What is Polkalastic (POLX) | What is Polkalastic token | What is POLX token
In this article, we’ll discuss information about the Polkalastic project and POLX token
Polkalastic Explained
Polkadot: The Future of the Internet
Ethereum has been hailed as the world’s computer where Polkadot has positioned itself as the future of the Internet with a keen eye on connectivity. As a protocol, it enables the transference of data and does not intend to be token-centric. The blockchain’s ethos of shared resources, open-source-on-steroids if you will, is not a battle for chain domination. Rather it is a global undertaking that preaches interoperability; cooperation above competition. Building a true multi and cross-chain landscape replete with registries and computation is indeed high-minded. It is borderless and seeks communication between the public and private blockchains; the permissioned and the permissionless—once considered streng verboten.
Polkadot endeavors and dares to build applications whereby permissioned aspects of a private blockchain can be made for use on a public blockchain. The application speaks to authenticating contracts where nearly anything is transparent and tamper proof.
Such a world wide web can truly wrest authority from the governing bodies of this world and create a level of fairness that has been glimpsed only in theory.
In their own words, “Polkadot is built to connect private and consortium chains, public and permissionless networks, oracles, and future technologies that are yet to be created.” The Polkadot vision of the internet is where Polkalastic intends to reside as accurate price feeds, transparent and uncensored information will lead the way, not just for us, but for many financial services. Certainly, Ethereum is resource rich and the “Godfather” so we must pay tribute and bloom where we are planted. The future, however, is the exchange of information between independent blockchains transactions trustlessly and we believe the Polkadot relay chain provides an ideal solution.
Dot’s mission critical is to connect services, Dapps and entities to foster growth, enable ever improving solutions and ultimately to “free society from its reliance on a broken web where its large institutions can’t violate our trust.” As an aggregator which shores in the untamed world of EFi across a wide swath of terrain, we believe PolkaDot is where the future lies.
Polkalastic: The Aggregator of the Future
The Polkalastic “big picture” is to curate, track, demystify and represent the world of Elastic Finance through the Polkalastic aggregator and its native token, POLX. We will remain firmly above the fray of pure trend chasing as governance functionality and a proprietary staking/voting system will be implemented in order to track the true pulse of this rapidly growing ecosystem. Polkalastic is wholly speculative in nature—seeking the very best in seigniorage, bonds, DeFi, cash systems— i.e. any of the growth tokens of this brave new world, wherein systems accrues fees and excess collateral down to the elastic synthetics, perhaps poised to redefine the world of decentralized derivatives. To wit, EFi tokens that are able to demonstrate demand and support via POLX’s “skin in the game” participation in order to warrant inclusion and determine weight. This will be achieved through a first-of-its-kind staking proposition as well as a proprietary tiered-taxation structure. Polkalastic offers something new technically in a burgeoning market; attempting to harness the very best of this emergent sector and transitively speaking, realize significant growth for the POLX token.
Before we begin, please be strongly advised that elastics have been classified as experimental for a reason. Experiments can fail and trends rarely graduate to established markets. Elastic tokens may never constitute more than a modest footnote in the annals of crypto history or perhaps be an improved money slated for mass adoption.
The Polkalastic (POLX) Index is designed to track token performance within the ever-evolving Elastic Finance industry (EFi). Our index will include elastic cryptocurrencies, seigniorage tokens, algorithmic stablecoins, cash systems and whatever comes next. The index is weighted based on the value of community support measured by the number of stakers, as well as the market cap of the token.
This novel mechanism allows us to capture both technical innovation and community strength. Like traditional indices, Polkalastic will track projects with significant usage and demand as well as those that show a vibrant community and commitment to ongoing development.
Polkalastic’s Novel EFi Aggregator
Polkalastic offers exposure to the growing EFi space in a single, easy-to-own token (POLX) via a curated basket of elastic assets. The POLX token is designed to become a “set it and forget” approach to the rapidly evolving crypto sector of Elastic Finance. The token tracks our proprietary Polkalastic Aggregator (PA), which is composed of the most promising and technically interesting EFi projects. POLX is a capitalization-weighted product that captures the strength of the underlying market with some bespoke differences — the PA is weighted based on the value of community support measured by the number of stakers, as well as the market cap of the token, providing an indicator around community strength and sentiment that is not possible with more conventional products. Through this complete picture, we believe the PA truly captures the living, breathing pulse of this fast-moving space.
In addition to operating the aggregator, Polkalastic is a research, education, and data analysis organization that seeks to elucidate the often complex projects moving the sector forward. While this complexity is a natural by-product of innovation, our application dashboard aims to simplify adoption and access to information by surfacing critical market, user, and on-chain data related to the POLX token and PA. It is our hope that holders can make informed, timely decisions about their investments. As a result of extensive ideation and planning, we expect the POLX dashboard to represent a step forward in transparency and user confidence for all EFi projects. Here are some of the initial advancements of our MVP:
- Direct Staking — Instead of obfuscated geysers requiring costly LP positions, our users can directly stake tokens in our contracts, providing clarity around rewards, lowering the barrier to entry, and allowing for token usage within the protocol.
- Community-Weighted — PA extends beyond market capitalization to capture a more complex picture of a project’s place in the sector, instead determining the best performing projects according to multiple criteria. When staking in our contract, users will delegate their stake toward their chosen project, increasing the project’s weight is indexed, thereby capturing community sentiment.
- Decentralized Market — While Polkalastic is initially launching as a curated aggregator, it is moving quickly towards community-governance. In the way market dynamics play out across price, we hope to see similarly interesting dynamics bear out over time in weight and composition.
- Tiered Token Taxation — A dynamic and scalable “tax” is collected from every transfer and distributed to users supported through staking. This mechanism allows for a self-sustaining ecosystem that incentivizes meaningful participation.
- On-Chain and Market Analytics Dashboard — Our dashboard highlights relevant on-chain and market data in a useful way. Elastic and algorithmic currencies can be complex at a protocol level, and salient information needs to be distilled to attract a more confident and informed investor base.
- EFi Exposure in a Single Token — The PA will come to represent the most promising EFi projects in the space, from both a technical and community perspective. Holding the token leverages the wisdom of the crowd, allowing anyone to participate in the upside and growth of a burgeoning new asset class within the DeFi landscape.
Why Polkalastic?
Our concept of money is being redefined before our eyes, and DeFi is leading the way. With new systems designed around seigniorage, rebasing, cash systems, fractional reserves and algorithms launching daily, it becomes impossible to keep up, and worse, gain appropriate exposure to the never-ending litany of new projects. The curated Polkalastic Index and token will track the growth and adoption of this truly important space, while allowing any interested party to benefit alongside it.
Much like the S&P 500 affords average investors a “set it and forget” approach, the POLX token represents our confidence in the industry and its continued growth.
POLX LP Token
To remain on the cutting edge, we have developed a mechanism where liquidity providers can stake their LP tokens and will be rewarded appropriately for their contributions to the health of the project.
Tiered Taxation
At launch, all proceeds will be redistributed to holders and participants of the POLX token. Polkalastic utilizes tiering in determining the network tax to ensure both fee accrual and activity. Velocity is expected as activity grows and in addition to gaining exposure to the aggregated assets, holders also receive fees pursuant to network activity. Rather than an obtuse and passive flat fee, a dynamic, scalable structure was deployed to stimulate growth and the ecosystem. Taxation confers the following benefits:
- Reward liquidity providers
- Reward POLX stakers and participants
- Healthy token ecosystem that encourages growth
The POLX token is a deflationary, fee-earning token used for governance and weighting the index according to delegated stake. As the index performs and earns fees from growth, 100% of revenue goes toward purchasing the token on the open market, and removing it from the total supply forever. As the EFi space advances, the POLX token becomes more scarce.
Polkalastic Index Staking
Polkalastic features a two-tier staking model to reward participation in our index. Stakers can delegate their stake to any project in the index, signaling their support and increasing its weight. Through this design, POLX captures innovation, community sentiment and the pulse of the elastic finance space.
POLX - Direct sync staking through our proxy and manager contract architecture.
POLX LP Tokens - Liquidity providers can stake their LP tokens and will be rewarded appropriately for their contributions to index health.
Taxation Structure
Polkalastic will also deploy a tiered taxation structure on all transactions, with 100% of proceeds at launch redistributing to holders and participants. In addition to gaining exposure, holders also earn as the token changes hands and the index activity grows. Moving away from an obtuse flat fee, this dynamic structure is scalable, while also stimulating growth and the ecosystem. Taxation confers the following benefits:
- Reward liquidity providersReward POLX stakers and index participantsHealthy token ecosystem that encourages growth
Polkalastic Weighted Index
The Tech Behind It All
Polkalastic features a number of industry firsts, including a community weighted index controlled by both token and LP holders, as well as an EFi-specific growth portfolio.
Broad Exposure, One Investment
Our index will track the progress of the entire elastic finance space. Polkalastic offers quick and easy exposure through one token, simplifying upside exposure to the fastest growing sector in DeFi.
The Polkalastic Index
Through staking of POLX and LP shares, our curated index will capture the growth of the strongest players in the space, along with community sentiment, offering an entirely new type of fund.
Index Staking
Market-capitalization indexs offer far from the complete picture. Through delegating stakes to supported projects, you’ll be investing in the brightest projects with the strongest communities.
Dynamic Fee Structure
A dynamic, scalable percentage of every transaction will be collected and redistributed to holders, properly aligning community and project incentives.
How and Where to Buy Polkalastic (POLX)?
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Once you finished the KYC process. You will be asked to add a payment method. Here you can either choose to provide a credit/debit card or use a bank transfer, and buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Binance (BNB)…
Step by Step Guide : What is Binance | How to Create an account on Binance (Updated 2021)
Next step - Transfer your cryptos to an Altcoin Exchange
After the deposit is confirmed you may then purchase POLX from the Website: https://polkalastic.io or other exchange
There are a few popular crypto exchanges where they have decent daily trading volumes and a huge user base. This will ensure you will be able to sell your coins at any time and the fees will usually be lower. It is suggested that you also register on these exchanges since once POLX gets listed there it will attract a large amount of trading volumes from the users there, that means you will be having some great trading opportunities!
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Find more information POLX
☞ Website ☞ Source Code ☞ Social Channel ☞ Social Channel 2 ☞ Message Board ☞ Documentation
🔺DISCLAIMER: The Information in the post isn’t financial advice, is intended FOR GENERAL INFORMATION PURPOSES ONLY. Trading Cryptocurrency is VERY risky. Make sure you understand these risks and that you are responsible for what you do with your money.
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