Partnership: PlutusSwap X EMOJIS Farm
Incentivising LP with LP — Stake yPLT on EMOJIS.Farm to earn more LP tokens!
Following Plutus Capital’s PLT listing on Digifinex announcement, we are excited to update our community that our partnership with EMOJIS farm is confirmed and yPLT token holders will be incentivized to stake on our partner’s unique DeFi protocol. Following their presale on 16th November, EMOJIS.farm is set to launch on 23rd November and thereafter, you will be able to deposit either yPLT/EMOJI Uniswap LP tokens or just yPLT on EMOJIS Farm in order to earn LP tokens as an incentive for providing liquidity. This is the first step into our long term partnership and we will be working on future integrations between these two platforms!
Let’s take a look at what is EMOJIS farm and how it works-
EMOJIS Farm is a supplementary product and a complementary brand to the Consentium Ecosystem — a multi-feature chat application built on the blockchain. EMOJIS farm concept rides on several ideas in the Decentralised Finance space, particularly in the areas of yield incentivisation and liquidity pools.
EMOJI Farms provides added liquidity to PlutusSwap’s yPLT by tapping on users looking at additional yield farming opportunities. It does so by generating much more liquidity for yPLT.
To ensure that EMOJIS Farm does not create unsustainable yield incentivisation crisis, the APY for the yield pools will always be fixed at 1000% APY (or ~11x of LP token). In order to qualify for the 1000% APY, token holders need to serve as LP providers for the respective pools of their choice, and they can do this by adding liquidity by providing either EMOJI or yPLT token via the Half-Liquidity (HL) function or deposit their Uniswap LP directly. There will be a fee of 5% enacted on any withdrawal of LP tokens. This 5% will be redistributed back to the hands of users who continue to stake their LP tokens in the specific pool.
Assuming that you are participating in the yPLT/EMOJI. As aforementioned, your staked deposits will generate LP rewards. This initiates EMOJIS Farm smart contract, which will mint a certain amount of EMOJI and internally swaps them for yPLT. To rebalance the pool, EMOJI of equivalent value are minted by the smart contract and redeposited back into the pool to generate LP tokens as rewards that will be distributed amongst all users.
Users are awarded compounded interest via rebasing. The rebasing function is called once a day and it is during rebase where EMOJIS are minted automatically and funnelled through the Half-Liquidity (HL) function to EMOJI pools in order to generate LP tokens. The rebase function is executed by any transaction sent to the smart contract.
EMOJIS Farm is the brainchild of Consentium, an existing cryptocurrency project that has been around since 2018. They envision to be a crypto super app that allows users to communicate through individual or group chat, transfer and deposit cryptocurrencies, interact with C2C e-commerce features and reward users who stake CSM on their very own open-source wallet. Our partner launched their own mainnet this year and has successfully migrated from the Ethereum network to their proprietary blockchain, CSM Chain. They boost a community of 100,000+ users and has various blockchain partners with their ecosystem. Other than benefiting from higher liquidity for yPLT, this partnership allows the Plutus Capital/PlutusSwap ecosystem to ride on a high volume industry such as chat/e-commerce applications. With a lending and chat application partnership in place, we are very much looking forward to every possible integration between these two different industries!
Who is behind yPLT?
Since 2015, we have been a diverse group of pragmatic individuals and idealists. We believe that the key to unlocking economic equality, prosperity and financial freedom lies in developing strong Fintech use-cases on cutting-edge Distributed Ledger Technology. Most importantly, we are neither a chef nor food. We aspire to bank the unbanked, bringing fundamental financial rights to billions of individuals across the globe. We want to unbank the banked, stripping away the financial prison that many in the first world are enslaved to.
We are the followers of the great Plutus.