Solarbeam Update — Farms v2, Multiple Rewards, New Pairs, and More!
A lot has happened over the past few weeks here at Solarbeam, and there is still much more ahead including some news we’ve all been waiting for…
Let’s get right to it!
Farm Overhaul (Farms v2)
Multi-Reward Pools
On November 17th at 23:00 UTC, Solarbeam will be launching V2 of Solarbeam farms. This overhaul has also allowed us to bring you pools with multiple rewards. Our new pools will support multiple rewards, instead of only SOLAR.
In the coming days, the v1 pools will be winding down. This means the APR% will gradually decrease until 0% in order to incentivize users to move to the new pools.
Tokenomics Overhaul
We’ve heard you, and we are listening! Going forward, we have decided to be proactive with our incentive distribution by balancing the pairs based on volume data. This allows us to continuously provide the best rates for the most popular pairings. Get ready for ETH and MOVR pools getting a boost!
New Farms
We’re launching the following new farms switching our focus to native MOVR pairings:
- ETH/MOVR
- WBTC/MOVR
- BNB/MOVR
- MIM/MOVR
Native FRAX/MOVR
It was only a matter of time before the good news was out about our FRAX/MOVR pair — we’re happy to announce that v2 of Solarbeam farms will support native FRAX.
Due to the hard migration of this particular pool, it will require users already staking to have to unstake, unpair, use the FRAX bridge to swap from Anyswap’s FRAX to native FRAX, then follow the pairing and staking process again. For more details about pairing and unpairing, please refer to our documentation.
To bridge existing native FRAX, we have partnered with Synapse. Going forward, FRAX will use Synapse bridge, which is located here and will soon be integrated with Solarbeam’s UI.
Use the FRAX website to swap Anyswap-bridged-FRAX for native FRAX: https://docs.frax.finance/cross-chain/bridge
RIB Pool Adjustments
Users staking RIB will notice a gradual wind down of the single staking RIB as well as RIB/SOLAR pool. We will retain the RIB/MOVR pool for users who wish to continue staking RIB.
Certik Audit
Our highly anticipated first audit is here!
We believe safety and security is a very big deal especially with smart contracts so getting our first audit completed is a big milestone for us. Certik is one of the leading blockchain auditors looking to help facilitate ‘provable trust for all’, and to help you rest easier at night.
Our second audit with Halborn is currently in progress and we look forward to updating you upon its completed status!
Eclipse Launch
On October 28th PolkaPets became the first project to launch its IDO on Solarbeam’s launchpad, Eclipse!
PolkaPets is a unique NFT concept that encourages participation in the Polkadot ecosystem through partnerships with some of the biggest projects in the ecosystem. Each NFT partnership provides its holders with special “powers” in the form of incentives relative to the project.
PolkaPets token, PETS, the utility token in PolkaPets World raised $100k split equally between Eclipse’s two pools BASIC and UNLIMITED. The BASIC pool was 28x oversubscribed and the UNLIMITED pool was 89x oversubscribed.
While both pools were immensely popular, the UNLIMITED overflow resulted in a tax levied to the total raise amount at a rate of 0.5% (equivalent to approximately $22,000). This tax will be used to buy back and burn SOLAR. As IDOs become more frequent, this launchpad tax will create regular deflationary pressure on SOLAR with its continuous buybacks and burns.
We were so encouraged by the reaction in the community with our first Eclipse IDO, that we decided to raise the stakes with our next two IDO candidates with significantly higher allocations. Full details will follow in the coming weeks.
Make sure to review all the ins and outs of Eclipse and how you can better your participation for future IDOs here. We are every bit as excited as you are!
Volume
Perhaps one of the more exciting things we are seeing is a continued rise in volume on the platform culminating in our highest volume day ever on November 7th with over $37,140,325 traded!
Since October 20th, Solarbeam has averaged more than $18 million in daily volume.
Be sure to follow along with our analytics page here
Going Forward
Hiring
Expanding the team is important, which is why we’ve been putting energy in to making sure we recruit the right people. We are actively scouting the following roles:
If you are interested, please apply through the above site or e-mail your resume to careers@solarbeam.io
The Road Ahead
As we’ve been focusing on developing and reaching our milestones, we realized we’ve reached many of them ahead of schedule. In the coming days, we will be presenting a new Roadmap to update with information regarding the upcoming products and partnerships that will be launching with Solarbeam.
Final Thoughts
It was, without a doubt, an incredibly busy 2 weeks post-Eclipse launch. In addition to working on our existing products, the team has been at work setting up new partnerships throughout the ecosystem.
Thank you for your patience, and we look forward to your feedback in our Telegram and Discord channels!
