Terra reported on Wednesday June 9, through its Twitter account, that the liquidity mining program for the community farms of Terra and DFyn is now live.
“Following the success of our previous liquidity mining programs, we are pleased to announce the launch of Terra Community farms in Dfyn. To welcome the Terra community to the Polygon network, Dfyn will allocate ~ 1% of its total token supply ($2.5 million DFYN) to agricultural rewards for the Terra community over the next several months. The initial liquidity mining program will consist of two pairs: UST / USDT and LUNA / DFYN”, he said through an article published on the Medium platform.
The company explained that the Dfyn-Terra farms will be launched under the ‘Popular Farms‘ sections of Dfyn and will allow users to accumulate acquired rewards over a period of 1 month starting on June 8, 2021.
In addition, he indicated that both farms will have rewards acquired in 4 separate tranches in each alternate month from the end of the participation period. 25% of the rewards will be distributed on day 0, 25% on day 60, 25% on day 120 and 25% on day 180.
“Liquidity providers will also be able to choose an accelerated consolidation plan: users can claim 50% of their outstanding rewards and burn the rest. This option can be selected by deactivating the grandfathering rewards button”, he added.
Terra highlighted that both the UST / USDT and LUNA / DFYN pairs have now launched. The rewards for both farms will be paid out in DFYN, with 8,000 tokens distributed each day. Therefore, the monthly reward rate will be 480,000 DFYN tokens.
Similarly, he explained that, at the end of each betting period, they will review and adjust the rewards based on the total value locked (TVL) in the protocol. The rollover contracts will allow players to bet and then re-bet the same LP tokens.
Notably, to drive engagement and reward the most dedicated users, Terra.Money will assign rewards to the community by holding a series of business contests. The competitions will start in a few weeks from now.
“Dfyn is pleased to bring together the exciting Terra community and the fast-growing Polygon ecosystem in what is clearly becoming a multi-chain and cross-chain future. Stay tuned for more updates and announcements on upcoming Terra farms”, he said.