PolkaBridge Deflationary Farming Launches
Video tutorial https://youtu.be/xBnpTe1qdAc
Final Checks Before We Are Go for Launch!
PolkaBridge deflationary farming is expected to go live imminently and we are running final checks, before we truly blast off into the stratosphere! We are certain that you understand the concept of deflationary farming by now and if you haven’t read this article, please feel free to do so.
This upgrade on the PolkaBridge will bring new functionalities and it’s important that you follow these instructions. Since deflationary farming requires migration to a new smart contract, those who have the PBR tokens in their own Ethereum wallets (for which they control the private key) must go through a migration function.
The process is simple. Please visit this link and connect your wallet. Afterwards, choose the amount of old PBRs to be exchanged to new PBRs (max of course). The transaction will cost a little gas and you will be sent the new token, ready for the next generation of PolkaBridge experience!
This migration is expected to start from March 16 (4:30 PM GMT) to April 01 (4:30 PM GMT). Any token, which hasn’t been migrated until then will be burnt. So, please migrate as soon as possible. The users who have their PBR tokens on exchanges (Bilaxy, MXC, etc.) aren’t required to do anything as we have contacted the exchanges to automatically convert them.
PBR holders shouldn’t deposit any new tokens to the centralized exchanges, where don’t control the keys, until further announcement. The audit is still in progress, but due to the community demand and the recent events, we have decided to go in a little early. The Certik audit is in progress, so use the staking contract at your own risk. However, we have taken care to ensure that it’s reasonably safe.
Enough Technical Details — Show Me Some Screenshots!
Now, the important instructions part is over. We move on to more fun and intuitive things. Let’s have a look at some of the screenshots of the new interface and let’s get everyone familiarized with it. We begin with the home.
At launch, we would have three pools. These are PBR-ETH, XIV-ETH, USDC-USDT. Of course, more selections would come later and the rewards are paid out in PBR tokens. The great part is that all of the farming on the platform is deflationary, so yeah nobody’s value is getting diluted out.
First things first. You must connect the wallet to start and there’s no better option than the famed Metamask here. Connect and authorize the connection from the Metamask panel. You can check your PBR balance, Liquidity Pool (LP) token details and their total value now.
Next, you must select the pool and contribute liquidity. For the purposes of this article, we are using the PBR-ETH pool. Click on it and you enter the new interface. Next, click stake.
After staking, you must select the amount to contribute to both pools, meaning that you are required to have both assets to contribute to the liquidity pool. Click on the required amount and click supply..
Next, it will show the confirmation transaction on the Metamask panel. Check the fees and click confirm.
The screen would now show the deposit success message and the contributed LP amount. Click Close.
Now, the interface would display the accrued rewards and LP tokens on the interface. It’s a minimalized UI, which hides the unnecessary technical information under the hood.
If you ever want to claim rewards, click harvest and authorize transactions through Metamask. The smart contract will send the rewards to your account.
To withdraw liquidity, simply click the three points sign right next to the stake button and click withdraw. Next, authorize the transaction through Metamask, so the smart contract can return your assets back.
This is formula which explains how to calculate your reward you will receive each transaction when you stake LP token in pool i, there are total n pool.
Important Information About The New Contracts And Token
New Token Smart Contract
New Token Timelock Smart Contract
Migration Smart Contract
Farming Smart Contract
New Token Uniswap Link
New Token Dextool Link
New Locked Liquidity TXID
Kindly note this information down and don’t rely on any external third party source for these smart contract details and token contracts. Now that you have a detailed idea of the new interface and it’s workings, get your PBR tokens ready! Happy Farming!