Unique One Adopts Polkaswap Dex for MultiChain Interoperability
Unique.One has always been preparing for the multichain interoperable future with the intention of becoming a major NFT platform presence in the inevitable Polkadot Ecosphere. This is why we insist on currently offering our community the option of minting NFTs on multiple chains such as Eth, xDai, and BSC to give our community members preferences.
Unique.One believes that SORA’s Polkaswap DEX is pushing the boundaries to achieve this future with a faster, more efficient, and less volatile multichain interoperable DEX. Polkaswap DEX will enable users to swap tokens from different networks, provide liquidity, and earn rewards from exchange fees. We strongly feel that Polkaswap has the potential to become the leader of all decentralised exchanges.
Unique.One LP Pools on Polkaswap DEX
All current Unique platform tokens — $RARE, $FOTO, and $FANS — will be whitelisted for SORA’s Polkaswap DEX. Unique Community LPs can start providing liquidity on Polkaswap upon launch to earn both Unique token LP rewards and PSWAP tokens.
Presently, we’ve decided to keep certain LP pools on Uniswap in tandem with the creation of new pools on Polkaswap DEX to limit disruption for community LP providers.
A new rewards structure covering all Unique.One token LPs on Uniswap, SakeSwap, and Polkaswap DEX will go into effect immediately upon the launch of Polkaswap. LP providers of RARE/XOR, FOTO/XOR, and FANS/XOR paired pools will be also eligible for PSWAP rewards offered to Polkaswap DEX liquidity providers.
What is Polkaswap DEX?
Polkaswap DEX is a non-custodial AMM (Automated Market Maker) DEX designed for maximum security, liquidity, and efficiency with a friendly UI to make it easy for users to immediately swap assets from one chain to the next.
To date, users of myriad virtual currencies have been challenged when seeking solutions for acquiring, swapping, and employing their currencies in diverse DeFi opportunities. While Ethereum-based DEXs have allowed users to escape the unwanted necessity of trusting centralised operators in CEX markets, Ethereum-based DEXs have limitations.
As an increasing market share moves from CEX to DEX, these limitations are becoming more evident. Unique.One believes that SORA has found solutions to the limitations imposed by Ethereum-based DEXs.
Some of the problems that the Polkaswap DEX solves are:
Gas fees and scalability: Increasing gas fees on the Ethereum network have become a huge barrier for users — especially impacting low-volume traders. Outrageous gas fees hinder mass adoption and stunt the useability of a variety of crypto innovations. Gas fees have become an incredible nuisance for NFT artists, in particular, turning many away from a new opportunity to earn revenue with their art.
Unique.One’s core mission has always been to offer artists from all economic backgrounds a net-zero fee platform to make it easier to mint and sell their art. But Ethereum gas fees make it impossible for many artists to participate in NFT marketplaces. This is why Unique.One aims to move its platforms to the SORA Network in the future.
SORA’s core infrastructure is built on Substrate which expands scalability because it doesn’t use expensive mining for consensus like Ethereum does. The scalable architecture of Polkaswap allows for limitless composability between blockchains. This means that economies of scale for transaction volumes lead to lower overall costs.
Interoperability: Tradable pairs on Polkaswap are not limited to ERC20 tokens like other DEXs. Polkaswap uses bridges to increase cross-chain interoperability giving users access to a broader range of tokens. Polkaswap can add tokens from the Polkadot Ecosystem as well as other blockchains. This feature opens up opportunities for users, traders, and LP providers alike to manage multiple assets from diverse blockchains.
Transaction Speed: Users on Ethereum-based DEXs are all too familiar with the increasing delay between a sent transaction and a validated transaction. Polkaswap is built on Substrate giving Polkaswap users transaction speeds that are similar to the speed of trading on centralised exchanges.
Access to more liquidity: Polkaswap acts as a liquidity aggregator. Liquidity aggregators can identify and access assets across multiple DEXs or CEXs. Polkaswap’s one-of-a-kind Aggregate Liquidity Technology (ALT) allows it to route queries across both DEXs and CEXs to provide limitless liquidity and the ability to match more trade requests than other exchanges.
How to earn PSWAP rewards on Polkaswap DEX
There are three ways you can earn PSWAP rewards on Polkaswap DEX. The first option will be of considerable interest to those Unique.One Community members who provide liquidity in XOR/RARE, XOR/FOTO, or XOR/FANS pair pools.
1) LP PSWAP rewards on Polkaswap
Polkaswap users will earn PSWAP tokens for providing liquidity in any XOR-paired pool, with a minimum threshold of at least one XOR. Liquidity providers will receive 0.3% of each token swap fees — in addition to special strategic bonuses in PSWAP tokens.
There is also a vesting coefficient that increases how many PSWAP tokens you can get daily. So the earlier you get in and the length of time you provide liquidity will influence the number of PSWAP tokens you’ll earn.
3.5 billion PSWAP are available for farming rewards, at 2.5 million per day. You can check out this article for more details.
(If you contribute to the XOR-VAL or XOR-PSWAP pools, your PSWAP rewards will be doubled. This is to incentivize the use of XOR, which is the Polkaswap utility and transaction fee token.)
2) Earn PSWAP by purchasing XOR from the SORA Bonding Curve
2.5 billion PSWAP tokens have been allocated as rewards for buyers of XOR via the SORA bonding curve. A bonding curve issues, buys, and sells at token prices that are determined by mathematical functions which are calculated according to an assessment that seeks forward price stability.
You’ll be able to purchase XOR from the SORA bonding curve with ETH, DAI, DOT and KSM.
Buying XOR with ETH or DAI will collateralize the bonding curve so you’ll earn PSWAP rewards for doing so. Buying XOR with DOT or KSM will help SORA secure parachain slots for the Polkadot and Kusama chains respectively. When you purchase XOR using DOT and KSM, you’ll earn double rewards.
PSWAP rewards are calculated exponentially as a function of current reserves. Therefore, the lower the reserves, the greater the rewards. In short, early adopters will get greater PSWAP rewards.
3) Earn Market Making PSWAP Rebates from Trading XOR
The third way to earn PSWAP rewards on Polkaswap is to conduct a high volume of transactions on the Polkaswap DEX. To qualify for Market Making PSWAP rebates, you must conduct at least 500 transactions on the Polkaswap DEX each month with each trade amount equal to at least 1 XOR.
When Polkaswap DEX?
As soon as the official Polkaswap DEX launch is announced by the SORA Team, Unique.One will open liquidity pools for the community to participate in these new and exciting rewards schemes.
Once the Polkaswap DEX is launched, LP providers will need to move their RARE, FOTO, and FANS ERC20 tokens to Sora v2 Network using the Ethereum bridge (“HASHI Bridge”) before they can provide Liquidity. Learn how to move Ethereum tokens using the HASHI bridge in the testnet environment at the link below.
To stay up to the minute on all Unique.One updates, be sure to join the Unique.One Community Telegram Channel.
Helpful information to prepare for a Polkaswap future
- Check out the Polkaswap testnet for practice. Follow the instructions here.
- Learn how to move Ethereum testnet tokens from the Rinkby Testnet to the Polkswap Testnet using the HASHI Bridge here.
- Read more about Polkaswap PSWAP rewards here.
- Learn more about SORA economics and Polkaswap mechanics here.
- Download SORA’s Fearless Wallet to test the DeFi wallet custom-built for the Polkadot and Kusama ecosystems here.
