What is Polaris DeFi (POLAR) | What is Polaris DeFi token | What is POLAR token
Polaris is a fairly distributed competitive farming protocol and launchpad platform on Binance Smart Chain.
Polaris Mission Statement
Issues In Yield Farming
Although BSC is the ideal chain for yield farming because of cheap tx fees, current yield farming solutions (including Goose and its numerous forks) are not optimal.
For example, these platforms will invariably insist on users depositing liquidity tokens to their platform, when there is no need for it given they are simply routing via PancakeSwap.
The majority of these tokens also have zero utility, rendering the entire farming process valueless from the outset.
BSC: A Booming Ecosystem
In recent months, a plethora of projects have chosen to broaden their horizons to BSC. Naturally, an equal number of “launchpads” have sprung up to accommodate their liquidity bootstrapping.
However, these current launchpads offer no meaningful incentives for other teams to make use of their platform. Invariably, these platforms make the team fund reward tokens without giving anything in return, which simply serves to dilute the circulating supply and prejudices both the team and the community.
Enter Polaris
Polaris aims to take the competitive farming model pioneered by GYSR, enhance the model using the best elements of popular DeFi protocols, and apply the whole package to the gas-optimized ecosystem of BSC.
In short — Polaris will allow users to farm a fairly distributed token — POLAR. In time, users will be able to spend $POLAR in Polaris “Supernovas” to increase harvested rewards
As a result, the POLAR token will provide an ongoing incentive for:
- Projects to launch yield farms on Polaris — POLAR spent in the partner pools is transferred to the launchpad partner. Teams can use the POLAR to buy/burn their tokens, or keep the revenue to develop their project (e.g. implementing $POLAR into their own farming strategies).
- Users to farm POLAR — Users can spend POLAR to earn multiplier rewards and earn more rewards in partner token yield farms.
In addition, all non-native POLAR pools utilize single-asset staking, protecting users from exposure to impermanent loss.
How do I use Polaris?
POLAR can be farmed via a selection of major and minor pools.
A 4% deposit fee is charged on all non-native pools, which is used to fund BNB rewards and ongoing development costs.
Single Asset Staking
A downside of many yield farming protocols is their reliance on LP pairings during the initial liquidity bootstrapping phase. This brings with it associated risks of impermanent loss.
However, given that Polaris is an experimental protocol, we feel that users should be able to participate in the platform without exposing themselves to the risks associated with liquidity provision.
As such, POLAR will predominantly be farmed via single asset staking. For a detailed breakdown of all pools, please see the graphic below.
Polaris Development Roadmap
- Launch major and minor pools (available on TGE)
- Earn POLAR rewards by staking POLAR-BNB, POLAR-BUSD, and POLAR with no fees.
- Earn POLAR rewards by staking single assets with no risk of impermanent loss and a 4% deposit fee.
2. Launch BNB Supernova Geyser (1–2 weeks)
- 50% of the deposit fees from pools will be converted to BNB.
- The BNB can be earned by staking POLAR-BNB LP.
3. Integrate Launchpad Partner tokens into Partner Supernova Geysers (1–2 weeks)
- Earn launchpad partner tokens by staking TOKEN-BNB LP.
- Spend POLAR during harvests to earn bonus multipliers on rewards.
4. Upgrade Supernova and Partner Supernovas to Integrate Competitive Farming (1–2 weeks)
- Earn BNB rewards by staking POLAR-BNB LP.
- Spend POLAR during harvests to earn bonus multipliers on BNB rewards
These objectives are broken down in more detail below.
Polaris Supernova Geyser — Earn BNB by Staking POLAR/BNB
Unlike other farming protocols, Polaris will allow users to earn BNB for providing POLAR/BNB liquidity into a geyser contract referred to as the Polaris Supernova (this is not to be confused with the basic BNB-POLAR farm).
In a similar manner to AMPL on Ethereum, the Polaris Supernova Geyser will calculate users’ farming rate based on a multiplier that starts at 1x and increases over time for as long as the user remains staked in the pool.
Instead of rewards per block, users will own a % of the pool based on (i) time staked and (ii) total staked amount.
Users can top up their stake without impacting their multiplier, but to claim rewards the user needs to unstake. This resets their multiplier for the portion of tokens that were unstaked.
The Polaris Supernova offer various advantages when compared to traditional yield farming strategies:
- User benefits from bonus multipliers for longer, uninterrupted farming;
- If other people drop out of the pool — you get more pool share; and
- Incentivizing long term staking is more beneficial for partner pools and therefore encourages other BSC projects to utilize the Polaris platform.
Launchpad Pools and Partner Supernovas
A unique feature of Polaris is the ability of any BSC project to leverage our competitive farming model to bootstrap their own protocol’s liquidity. This is an entirely novel feature in the BSC ecosystem.
As mentioned above, POLAR tokens are spendable during the reward claiming process in order to increase your reward multiplier.
What other BSC projects can then do is launch their own Supernovas.
This is similar to when PancakeSwap launched and allowed its users to stake CAKE to earn TWT and ALPHA. The difference here is that, on Polaris, users can also spend POLAR to increase their rewards.
Crucially, project teams will then receive any POLAR spent by users when claiming their rewards from Partner Supernovas. This functions as an ongoing incentive for partners to utilize Polaris Launchpad.
Competitive Farming Upgrade
The final goal of Polaris will be to upgrade the Supernovas to enable users to spend POLAR to enhance their farming multipliers at the point of claiming rewards.
This will function in a similar manner to GYSR on Ethereum, and encourages active management of deposits in order to earn a competitive edge over other stakers.
For example:
- User A deposits into a Supernova for 30 days without unstaking.
- After a period of time, taking into account users A’s time in the pool, Polaris allocates User A a default 1.5 bonus multiplier on their pending rewards.
- When claiming these rewards, User A chooses to spend POLAR to increase this default multiplier.
- In this example (taking into account the price of POLAR), User A is able to spend 100 POLAR to triple their pending rewards.
- In return for paying the 100 POLAR, User A would then receive a 4.5x multiplier when they unstake and harvest rewards.
The number of POLAR tokens required to get a specific bonus multiplier is calculated algorithmically, based on the average amount of POLAR used.
Further details on this will follow, but the basic model is outlined below:
POLAR Tokenomics
Due to a deployment error, POLAR and the farming contracts were redeployed and migrated. The updated tokenomics are as follows"
Initial supply: 75,000 (airdropped to v1 holders at a 10:1 ratio)
Total max supply: 500,000
Emission rate:
- 0.1 POLAR/block for first 100 days
- ~2,880 POLAR/day
- 0.05 POLAR/block afterwards until max supply has been hit
- 5% of each mint will be automatically sent to the developer’s address to fund ongoing developments.
Fees:
There is a 4% deposit fee on all non-POLAR staking pools.
- 2% will be converted to wBNB and will fund the initial Supernova geyser on a rolling basis
- 2% will be sent to the developer wallets as compensation to the team
Launch:
- The initial supply of 100,000 POLAR will be launched on PCS with 200 BNB in liquidity.
How To Buy And Farm POLAR: A Step-By-Step Tutorial
A big shout out to Polaris community member @worldpeas for creating this incredibly helpful guide!
Polaris DeFi is one of the latest out-of-this-world DeFi projects on the Binance Smart Chain universe. We know you can’t wait to get started, so get in your spaceship, strap on your seatbelts tightly and we’ll teach you how to blast off to yields beyond our galaxy.
1. Setting up your MetaMask wallet
Go to metamask.io/download and install the extension for your browser or mobile device. Supported browsers are Chrome, Firefox, Brave and Edge. You can also download and install the mobile app for your phone.
Follow the instructions in the app to set up your wallet. Click on “Create a Wallet” to create a new wallet. You will have to enter a password, and you’ll be given a backup seed phrase. Save the backup seed phrase somewhere safe in your spaceship so that no other crewmates or aliens can access it.
After you have confirmed the seed phrase on the next screen, you should now be able to access your wallet and will be able to send and receive funds.
Your new MetaMask wallet
2. Configuring your wallet to work with Binance Smart Chain
Once your wallet is all set up, one thing to note is that it is still on the Ethereum network. We want to make sure we are on the Binance Smart Chain so that we can take advantage of the lower fees.
Click on the circle in the top right, then click on Settings at the bottom.
On the settings page, click on “Networks”.
Click on Add Network in the top right corner to manually add the Binance Smart Chain network and fill in the following details to access the Binance Smart Chain Mainnet
Network Name: Binance Smart Chain
New RPC URL: https://bsc-dataseed.binance.org/
ChainID: 56
Symbol: BNB
Block Explorer URL: https://bscscan.com
Click on Save and you’ll return to the main view. Your wallet now shows that you are connected to Binance Smart Chain and units are now denominated in BNB, the default coin on the Binance Smart Chain network.
Now your wallet is all set up, you’ll need to get some BNB in order to interact with smart contracts on the Binance Smart Chain network.
You can purchase BNB on Binance.com or FTX.com, then send that BNB to your new wallet address. Make sure to send your BNB via Binance Smart Chain (BEP20) when sending from the exchange to your wallet or you may lose your funds! Purchase the amount in BNB that you’d like to invest in POLAR, plus some extra for gas fees. We recommend getting at least another US$20 worth of BNB for gas fees to get started.
For example, if you wish to buy $1,000 worth of POLAR, you should buy about $1,020 worth of BNB.
Gas fees on Binance Smart Chain usually cost less than $0.50 but may sometimes go up to $2 for complex transactions. (Yes, you read that right! You no longer have to pay gas fees amounting to tens of dollars in this brave new world!)
3. Purchasing POLAR
To purchase POLAR, we recommend using BNB or BUSD as your base currency, but we will use BNB for purposes of this tutorial since you have already purchased BNB.
Go to https://exchange.polarisdefi.io/ or directly to https://exchange.polarisdefi.io/#/swap?outputCurrency=0x3a5325f0e5ee4da06a285e988f052d4e45aa64b4 to swap your BNB for POLAR. You can see the exchange rate when you enter in the amounts you wish to swap for.
**⚠️ **If you wish to participate in the liquidity pool farming, convert only half of your BNB into POLAR as you will need to pair the other half to create a liquidity pool token (LP Token). Otherwise, you can stake your POLAR tokens in the single POLAR pool.
Click on Swap, and a screen will pop up asking you to confirm the swap. You can also see more information about the price of POLAR, the price impact and the liquidity provider fees. Click on Confirm Swap to complete the swap.
A MetaMask window will pop up asking you to confirm the swap, with estimated gas fees. Click on Confirm to proceed with the swap.
After clicking on Confirm in the MetaMask window, you should see this pop up in the Polaris screen.
When the transaction has been completed, you can see that your POLAR balance has increased.
4. Creating and staking Liquidity Pool (LP) Tokens
To create an LP token, you will need to pair your POLAR token with either BNB or BUSD in the ratio of about 50:50. That means if you want to farm $2000 worth of LP tokens, you’ll need $1000 in either BNB or BUSD, and $1000 in POLAR tokens.
Go to https://exchange.polarisdefi.io/#/add/0x3a5325f0e5ee4da06a285e988f052d4e45aa64b4 and choose either BNB or BUSD to pair with your POLAR tokens. For purposes of this tutorial, I will be pairing POLAR with BUSD.
You can try clicking on Max for either BUSD or POLAR to see which value will allow you to form the maximum amount of LP tokens. In this case, we can use the maximum BUSD I have and still have some POLAR tokens leftover. This is normal as often we are not able to get exactly 50:50 for both tokens.
Click on Approve POLAR and confirm the transaction in the MetaMask pop up. After POLAR has been approved, the Supply button will be active and you can click on Supply. Click on Confirm Supply in the pop up.
After the transaction has been confirmed, you can see the LP tokens now in your wallet.
5. LP farming
To farm your new LP tokens, you will need to stake them in the Major Pool.
Go to https://app.polarisdefi.io/farms where you will see all the farms available to farm POLAR. On this page, you will find the different farms with the yield (APR) you can get from each farm as well as the deposit fee, if any.
We created the POLAR-BUSD LP token in the previous step, so we will be farming in the POLAR-BUSD farm.
Click on Approve Contract then confirm the transaction in the MetaMask pop up.
After the contract has been approved, click on Stake then Max to stake all the LP tokens you have.
Click on** Confirm**, then** Confirm **again in the MetaMask wallet pop up.
You can now see the amount of LP you have staked, and how much POLAR you have earned.
If you do not want to stake any LPs, you can stake in the single POLAR pool. The steps are the same as staking an LP: Approve Contract, Stake, then Confirm.
6. Harvesting your POLAR rewards
To harvest your POLAR rewards, just click on the Harvest button and then confirm the transaction in the MetaMask pop up.
The POLAR tokens will now be in your wallet.
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How and Where to Buy Polaris DeFi (POLAR)?
POLAR has been listed on a number of crypto exchanges, unlike other main cryptocurrencies, it cannot be directly purchased with fiats money. However, You can still easily buy this coin by first buying Bitcoin, ETH, USDT from any large exchanges and then transfer to the exchange that offers to trade this coin, in this guide article we will walk you through in detail the steps to buy POLAR
You will have to first buy one of the major cryptocurrencies, usually either Bitcoin (BTC), Ethereum (ETH), Tether (USDT)…
We will use Binance Exchange here as it is one of the largest crypto exchanges that accept fiat deposits.
Binance is a popular cryptocurrency exchange which was started in China but then moved their headquarters to the crypto-friendly Island of Malta in the EU. Binance is popular for its crypto to crypto exchange services. Binance exploded onto the scene in the mania of 2017 and has since gone on to become the top crypto exchange in the world.
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)
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
Since POLAR is an altcoin we need to transfer our coins to an exchange that POLAR can be traded. Below is a list of exchanges that offers to trade POLAR in various market pairs, head to their websites and register for an account.
Once finished you will then need to make a BTC/ETH/USDT deposit to the exchange from Binance depending on the available market pairs. After the deposit is confirmed you may then purchase POLAR from the exchange: PancakeSwap
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 POLAR 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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