Staking Guide: Farm PolyDragon‘s ($FIRE) on Prism Network
Prism Network has entered a partnership with PolyDragon on the Polygon Network. There will be Cross-Platform pools with Prism Network hosting a PRISM/FIRE -> FIRE pool and PolyDragon hosting a PRISM/FIRE -> FIRE pool on their platform also.
There will be one initial on the Prism Network Platform running for a total duration of 8 weeks.
24 hour pre-staking will commence at same time as this article, to ensure a fair pool launch. Staking pool will begin emitting rewards on Sunday 4th July.
pPRISM/FIRE-> 3 Trillion FIRE
• Network: Polygon
• Duration: 8 Weeks
Firstly, What is Liquidity Provisioning ?
Quickswap is a trustless decentralized exchange for Polygon (tokens) which allows third-party individuals to set up their own LP and contribute to it. This means you can easily trade any Polygon tokens for MATIC or any other Polygon token. Users of the DEX basically are trading against the LP. Anybody can swap tokens at any point in time. Since you are swapping directly from your own Metamask/MATIC wallet, your funds are always in your own control, as opposed to centralized exchanges in which the exchange controls your funds.
The fees per swap are 0.3% of the total swapping volume. LP providers share the fees which are accumulated during every swap through Quickswap, based on the proportion you have contributed to the LP. e.g. if you contributed 10% of the total LP, you shall receive 10% of the total fees. These fees are automatically contributed to the LP, so your total personal LP contribution keeps on increasing according to accumulated fees.
Okay, got it! How do I make LP Tokens ?
LP stands for Liquidity Provider. Basically, you are adding liquidity in the token pair, in this case, pPRISM/FIRE, and receiving fees for doing so like mentioned above. For somebody to contribute to the LP, one would require an equal amount in PRISM or $USD value for both tokens. For example, if you want to contribute $100 to pPRISM/FIRE LP, you need $50 in FIRE and $50 in pPRISM. When you add liquidity, you will receive LP tokens from this pair.
To add Liquidity click on this link. You will be directed to the Quickswap pPRISM/FIRE Pair page. Once there, click +Add Liquidity.
Click on “Liquidity” tab, and enter desired amount of Liquidity you wish to add
Once the window opens you will see this tab. Input the amount of $FIRE you would like to add to the liquidity pair or amount in PRISM. Either way, the Quickswap App will calculate the amount needed for the other token.
Remember you need to have enough PRISM to $FIRE ratio to be able to add to the Liquidity Pool, and MATIC for all transactions (to pay for gas fees).
Once you have selected the amount you need to Approve (if you haven’t previously approved $FIRE transactions on Quickswap). If you have previously Approved then just click Supply, then a window will pop up showing amount of tokens recieved, click Confirm Supply and Approve the transaction.
Once the transaction has gone through (You can check on the Matic explorer link that pops up), you can now use those tokens to farm extra $FIRE.
Remember that your pPRISM/FIRE balance that you put in liquidity are “wrapped” inside these LP tokens! So please don’t send these tokens to anyone!
Copy the FIRE/pPRISM LP contract address 0xfdbc136002d51686c5455b5343f49cc90be9fac3 into metamask as follows, you can edit the name of token to make it easy to find.
Your newly minted LP tokens will show up in your metamask wallet like UNI-V2 / QUICK LP tokens (Example shows 0f balance).
What are Pools?
Pools, also referred to as Liquidity Pools, allow users to stake one token in order to earn rewards in another token. This process can be known as ‘farming’. The purpose of a Pool is often to encourage users to create LP Tokens (Liquidity Pool Tokens, i.e. pPRISM/MATIC, FIRE/MATIC, etc.). This improves liquidity for the trading pair, while also rewarding those who provide liquidity and giving them an extra benefit to offset any impermanent loss
Rewards yielded from staking in a pool are variable, changing based on a few factors:
- Your personal stake
- Collective stake
- Amount of rewards in the pool
- Duration of the pool
The amount of earned tokens is automatically calculated and allocated to each staker, who can then claim the tokens whenever they choose to.
Let’s run through an example Pool to demonstrate how they work.
TEST/MATIC -> 3000 TEST (Duration 30 Days)
In this Pool, users would input TEST/MATIC LP Tokens, and farm TEST tokens over a period of 30 days. This means that every day ~100 TEST tokens are distributed as rewards to stakers.
If this Pool launched, and only UserA input 1 TEST/MATIC, they would be farming 100% of these yields. If UserB joins with 1 TEST/MATIC as well, from then on both UserA and UserB will be splitting the yield 50/50 as they both own 50% of the total stake.
If UserC was to then join with 4 TEST/MATIC, they would own 4/6 TEST/MATIC in the Pool which is ~66.66% of the total stake. This means that each day they would be earning 66.66 TEST tokens.
What is Boosting?
Boosting is a means to increase your effective weighted stake in a Pool. This can be done via purchasing boosts or by simply minting $PRISM.
To demonstrate how this works, the example from above will be continued.
UserA has 1 TEST/MATIC in the Pool (~16.66%).
UserB has 1 TEST/MATIC in the Pool (~16.66%).
UserC has 4 TEST/MATIC in the Pool (~66.66%).
UserB activates a 50% boost. This increases their weighted stake to 1.5 TEST/MATIC, meaning they now own ~23% of the Pool and will begin earning more immediately.
How to Boost
There are two ways to boost pools, firstly by minting PRISM to boost all your pools. Or spending tokens to boost individual pools.
1. Global Boost
When you mint PRISM, you become eligible for our Global Boost. Which boosts every single pool you stake in.
- 15 historically minted prism = 5% global boost
- 30 historically minted prism = 10% global boost
- 75 historically minted prism = 25% global boost
- 150 historically minted prism = 50% global boost
- Global boosts boost every single pool you stake in, regardless of network.
By Minting PRISM on Ethereum you also get 0.25% of all PRISM volume from all chains PRISM is trading relevant to your total minted supply
2. Spendable Boosts
You can purchase boosts for each individual pool, to increase your yield % further. (USDC, MATIC, PRISM, WETH)
- 5% – 38.9 MATIC
- 10% – 77.8 MATIC
- 20% – 116.7 MATIC
- 30% – 155.6 MATIC
- 40% – 194.5 MATIC
- 50% – 226 MATIC
- 5% – 0.0231 WETH
- 10% – 0.0462 WETH
- 20% – 0.0693 WETH
- 30% – 0.0924 WETH
- 40% – 0.1155 WETH
- 50% – 0.1386 WETH
- 5% – 60 USDT
- 10% – 120 USDT
- 20% – 180 USDT
- 30% – 240 USDT
- 40% – 300 USDT
- 50% – 350 USDT
- 5% – 2.63 PRISM
- 10% – 5.26 PRISM
- 20% – 7.89 PRISM
- 30% – 10.52 PRISM
- 40% – 13.15 PRISM
- 50% – 15.75 PRISM
Things to note:
Boosts are stackable up to 250%
pPRISM spent as boosts will be burned from supply forever.
How to Stake & Farm $FIRE
STEP 1: Click on the link here and head over to the PrismNetwork dashboard. (Remember to connect MetaMask wallet to interact with the Dapp).
STEP 2: Left-hand side, scroll to Staking Pools and click on Polygon pools. Here you will see all the pools available to farm $FIRE tokens. This guide explains how to create and stake PRISM/FIRE pair, but you can create any of the HDLR pools as seen below on the screenshot under POOL to farm $FIRE.
STEP 3: Click on PRISM/FIRE and a window will pop up, confirm the transaction by clicking “GET ALLOWANCE”, and you will come to the tab where you can deposit your LP tokens
STEP 4: Choose the amount of LP tokens you want to deposit in the “Enter amount or select % of balance to deposit” tab. You can slide the bar from 0 to 100% or enter in manually how many tokens you want to stake. The more you stake, the more $FIRE you will farm.
STEP 5: Once the amount has been selected, click “DEPOSIT”,
STEP 6: Approve transaction, and when the transaction goes through you will have successfully staked your LP tokens and started to earn $FIRE tokens.
You can claim your rewards once you start earning them. It is usually recommended to claim a decent amount to counter cost the gas fees for claiming. You can withdraw your LP tokens at any time, just remember that there is a 1.5% unstaking fee.
Step 7: You can also increase the % of your stake by boosting the pools. Simply spend one Of four boosts to multiply your yield. You can purchase Bonuses to boost your stake, in this case, it would be boost with MATIC. To be able to boost, first, you will need to approve, pay for gas and then choose the level of boosting you would want for your Farming Pool.
About Prism Network
Prism Network is a Universal #DeFi servicing hub that caters for all EVM networks and chains by providing secure infrastructure and development tools for new and existing projects to leverage in a safe and secure manner, mitigating a high number of potential risks for both a project, and a projects community.
Prism Network brands as an integration platform and offers #DeFi startups white-labeling solutions, providing a multi-network launchpad service to any EVM-compatible network while also allowing startups to create custom tailored smart-contracts with tokenomics functionality centered around liquidity provisioning, yield farming, and compounding interest-based lock-ups.
Prism Network also provides solidity expertise, smart-contract tokenomics, as well as ecosystem mechanics advisory, ecosystem maintenance, and support to new and existing projects
The ecosystem smart contract support empowers initiatives and developing projects with their own native smart contract ecosystems while also providing a LGE platform, a fair-launch program that gives #DeFi communities a safer alternative to traditional token pre-sale mechanisms.
Here is a full overview of the current Prism Ecosystem
Prism Network gives developers and projects the tools, resources and infrastructure to integrate with any of these networks seamlessly. Here are our services we provide
What is PolyDragon ?
FIRE powers PolyDragon’s revolutionary staking pools & yield farms. It utilizes a specialized RFI Token structure enabling infinite pool rewards all while maintaining a fixed supply.
As an RFI token, FIRE uses a fair system of taxing each token transaction with a constant percentage. This restocks the yield farm and staking reward pools, and redistributes rewards to holders to create further value for its users.
During the launch phase of FIRE, 50% of the supply was sent to the token contract for farm/staking pool rewards. By sending FIRE to this contract it became a FIRE holder – and like all other FIRE holders, this receives a portion of all FIRE transaction fees restocking the reward supply. Unlike other holders of FIRE, when the balance of this contract exceeds 500 billion it will begin providing liquidity to the MATIC/FIRE LP, until the balance falls below this set amount.