PLR Liquidity Mining Update: New PLR-DAI Pool and more rewards

PLR Liquidity Mining Update: New PLR-DAI Pool and more rewards

Written by

Romana Basilaris

September 9, 2020

Today, Wednesday 9 September 12:00 BST, we’re kicking off phase 3 of the PLR Liquidity Mining program. We’re excited to announce that we’ve added a new liquidity pool, and that another 350k PLR rewards pool has been funded by the Pillar Foundation.

In order to increase arbitrage opportunities and further improve PLR liquidity, we opened a PLR-DAI pool on Uniswap V2. That means you’re now able to participate in our Liquidity Mining program using both DAI and ETH – the choice is yours ;).

The 350k PLR rewards pool will be split 75/25 between the PLR-ETH pool and the PLR-DAI pool. Liquidity providers will receive a share of rewards on a pro-rata basis. We allocated the most rewards – 150k PLR – for Week 1. So if you’d like to maximize your rewards, be sure to join early!

If you’d like to add liquidity to the PLR-DAI pool and get rewarded for doing so, follow the video instructions. Pablo shows how to add liquidity to the PLR-ETH pool, but the process is the same. Make sure that you’re adding DAI and not ETH, and that you’re adding liquidity to the right pool.

As a reminder, in order to earn your share of these PLR rewards, you must stake your LP tokens on the PLR Rewards Dashboard. Using this dashboard, you will be able to see your reward balance grow in real-time. No better feeling than seeing the number go up…

Phase 3 lasts 3 weeks, ending on September 30, 2020. From that moment onwards, we propose for the community DAO to take over the Liquidity Mining program. The vote on this first governance proposal will happen in our Governors’ House chat, which is set to launch later this week. Join the #governance channel in our Discord to be the first to hear about it once it  goes live!

As mentioned in early blog posts, we launched the program as part of Pillar Balboa – a major tokenomics and governance revamp with the ultimate goal of decentralizing governance of the Pillar Smart Wallet.

As such, if the first governance proposal passes, the community DAO will start funding the Liquidity Mining program starting in October. We’ll be working together with token holders to make this all happen.

If you have any questions, be sure to join our Discord – our community is there to answer them all!