Staking Guide: Farm SoMee.Social ($SOMEE) on Prism Network
There will be two initial pools on the Prism Network Platform running for a total duration of 6 – 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 Tuesday 15th June.
1. SOMEE/ETH -> SAT
Duration – 42 Days
2. SOMEE -> SAT
duration – 56 Days
Also note that the single asset pool has been set to lock rewards until the pool has ended. So you won’t get to claim the rewards in the single asset pool until the pool has ended.
Firstly, What is Liquidity Provisioning ?
Uniswap is a trustless decentralized exchange for Ethereum (tokens) which allows third-party individuals to set up their own LP and contribute to it. This means you can easily trade any ERC-20 tokens for ETH or any other ERC-20 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 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 Uniswap, 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, SOMEE/ETH, and receiving fees for doing so like mentioned above. For somebody to contribute to the LP, one would require an equal amount in ETH or $USD value for both tokens. For example, if you want to contribute $100 to SOMEE/ETH LP, you need $50 in SOMEE and $50 in ETH. 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 Uniswap SOMEE/ETH 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 $SOMEE you would like to add to the liquidity pair or amount in ETH. Either way, the Uniswap App will calculate the amount needed for the other token.
Remember you need to have enough ETH to $SOMEE ratio to be able to add to the Liquidity Pool, and ETH for all transactions (to pay for gas fees).
Once you have selected the amount you need to Approve (if you haven’t previously approved $SOMEE transactions on Uniswap). 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 etherscan explorer link that pops up), you can now use those tokens to farm extra $SOMEE.
Remember that your SOMEE/ETH balance that you put in liquidity are “wrapped” inside these LP tokens! So please don’t send these tokens to anyone!
Copy the SOMEE contract address 0x65F9A292f1AEED5D755Aa2fD2Fb17AB2E9431447 into metamask as follows, you can edit the name of token to make it easy to find.
Your new tokens will show up in your metamask wallet (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. SOMEE/ETH, PRISM/ETH, 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/ETH -> 3000 TEST (Duration 30 Days)
In this Pool, users would input TEST/ETH 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/ETH, they would be farming 100% of these yields. If UserB joins with 1 TEST/ETH 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/ETH, they would own 4/6 TEST/ETH 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/ETH in the Pool (~16.66%).
UserB has 1 TEST/ETH in the Pool (~16.66%).
UserC has 4 TEST/ETH in the Pool (~66.66%).
UserB activates a 50% boost. This increases their weighted stake to 1.5 TEST/ETH, 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. (CARDS, USDT, PRISM, DEFLCT)
Things to note:
Boosts are stackable up to 250%
PRISM spent as boosts will be burned from supply forever.
How to Stake & Farm $SOMEE
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 Ethereum pools. Here you will see all the pools available to farm $SOMEE tokens. This guide explains how to create and stake SOMEE/ETH pair, but you can create any of the SOMEE pools as seen below on the screenshot under POOL to farm $SAT.
STEP 3: Click on SOMEE and a window will pop up, confirm the transaction by clicking “APPROVE”, 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 $SAT you will farm.
STEP 5: Once the amount has been selected, click “DEPOSIT”,
STEP 6: Approve and Confirm transaction, and when the transaction goes through you will have successfully staked your tokens and started to earn $SAT tokens.
SOMEE single asset pool has a locked claim. You can claim your rewards once pool has ended. You can withdraw your 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 CARDS. 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 an industry-first Universal DeFi Servicing hub. As a platform Prism Network brings multi-network scalability, funding initiatives, and cross-chain redistribution of tokens, all under one platform via the Prism of Integrations.
Prism offers DeFi and Blockchain 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.
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.
SoMee.Social is a new social media platform that prioritizes user privacy and autonomy. Strong incentives are built in to encourage user interactions and quality content with the goal of cultivating a cohesive community building. SoMee.Social provides several avenues for earning rewards, starting with content monetization, and reward earning options for active participation in the community or for sharing your data if you choose to do so. SoMee.Social is a blockchain based platform governed by the existing $SOMEE token and an advertising system powered by the $SAT token.
$SAT is the only token used for advertisers to pay for their campaign. Also, influencers will need $SAT to participate in the $SAT Elite campaigns that offer higher monetization amounts and special perks. This will drive significant utility for $SAT and create more demand for “stacking SATs” as the platform expands advertising and increases the amount of influencers participating in these campaigns.