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:
- 1,000,000 or less POLX : 5%
- 1,000,001 to 5,000,000 POLX: 4%
- 5,000,001 to 10,000,000POLX: 3%
- 10,000,001 or more POLX : 2%
After cogitation and extensive testing, our tiered taxation structure became a balancing act. Polylastic must consider the long-term consequences and not just attempt to gamify for the sake of it. Projecting outward, there is no question that token value is considerable but gouging and the egregious fees disincentivize activity altogether. Velocity must be a consideration and not a deterrent. There are certainly other projects that are more aggressive with their network taxation, however, they offer no real utility whatsoever and are largely considered “memes.” We strongly believe that the above network tax rates are aggressive enough to significantly boost our double deflationary burn mechanics.
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.
As of June 4th, users will no longer be able to transact on chain without incurring fees. The window to build a position without incurring taxable transactions is closing within a week. We had a lot of requests from our community members asking us to provide them additional time to build up the position and the launch dates were set such that all stakeholders would be ready to support the upgrade and the supporting programs.
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 network tax distribution has been designed such that liquidity providers and stakers are likely to enjoy perpetual passive income from all the transactions that take place on the network.
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.
We understand that there is significant liquidity on Kucoin and hence, we have made arrangements with Kucoin to support the upgrade with little or no effort for our users who hold or stake tokens on Kucoin/Pool-x.
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.
- The Certik Audits for the upgrade are already complete and approved.
It is certainly an exciting time as Polylastic’s quiet period is swiftly coming to an end. With a number of technical tasks nearing completion and features set to launch, marketing efforts will be ramped up. It was always the hope of Polylastic to provide liquidity providers, POLX stakers and the community in general an opportunity to build positions, learn more about us and come along for the ride. In the coming weeks and months, stay tuned because there is a lot in store.