May 18, 2021
Polyient Network RATE Vaults Now Available In Beta
We are excited to announce that the very first Polyient Network Vaults are now available in beta for holders of Series IV and Series III NFTs.
With the launch, we have officially rebranded the Polyient Network Token (PNT) to RATE (RATE), the network utility token that is earned through Polyient Vault staking.
Here’s what you need to know.
What Are Polyient Vaults?
Polyient Vaults represent the next stage in DeFi built for the NFT asset class. With Polyient Vaults, users are able to stake NFTs to earn a robust array of potential rewards (both in the form of other NFTs and fungible tokens).
With Polyient Network Vaults, users can stake their dedicated Polyient Network NFTs to earn the RATE token.
What Is RATE?
RATE is the utility token used to secure interactions throughout the Polyient Network. This utility token enables staking driven participation in the network and seeks to limit malicious behavior by incentivizing contributors and punishing bad actors. RATE supports the following network actions:
- Payment rewards to data providers for contribution to the network.
- Participation in the delivery of data as an oracle node.
- Data consumption by dapps, marketplaces and smart contracts.
- Governance of future network decisions.
- Collateral for securing liquidity from NFT assets.
How To Stake Inside Vaults
We have designed Vault staking to be very simple, pulling from a well-established approach to UX within the DeFi space.
- Visit https://vaults.polyient.network/
- Connect your MetaMask wallet
- If you hold a Series IV or III NFT, you will have the option to stake as many as you would like. Note: You can stake multiple NFTs in a single transaction, but please be aware of the gas costs when working with the Ethereum network.
- Once staked, you will begin accruing RATE rewards. These rewards are determined by the type of vault and number of active participants.
- RATE rewards can be claimed at any time — you must either unstake at least 1 vaulted NFT or stake a new NFT to claim the reward.
Disclaimer: Polyient Network Vaults are currently in beta and users must proceed at their own risk to stake their assets.
What’s Next?
We plan to monitor the launch of the Series IV and III vaults closely to assure a clean release with focus on addressing any issues that may arise.
Following this initial period, we will launch the Series II and Series I NFTs. These are the lowest price tiers available for the Polyient Network Vaults and will include a new innovation to supplement the direct purchase option. We will introduce RATE liquidity pools across popular decentralized exchanges at this time.
We are also planning updates to the tokenomics to include dedicated liquidity mining and fair launch opportunities to further decentralize access to RATE in order to facilitate a robust Polyient Network.
Finally, following this beta period, we will begin expanding the Polyient Vault technology across the Polyient portfolio to unlock massive reward earning opportunities for community members.
All updates will be made available via the Polyient Network Twitter.
About Polyient Network
Polyient Network is the first cross-chain network dedicated to Non-Fungible Token (NFT) data discovery, analysis, and liquidity transformation. Created by Polyient, the industry-leading investment group behind Polyient Games, the Polyient Network enables live NFT pricing that will support a new generation of DeFi protocols and synthetic products built on top of the NFT asset class.
