Based on the design philosophy of PolyQuity, the protocol does not have any function of governance or voting. Therefore, we designed this system to encourage holders to stake PYQ in long term to capture more platform fees.
The token contract will charge the fee(floating) for each PYQ transaction.
A part of the fee will be allocated to the PYQ Staking Pool;
The other part will be permanently burned.
The fee rate will be automatically adjusted according to the Total Burned Amount. The maximum destruction limit is 300 million PYQ( 30% of total supply).
For details, see the following instructions, involving 3 stages:
Phase 1. Genesis Period
Phase 2. Transition Period
Phase 3. Stability Period
Transfer fee: 25%
10% will be distributed to the PYQ Staking Pool
15% will be burnt
Termination Condition: Total Burned Amount ≥ 3 million
Note: In the early period, PYQ stakers will significantly capture the benefit generated by lending. The system encourages stakers and punishes transferers.
Transfer Fee: 5%
4% will be distributed to the PYQ Staking Pool;
1% will be burnt
Termination Condition:Total Burned Amount ≥ 300 million
Transfer Fee: 1%
1% will be distributed to the PYQ Staking Pool;
0% will be burnt
Note: when the total amount of burns reaches 300 million, the PYQ will no longer be burned.
Stake/Unstake PYQ in PYQ Pool
Withdraw PYQ from Stability Pool and all Farming Pools