Staking Guide: Farm PolyHodler (HDLR) with PolyDoge on Prism Network
Prism Network has entered a collaboration with PolyDOGE on the Polygon Network. There will be pools with Prism Network hosting a PRISM/PolyDOGE -> HDLR pool and a Single Asset PolyDOGE -> HDLR pool also.
PolyHodler (HDLR) & PolyDOGE Collaboration Pools
To celebrate the collaboration between PolyDOGE & PolyHodler, There will be two initial pools on the Prism Network Platform running for a total duration of 12 weeks.
24 hour pre-staking will commence at same time as this article, to ensure a fair pool launch. Staking pools will begin emitting rewards on Tuesday 6th July.
pPRISM/PolyDoge-> 1,500,000 HDLR
• Network: Polygon
• Duration: 12 Weeks
PolyDOGE -> 1,250,000 HDLR
• Network: Polygon
• Duration: 10 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/PolyDoge, 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/PolyDoge LP, you need $50 in PolyDoge 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/PolyDoge 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 PolyDoge you would like to add to the liquidity pair or amount in pPRISM. Either way, the Quickswap App will calculate the amount needed for the other token.
Remember you need to have enough PRISM to PolyDoge 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 PolyDoge 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 HDLR.
Remember that your pPRISM/PolyDoge balance that you put in liquidity are “wrapped” inside these LP tokens! So please don’t send these tokens to anyone!
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, PolyDoge/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% – 52 MATIC
- 10% – 104 MATIC
- 20% – 156 MATIC
- 30% – 208 MATIC
- 40% – 260 MATIC
- 50% – 300 MATIC
- 5% – 0.026 WETH
- 10% – 0.052 WETH
- 20% – 0.078 WETH
- 30% – 0.104 WETH
- 40% – 0.130 WETH
- 50% – 0.150 WETH
- 5% – 60 USDC
- 10% – 120 USDC
- 20% – 180 USDC
- 30% – 240 USDC
- 40% – 300 USDC
- 50% – 350 USDC
- 5% – 2.3 PRISM
- 10% – 4.6 PRISM
- 20% – 6.9 PRISM
- 30% – 9.2 PRISM
- 40% – 11.5 PRISM
- 50% – 13.5 PRISM
Things to note:
Boosts are stackable up to 250%
pPRISM spent as boosts will be burned from supply forever.
How to Stake PolyDoge & Farm HDLR
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 HDLR tokens. This guide explains how to stake but you can stake in any of the HDLR pools as seen below on the screenshot under POOL to farm HDLR.
STEP 3: Click on a pool 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 tokens
STEP 4: Choose the amount of 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 $HDLR 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 tokens and started to earn $HDLR 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.
PolyHodler – $HDLR
PolyHodler is a re-distribution token on Polygon Network that is built for diamond hands. Each transaction on the token aids liquidity, incentivises and rewards holders, and burns the supply forever making it deflationary and auto yield compounding. The true HODLERS token.
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
The fun and friendly internet currency.
PolyDoge is a digital currency with one of the most vibrant communities on the powerful Polygon Network. It offers a wide variety of fun interaction to its holders in the form of NFTs, apps, airdrops and access to different DeFi platforms ready to use on Polygon.