Continuity gives us roots; change gives us branches, letting us stretch and grow and reach new heights. Against all odds, PolyDEX is still building and striving towards our goals. Today we are thrilled to introduce the $PLX Upgrade with major overhaul like new fee structure, improved security of the contracts, etc. Read on to find out what’s the next big thing on PolyDEX.
Tokens PLX V1 upgrade to PLX v2
Token PLX v1 is not upgradeable anymore after we removed the proxy admin. There is a need to fix the security issue and implement the compensation plan (read more here), and at the same time optimize the deflationary structure and tokenomics further. Token PLX v1 is being upgraded to token PLX v2
Holders of token PLX v1 will be able to swap one-way PLXv1 1:1 to PLXv2
- It’s a 1-way swap from PLX v1 to PLX v2. Please read instructions below
- There is no deadline for this swap.
- PLX v1 will be extinct once all circulation is swapped to PLX V2.
If you are staking PLX v1 in old PolyHERO pool, you can migrate to new PolyHERO pool with one click at https://www.polydex.fi/pools
If you are a liquidity provider of PLXv1 / WETH or PLXv2/WMATIC, you will be able to use the 1-click migration to convert our LP to new LP and continue your farming.
For IDO buyers, you will be able to continue your vesting with PLX v2 at https://www.polydex.fi/future-plx as usual. However, to make the vesting process hassle-free and to avoid any confusion to all users, we will need a bit more time with PLX vesting when v2 is fully implemented. So please bear with us in the event of any possible delay. Speed is important but we can’t compromise speed for users safety and platform security.
Locked rewards of PLXv1 will be auto-converted to PLXv2 with the same rules applied.
All other functions and features of PolyDEX are not affected. Business as usual.
And especially, PLXv2 farming will not have locked-up anymore. We are thrilled to introduce vePLX, with full details coming up shortly.
PLX v2 Tokenomics
With the upgrade from PLXv1 to PLXv2, the tokenomic is revised as below
- Max Supply(reduced over time): 1,000,000,000 PLXv2
- Pre-mint: 100,000,000
- Burn 34,000,000 immediately (equal amount of PLXv1 has been burnt). This will immediately reduce Max Supply to 966M PLXv2
- 50,000,000 for fPLX for IDO Buyer to continue their vesting
- 16,000,000 for initial liquidity and insurance fund
- Emission: 900,000,000 (emission in 100w — halving 1.5% weekly)
- Farming Incentive: 522,000,000 (58.00%)
- Dev/Mkt/Airdrop: 234,000,000 (26.00%)
- Insurance Fund: 74,250,000 (8.25%)
- Lottery Fund: 24,750,000 (2.75%)
- PLX Stakers: 45,000,000 (5.00%)
- Deflation: 1.0% per tx
- 0.5% distributes to PolyHEROES staking pool
- 0.2% to add liquidity automatically and locked forever
- 0.2% will be burnt from the supply forever
- 0.1% to insurance fund
- vePLX : we are glad to introduce vePLX in PLXv2. More details in a separate article later.
Timeline for the migration and upgrade
- June 25th 2021, 1pm UTC, all users can start migrate from PLXv1 token to PLXv2
- Due to the subgraph not being stable at the time of announcing this article, the Farming Pools start time will be announced later when the subgraph is ready.
- PLXv1 will stop emission right at the time that PLXv2 start emission. Timing to be confirmed
- 1-click migration for all PolyHERO and PolyFARM pools will be ready by June 27th 2021. Meanwhile, users can do it manually following our guide at https://docs/polydex.fi
- IDO vesting will resume by June 28th 2021. We will announce it later.
Instructions for users
1. Holders of token PLX V1 will be able to swap one-way PLXv1 1:1 to PLXv2
Visit http://polydex.fi and Migration to PLXv2 is right at the homepage.
2. If you are staking PLX V1 in old PolyHERO pool, you can migrate to new PolyHERO pool with 1-click migration at https://www.polydex.fi/pools
3. If you are a liquidity provider of PLXv1 / WETH or PLXv2/WMATIC, you will be able to use the 1-click migration to convert our LP to new LP and continue your farming.
4. For IDO buyers, you will be able to continue your vesting with PLX v2 at https://www.polydex.fi/future-plx as usual, i.e: once it is activated again, you can continue claiming your vesting and receiving PLXv2 directly instead of PLXv1.
5. For locked rewards, it will remain the same. Upon unlocking time, you can start claiming your unlocking rewards in PLXv2 linearly in 6 weeks.
