The pNetwork, the decentralised ecosystem backing the cross-chain pTokens solution, has announced the launch of its yield farming programme, Steroids. The programme will run for a period of one month and will award Uniswap liquidity providers with up to 10% monthly interest, distributed in pNetwork Token (PNT).
Designed to onboard new users, increase liquidity and boost adoption of the entire pNetwork ecosystem, Steroids will go live later this month to coincide with the launch of the pNetwork DAO.
The pTokens solution enables the free movement of crypto assets across a variety of blockchain networks. As the project works towards its progressive decentralisation roadmap, the pNetwork DAO will be introduced as a way to start decentralising the system’s infrastructure, and to encourage community participation. As an initial incentive for boosting engagement, a 42% APR reward is granted to DAO members who actively contribute to its governance.
This new Steroids yield farming initiative will be introduced to bring even further benefits to the entire ecosystem. Yield farming could be defined as any kind of effort which puts crypto assets to work to generate returns on those assets. This strategy has resulted in Ampleforth’s Geyser achieving the biggest pool on Uniswap (ETH<>AMPL), which today holds more than $25 million in liquidity.
Similarly, the Steroids programme incentivises users to add liquidity to Uniswap’s pool for PNT, the first token to go on Steroids, as well as multiple pTokenised assets in future. Up to 200,000 PNT tokens are dedicated to the interest rewards. The more liquidity users provide, and the longer it is staked for, the higher the reward is.
All PNT token holders can receive rewards by adding liquidity to the Uniswap V2 PNT/USDT liquidity pool. By providing this liquidity, token holders will receive “UniV2” pool tokens in return, which act as a receipt for one’s contribution and represents their share within the liquidity pool. Holders will receive up to 10% monthly interest as a reward. Users can increase their earning potential based on how much, and for how long they supply liquidity for. The more contributed, the greater the share of the PNT pool received.
Additionally, Steroids functions as an app within the pNetwork DAO. This component enables the UniV2 PNT/USDT pool tokens to be staked directly within the DAO. This makes it possible to combine both Steroids rewards with pNetwork DAO voting rights, which unlocks 42% APR rewards.
The Steroids programme provides scalable infrastructure for managing a variety of yield farming initiatives hosted within the pNetwork ecosystem. PNT on Steroids is the first attempt to boost adoption and encourage healthy growth for the project, an experiment that forms the basis for other well-balanced initiatives in the future.
The project is familiar with such approaches, having launched limited, one-off staking programmes in the past. Thanks to these initiatives, the project was able to design an effective staking programme for the pNetwork DAO, which is much larger in scope. The DAO will kick off next week with 29 Million PNT tokens already at stake within the system, accounting for approximately 50% of the total supply.
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