DEXT Farming Pool + UNCL inflation
This is a quick article to keep you all up to date on whats happening this week and the Dext farm.
This weekend our partner DEXT set up a farming pool on our farming dapp, which unfortunately does not work due to certain code in the ‘transfer’ function of their native token. If you are currently farming on the DEXT-ETH pair please remove your lp tokens (refresh the farming dapp if you cannot withdraw).
A note to token devs, if your ERC20 token inherits from the openzepplin library and implements the standard ERC20 interface your good to go. This inability for certain tokens to work on farms is pretty rare, depending on how the contract itself is coded (mainly the ‘transfer’) function. It is good practice to test the farms on the kovan testnet dapp we have set up first (test withdrawing yield rewards) before moving over to mainnet.
We will be setting up a UNCL farm on the DEXT-ETH pair so that current farmers on the DEXT-ETH pair have something to farm with their tokens (UNCL).
In order to set up this farm we bought back $50k worth of UNCL and will be minting 6500 UNCL, adding it to the stack and creating a farm for DEXT users. This also to give notice as usual that we are about to mint UNCL.
Farming UNCL will start on UNCL-DEXT this Tuesday at 15:00 European time. You can use the same LP tokens you used on the Dext farm to farm UNCL.
This brings us to the next topic — UNCL inflation. After much consideration, I am happy to announce UNCL yearly inflation for this year is 60%, with a yearly inflation halving. This means the inflation next year will be 30%, 15% thereafter. Smart contracts will be set in place to ensure this amount can never be exceeded on a yearly basis, and admin keys to UNCL (allowing the setting of minters) will be burnt.
This will be done shortly after our presale platform goes live. To those wondering, our presale platform is being audited this Wednesday, I cannot give an exact timeframe for how long the audit will take but I believe we are still set and well on track for a launch by end of Jan.
While the audit is taking place documentation will be made available for how the presales will work and the role of UNCX and UNCL in the presales itself. This will be the biggest boost in utility to UNCX and UNCL to date.
All in all a busy week coming up, and extremely excited for the new presale platform.
Thank you to all for remaining so positive, and keeping the chatroom full of serotonin this week :)