Polkastarter announced last Tuesday, June 1, through its Twitter account, the extension of its Liquidity Program to the PancakeSwap exchange on Binance Smart Chain. In addition, he reported that this month’s rewards will be $10,000 POLS each for Uniswap and PancakeSwap.
“We are delighted to announce the extension of our Liquidity Program to the PancakeSwap exchange, on Binance Smart Chain. From now on, liquidity providers in Pancake Swap will be able to access a pool of monthly rewards of $10,000 POLS”, he said through an article published on the Medium platform.
The company explained that liquidity providers benefit from obtaining ETH or BNB and POLS simultaneously. In addition, it indicated that said rewards are paid in POLS to each liquidity provider that blocks ETH or BNB and POLS in Uniswap or Pancake Swap for at least 28 days. These rewards are in addition to the normal fee that liquidity providers automatically earn from Uniswap’s trades on the trading pairs to which they provide liquidity.
On the other hand, he highlighted that, to participate, the user only must include his address in the whitelist and add liquidity to the Polkastarter Uniswap or Pancake Swap trading pair. The rewards program automatically renews monthly unless otherwise noted.
How to be eligible?
The company shared the ways the user may be eligible to qualify for the rewards:
• To qualify on Ethereum, you must provide at least 1 ETH of liquidity, plus 1 ETH in POLS tokens.
• To qualify on Binance Smart Chain, you must provide at least 7 BNB of liquidity, plus 7 BNB in POLS tokens.
• Each eligible liquidity addition is only eligible for rewards 28 days after its addition.
• Each rater divides the reward pool among all the raters evenly by percent of the pool.
• If you remove liquidity at any time, your previous liquidity is disqualified and you must wait 30 days from the next time you add qualified liquidity to qualify for rewards.
Step by Step
Polkastarter detailed the steps that the user must follow to participate in the Liquidity Program:
1. Start whitelisting your address by clicking this link
3. Enter the number of POLS you want to provide to the liquidity pool (minimum 1 ETH of POLS or 7 BNB value of POLS).
4. Confirm liquidity and supply trading pair confirming all required transactions.