Polylastic: Upgrade, New Name And A Launch On Binance Smart Chain
Formerly known as Polkalastic, we at the newly-minted “Polylastic” had a serendipitous turn of events. Thanks in large part to accelerated technical development, we have been afforded something of a luxury problem and decided to move ahead with some planned changes.
The Name:
Polylastic—Poly as a prefix means “much” or “many” and it signifies our interest in remaining chain agnostic, interoperable and willing to go to any and all places to support the project and expand its reach. In that spirit, we are now Polylastic; flexible as ever.
Disclaimer: Polkadot continues to be an integral part of our plans and when they are ready, we’ll be there.
Architectural Upgrade
As a community weighted index where assets are comprised of projects voted in by those staking POLX for their project of choice, there will be variation. The assets in our index will likely be different in Month 2 than they are in Month 8 and the respective weights of these assets will also vary. Should users be fond of a given line-up, they will now have the option to select from any current previous baskets, thus creating:
1 — A rolling index that will iterate ~monthly with a staking period of 21 days. Again, this will allow users to participate in previous baskets of assets that represented differing periods of time and may have variated by way of community delegation.
In addition to our tiered network taxation structure which rewards users and stakers alike, POLX is now a deflationary token through which:
2—A percentage of generated fees to burn POLX.*
Launching on Binance Smart Chain
In order to effectively deliver these new architectural upgrades, we have some requirements from our hosting network. They are as follows:
- Low fees for continuous rebalancing
- Community weighting staking/yield farming efficiencies
- Low cost, sufficient speed and liquidity for the regular deployment or removal of index assets
- An active vibrant ecosystem to embrace EFi, encourage delegation and actively trade POLX
Given the speed, cost, overall efficiency and vibrancy of the Binance Smart Chain ecosystem, Polylastic will launch there. Given our current state of development and need to implement our robust feature set upon launch, BSC also represents an upgrade and wonderful jump off point.
Moving Forward
In the coming weeks, look for us to gain additional traction as we near launch. Please stay up to date as we begin to introduce team members, advisors and the latest in all things elastic.
Next up we’d like to introduce you to some key people who are helping to guide, steer and develop the Polylastic aggregator.
