“Sharing knowledge is not about giving people something, or getting something from them. That is only valid for information sharing. Sharing knowledge occurs when people are genuinely interested in helping one another develop new capacities for action; it is about creating learning processes.”
Source: Conversational Leadership
I decided to start with this quote from Peter Senge (a very famous American systems scientist) because I really believe and follow this philosophy and way of thinking. That's why today I want to share my knowledge on one particular topic that may be of great interest to you, Leofinance readers.
This thread is about Polkaswap rewards and the SORA network.
Actually, I want to focus in today's post on one specific way to get rewards which is called LP FARMING BONUS REWARDS!
It is good to mention that there are a total of 6 different types of rewards.Besides the LP Farming bonus rewards there are also rewards for: Market Makers; buying from the TBC (currently this is not actually an option because you will get 99.60% less in value) ; LP fees; vesting VAL for XOR (ERC-20 holders) and VALidator rewards.
I chose the LP FARMING BONUS REWARDS topic because I think it is the best option at the moment. Of course it's good to point out here that strategic bonuses are also adding a lot of value. In the current market situation, providing liquidity and getting rewarded in tokens is actually a very good opportunity.
So let's start from scratch.
How can I provide liquidity on the SORA network?
There are two ways.
First of them is to use Polkaswap.io and the other is farming.deotoken.io.
Once you connect your account to one of these two websites, you will be able to add liquidity. If you have never farmed before, please do your research and focus especially on the topic of Impermanent Loss.
It is not as difficult to understand as it seems for beginners, what you need to know is that you get a reward token for providing funds - two different assets equal 50% : 50%. As more people put money into certain
pool, APY falls. Simple as that.
SORA NETWORK FARMING – REWARDS TOKENS
One of the tokens you can be rewarded with if you provide liquidiity is DEMETER/DEO.
In one of my next posts I will share with you about their Play to Earn game. Season 3 just started yesterday and there is currently a prize of 5k for you to win.
You can give it a try on: DEOARENA.IO.
There are 7 pools in which you can put liquidity in order to get rewarded with DEO token. Those are:
- XOR-ETH
- XOR-VAL
- XOR-PSWAP
- XORD-DAI
- XOR-XST
- XOR-Ceres
- XOR-DEO
The fee is 2%.
In total there are approximately 2.1M USD in this pools.
The highest APY is in the pair XOR-DEO which is this moment 96%!*
The second token that you can be rewarded with is SORA Synthetics (XST)!
This is a token that was launched in early October 2022 and its utility is to be used for payments to developers and etc.
The current price of the token is $45, but it is very volatile. Just 10 days ago this token was over $300. Please be careful with this one.
The pools for minting XST are currently:
- XOR-ETH
- XOR-XST
- XOR-DAI
- XOR-USDT
- XOR-XSTUSD
The fee is 1%. In total there are approximately 1.5M USD in this pools and the current supply of XST is around 20532.354
The last pool XOR-XSTUSD was released yesterday(15.11) and its current APY is 1544%. But over time people will put money into it and it will go down a lot.
Other token that you can be rewarded with is the XSTUSD / SORA SyntheticUSD!
There are two pools for farming XSTUSD:
- XOR-ETH
- XOR-DAI
And the last token which I want to mention is CERES!
"Ceres is the first project to build on the SORA network. It specializes in developing DeFi services and utilities for projects on the SORA network and tokens on Polkaswap."
The pool for this is XOR-CERES. Тhe fee is 2 %.
I'll write a separate post about Polkaswap farming, but for now it's good to note that it's currently APY:
Those are the top Sora network farming pairs. There are also other pairs like XOR/NOIR, XOR/CRV, XOR USDC, XOR/MANA, XOR/BUSD and others but with very low pair liquidity.
In conclusion, I want to warn you to be very careful with liquidity pools, because in some situations you can face an impersonal loss. Of course, it can also be very profitable, but there are risks that you must not ignore.
Stay tuned for more SORA and Polkaswap related content.
Please do not take this post as financial advice.
If you want to use Polkaswap liquidity pools, I will appreciate if use my refferal link.
*All numbers, statistics and prices are at the time of writing (11/16/2022).