Upgrades, Burns and Staking (+ The Airdrop)

Polylastic is gearing up for an extensive marketing drive and positioning ourself technically. As we move forward, we are glad to inform you that we have finalised the POLX network tax rates and they are scheduled go live on 4th June 2021.

Network Taxation Rates

Whenever POLX is transferred, bought or sold i.e. transacted on the network in any capacity the follow taxation structure will apply:

  • 1,000,001 to 5,000,000 POLX: 4%
  • 5,000,001 to 10,000,000POLX: 3%
  • 10,000,001 or more POLX : 2%

When will the Network Tax and burn begin?

  • Network taxation will go live on June 4th 2021.
  • 20% of the POLX collected via the network tax collected will be burnt.

Yield Farming & Staking

  • Yield farming and Staking will go live on June 4th on our own portal.
  • 56% of network tax collected will be distributed to liquidity providers.
  • 24% of the network tax collected will be distributed to POLX stakers.

The mechanics for the upgrade

The implementation of the network taxation structure required a new smart contract which resulted in unexpected delays. We would like to thank our community for the patience and support. We will be releasing detailed instructions to upgrade your existing POLX tokens to the new version prior to on June 3rd 2021.

The Airdrop

Following the token upgrade, the portal to claim to the airdrop will be live on June 4th. All users who submitted the BSC wallet during the whitelist registration can claim the airdrop and receive the upgraded POLX token in your wallet. Polylastic felt it would be unfair to expect the airdrop holders to participate in a token upgrade within days of receiving the airdrop and hence, we had to make the difficult choice to withhold the release of the airdrop to eligible users until the upgrade was live.

Security

  • The Certik Audits for the upgrade are already complete and approved.

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