CERES Releases the Demeter Farming Platform on the SORA Network
- The Demeter Farming Platform to be released on the SORA network will feature innovative functions such as multiple-pool liquidity provision and Farming-as-a-Service.
- Projects will be able to provide LP and staking services for their tokens on their platforms through the Demeter Farming Platform without additional coding.
- Liquidity providers will be able to farm and stake Demeter (DEO) tokens and receive PSWAP as an additional reward on select trading pairs such as XOR-DEO and XOR-CERES.
- Starting from the 16th of May, the SORA community will reward XOR-DAI pool liquidity providers with XSTUSD every week.
From the fires of the SORA Builders Programme forge we are proud to present the Demeter Farming Platform, made by the most trustworthy source of data for the SORA network, Ceres. The Demeter Farming Platform is a valuable addition to the network in its own right, but just in case you were wondering what makes it so unique, here is some insight;
Farming on the Blockchain
In the field of DeFi, to farm means to provide liquidity to token pairs in decentralized finance platforms. You “plant” your tokens in liquidity pools and then “harvest” transaction fees from swaps that include the tokens you have a stake in, or in some cases you can also generate interests from these pools.
Additionally, for projects to be able to provide this service to their users, they need to program logic between the LP dAPP and their platform for reward distribution, etc.
The Demeter Farming platform will revolutionize liquidity provision and introduce an entirely novel concept;
Farming As A Service
The Demeter Farming platform is not only beneficial to users who seek to put the tokens they are hodling to work, but also to Web3 projects that issue their tokens and are looking for out-of-the-box solutions to implement yield farming for token holders. Given the current market conditions, it is important to provide such utilities to tokens to avoid so-called “token dumps,” and LP/ farming is a good way to curb this (but it is not a silver bullet).
According to Ceres,
Users will be able to farm in multiple pools with the same LPs. Furthermore, all liquidity providers in Demeter Farming pools will get PSWAP rewards the same as before because they will not give their liquidity to the platform as is the case with smart contracts on ERC-20, BSC, and other networks.
Users will only need to approve their liquidity tokens for farming on the platform, which will provide better security for user funds, additionally, users will also be able to farm with their tokens on the Ceres Liquidity Locker. In order to farm on the Demeter platform, users will need to pay a deposit fee, which will be used to burn Ceres and DEO for each transaction.
Initial Liquidity Pools During the Demeter Farming Release
When the Demeter Farming platform launches, the first pools available will be XOR- DEO and XOR- CERES. Five days after launch, the XOR-PSWAP, XOR-VAL, XOR-ETH, and XOR-DAI pools will be added for yield farming. Finally, users will also be able to farm DEO on this platform, and if that were not enough, the XOR-DEO and XOR-CERES pools will have the highest multipliers thus distributing the highest amount of rewards!
Additionally, as of the 16th of May, the SORA community will provide weekly XSTUSD prizes amounting to 10% APY of the XOR-DAI pool to liquidity providers. Every day at random times the LP’s will be checked, those who have provided liquidity for seven days (from Sunday to Saturday every week), and have a balance of at least 100 DAI in the XOR-DAI pool during the check will receive XSTUSD!
We hope you look forward to the Demeter Farming Platform and invite you to use Ceres Tools to monitor your tokens on the SORA network. This will be a great opportunity to use the DEO tokens distributed as rewards for the SORA Kusama Parachain Crowdloan project, as well as an amazing platform for tokens to provide farming capabilities for their token holders.
Follow Ceres on their Telegram or Twitter for more information. If you want to sign up for the SORA Builders Programme, take a look at this.
Ceres is the first project to build on the SORA network. They specialize in developing DeFi services and utilities for projects on the SORA network and tokens on Polkaswap. The Ceres team has developed Ceres Tools; the most trustworthy source of information about tokens on the SORA network, Liquidity Locker; a transparent safeguard for the liquidity of projects building on the SORA network, as well as Token Locker; a service for vesting project team tokens that are integrated to the Ceres Launchpad, and Governance; a decentralized platform to manage and submit proposals concerning the present and future implementations of Ceres.
SORA is a new economic system aimed at creating a supranational multiverse economic system with built-in tools for decentralized finance (DeFi). The SORA network implements a new way of parachain architecture on Polkadot and Kusama network, with the capability to bridge external blockchains (like Ethereum) to the Polkadot ecosystem.