two pools in less than eight hours. Then launching our state of the art Spot Staking dApp and now adding further rewards to users who are willing to bring liquidity to the PHNX Uniswap DEX!
Commencing 23.09.2020 we are going to make the Uniswap deal even better. You can now earn a share of up to $5,000 in PHNX every month depending on how much you contribute to the pool. All you have to do to qualify is make sure your tokens are held in the Uniswap pool for at least 30 days. The rewards program is automatically renewed on a monthly basis unless we advise otherwise.
Uniswap is a fully decentralized exchange that allows users to either earn or trade via their protocol for automated liquidity provision on Ethereum. If you provide liquidity on the platform, you receive a .3% reward generated by Uniswap trade fees.
We want to thank our old and new community members already supporting the project by providing liquidity in our “provide uniswap liquidity and earn program”.
We thought of this program as a way of rewarding liquidity providers but also had in mind a benchmark minimum liquidity pool size which would make us determine if the program is worthwhile or not.
Seeing the low participation initially in the first month, we decided to add liquidity from the foundation’s wallet as a participant, meaning the foundation became entitled to a share of the $5000 reward. This has caused some confusion as some people expected more reward than they got since it wasn’t publicly stated.
At this point we thought to let the community know that the foundation will continue to hold its liquidity in the program to support the overall market until we comfortably sit above $150k organic liquidity (i.e less the Foundation’s share). This will be a reasonable justifications for the reward we’re giving out.
We are constantly assessing this program. Another option we may look into if this doesn’t work, is to reduce the total reward we’ll give out and remove the foundation’s wallet from the list of whitelisted wallets.
How It Works
Whitelist your address here. It’s as simple as that.
Earn your share of up to $5,000 per month in $PHNX for providing liquidity. The rewards are distributed based on each liquidity provider’s proportion of the total pool that month, and the tokens must be held in the Uniswap pool for the entire month to qualify.
Example: If the whitelist contains $100,000 worth of liquidity, the $5,000 reward is split over the entire whitelist and therefore — if you’re providing 10% ($10,000) of the whitelisted liquidity ($100,000), you would get an extra $500 per month in addition to your share of .3% of every transaction on Uniswap. We are looking to either offer a dashboard which you’ll be able to view the rankings OR bi-weekly updates which will be broadcast over our social channels.
How to participate?
To be eligible for rewards, you must have locked liquidity on the PHNX/ETH pool for at least one month and have provided an initial amount equal to or greater than 1 ETH, then whitelist your address using this form HERE. Now that you’re providing liquidity, you will get a portion of all trading fees whenever someone buys or sells PHNX. After 30 days you will be eligible for additional reward payouts depending on the amount of liquidity you’re providing compared to the total pool size.
The tokens must be held in the Uniswap pool for the entire month to qualify. If you remove liquidity at any time, you must wait for an additional 30 days from the next time you add liquidity to qualify.
Remember you must also whitelist your address here. It’s as simple as that.
Please keep in mind you cannot control the amount of any individual token (ETH or PHNX) you get out of the pool. Sometimes the amount can consist of a larger share of ETH than PHNX, or vice versa this is all dependent on swaps that occur by traders.
PhoenixDAO cannot control the security of Uniswap funds and therefore carry no responsibility in the occurrence that funds are lost.
PhoenixDAO reserves the right to cancel or modify the program at any time.
What is Uniswap?
Uniswap is one of the most used smart contracts in crypto and known to many across the industry as a liquidity leader. They have a FAQ of their own that you can check out right here.
Is Uniswap safe?
When do I get rewarded?
Rewards are credited on your whitelisted address every 30 days.