Polyient DEX Pool Party I: Convert UNI Into PGT for Yield-Bearing NFT Rewards
To celebrate the recent launch of the Polyient Games DEX, the Uniswap AMM fork that is designed to drive liquidity in the Polyient Games Ecosystem, we are introducing a new type of trading event: Pool Parties.
Pool Parties are limited-period competitions that provide participants with a chance to earn special fungible and NFT rewards by participating in the launch of new swap markets on the Polyient Games DEX.
Rewards are Pool Party-specific and require users to complete tasks, such as:
- Providing liquidity to the swap market pool
- Trading actively on the swap market
- Using the swap market to convert and store specific tokens
- Using swap-specific PGLP tokens to farm rewards
Pool Parties will ultimately function as high-reward, high-yield events that drive user participation and adoption of the new pools we add to the Polyient Games DEX. As we previously highlighted, new pool additions are made with the approval of the governance system driven by Polyient Games Governance Token (PGT), and initial liquidity is provided by participants in the PG Ecosystem, including Polyient Capital.
Given the importance of this special event series, we are very excited to unveil Pool Party I: convert Uniswap’s governance token (UNI) into Polyient Games Governance Token (PGT).
It’s an important upcoming week for the Uniswap ecosystem, as 11/17/2020 marks the end of the current period of UNI token liquidity farming as the governance body was unable to come to a consensus on a path forward for new pools.
Without new pool additions, roughly $1.1 billion in ETH is potentially being freed up for new DeFi opportunities, causing many to speculate as to which protocol will be able to entice the Uniswap investors to their camp.
This is sure to make for a wild ride, which is why it’s so fitting that we are theming the first Pool Party around UNI.
For Pool Party 1, we are distributing 25 individual collectible NFTs to 25 different participating wallets. In order to qualify, users must purchase at least 1 PGT using UNI during the reward period and hold that PGT in their wallet through the end of the period.
The reward NFTs will have a custom graphic designed by Polyient Games and will contain a specific number of Cargo Gems, the utility and governance token for scalable NFT minting and marketplace startup Cargo, a Polyient portfolio company.
Notably, Cargo has designed a system for staking GEM directly inside NFTs that enables users to earn yield in the form of both GEM and Cargo Credits, the special ERC-20 token used for minting NFTs on the Cargo platform. Staking APY is around 200% for both GEM and Cargo Credit Rewards.
In order to directly reward mass participation, we are going to scale the amount of GEM provided in each of the 25 NFTs according to the following PGT-UNI pool trading volume during the reward period:
- $1-$99,999 — 0.00010–9.99 GEM
- $100,00 — $499,999 — 10–49.99 GEM
- $500,000 — $999,999 — 50–99.99 GEM
- And so on…
Cargo Gems are currently in a highly inflationary, pre-launch period where early adopters are able to earn a substantial yield on their holdings. While the full release on the Polyient Games DEX has yet to occur, a limited-liquidity community pool has launched on Uniswap where GEM has traded as high as $1.00 and currently sits at around $0.30.
To determine which users will receive the special NFTs, we will select wallet addresses at random using a weighted outcome method and Chainlink VRF that gives users who converted more UNI into PGT a higher probability of winning.
For this, wallets are judged by final amounts of PGT purchased via the UNI-PGT pool, and trading back-and-forth will not provide any distinct advantage for outcomes.
These special NFTs will be eligible to provide yield boosts in the upcoming PG Vault system, which is designed to provide robust reward outcomes for users that hold PGFKs and PGLP tokens. Full details on the vault system will be available later this year.
As of 11/16/2020 at 00:00:00 UTC, a proposal for the launch of Pool Party 1 has been live on the Polyient Games Governance portal. Here, holders of PGT or PGT-ETH PGLP tokens (!) will be able to weigh in and vote on moving forward with the launch. This proposal only requires more “yes” votes than “no” to pass.
If the proposal passes, then the reward period starts on 11/17/2020 at 00:00:00 UTC and runs through 11/24/2020 at 00:00:00 UTC. We are confirming participation using on-chain data analysis and users are allowed to purchase PGTs piece-wise in order to reach the 1 PGT threshold before the end date/time.
NFTs will be minted and filled with GEM on 11/25/2020 to initiate staking. Immediately after the GEM embedding process is completed, we will distribute the NFTs to the wallets selected via our VRF process.
Upon distribution, users will be able to visit the Polyient Games Dashboard to monitor their staking rewards or simply remove the stake to freely transfer the GEM.
About Polyient Games
Polyient Games, a subsidiary of investment group Polyient, is a unique investment ecosystem focused on the NFT and decentralized finance (DeFi) markets. Polyient’s portfolio includes leading NFT startups such as Nonfungible.com, Blockade Games, and Cargo.