UPDATE 7/30/2021: Polygon PGOV Vesting has been activated:
When we launched on Polygon a few weeks ago, we announced that we would be releasing details of the PGOV vesting system. As of today, we have updated Polygon PGOV with vesting so that locked PGOV are unlocked every second. The details are as follows:
- PGOV is locked and vests linearly over the course of six months.
- PGOV is only locked when received as a reward from the pools.
- As you earn more PGOV from the pools, then the vesting period will recalculate.
- When you earn more PGOV through the pool and it’s more than what is locked, then we recalculate the start time to now, and it will be six months to unlock.
Example of how it works:
- I have 100 pgov locked today. Over the course of 6 months, they will linearly unlock. After six months, I will be able to claim the entire amount.
- One week later, around 10 PGOV will be unlocked, and 90 PGOV will still be locked. If I add 100 more locked PGOV, now the new total locked PGOV is 190. The 190 PGOV now will unlock over the course of 6 months. The reason for this is because i added 100 PGOV (more than the 90 PGOV that was remaining to be unlocked). Therefore the new vesting time is 6 months. If would have added fewer than 90 PGOV, then the new unlock time would be less than 6 months.
PGOV Fees and Token Details:
- Maximum PGOV minting amount will be 240m tokens.
- PGOV stakers earn MATIC.
- 15% of platform fees are sold for PGOV and burned and the max supply is reduced by the total burned. The remaining 50% will be sold for MATIC and distributed to PGOV farmers/stakers
- Every time a user withdraw/deposit/compounds to a PGOV pool, we send them rewards for this round (once per round). Even if the user missed few rounds, next time the user will receive everything.
Launching PGOV a Polygon Governance token
bZx is excited to officially launch support for margin trading, borrowing, lending on Polygon. Starting today, users can go to polygon.fulcrum.trade and open a margin long or short position in any of the currently supported trading pairs. Up to 15x leverage is available with fixed borrowing rates and partial liquidations. Launching on Polygon is the next stage in our multi-chain growth strategy. Polygon allows enhanced accessibility with faster confirmations and reduced transaction fees for DeFi users.
At launch we are offering 11 different trading pairs, including: MATIC, ETH, WBTC, AAVE, LINK, and USDC, and USDT. We will be adding more pairs in the future including BZRX and many more, if you have a token pair you think we should add just let us know.
Coinciding with our launch in Polygon, we are also launching the PGOV token. PGOV will be used as the primary governance token for Polygon assets on bZx. Trading, borrowing, and lending fees generated by users of the platform on Polygon will be distributed in the form of buyback and burns, and farming rewards to PGOV token holders.
PGOV token will enable users to participate in Polygon network governance by voting on proposals on a wide variety of topics that relate to how Fulcrum on Polygon operates, including things like PGOV token emissions, fees, and available pairs.
PGOV will also feed value back into the BZRX token by allowing bzrx holders to earn a portion of the platform fees generated on Polygon when PGOV is stakediBZRX tokens in the polygon farm at https://polygon.fulcrum.trade/farm.
Just like our product on BSC, on Polygon you can lend your tokens and receive itokens in return. Then you can stake those itokens in the farm and earn PGOV rewards in addition to interest from lending. Your PGOV token rewards will vest over time.
Vesting: Farmed PGOV rewards will initially be locked for some of the pools: BZRX and PGOV. The rewards will be unlocked and start vesting with future code updates. Community input on the token vesting schedule will be used through a snapshot voting proposal to determine the vesting period. The minimum vesting time for the PGOV rewards will be three months.
Compounding: On every pool you’re going to see a compound button, this will restake PGOV rewards into the PGOV pool. Locked rewards that compound into PGOV pool are also locked. Benefits of compounding are: (1) For non-locked pools, if you want to restake your rewards (= compounding) you can save 1 transaction because you avoid doing 1 tx for claim + 1 tx for stake. (2) For locked pools, you don’t really have a choice, you can restake your rewards (= compounding) or leave them where they are (you can not withdraw them). So of course, you better compound because that will allow you to earn even more rewards.
NFT special giveaway to commemorate launching on Polygon
To celebrate the launch of bZx on Polygon. We are going to be giving away a few commemorative NFT’s.
The commemorative Polygon NFT tokens will be distributed to the user with the highest PnL, highest trade volume, and also a random twitter user.
Transfer your assets from ETH to Polygon and farm PGOV
Want to start trading on Polygon but not sure how to get started? Follow these simple steps to learn how:
- Add Polygon network to your Metamask wallet, here is a quick tutorial explaining how.
- Transfer some assets from ethereum to polygon using the matic bridge. Here is a how to do it.
- To send transactions on Polygon, you will need Matic tokens. Send some Matic tokens across the bridge, or get some from a MATIC faucet here.
- Open up to a 15x margin long or short positions on Fulcrum on one of 11 trading pairs.
That’s all you need to do. You should now be ready to start using bZx on Polygon.
We are excited to launch on Polygon because it brings faster confirmation and reduced transaction fees thereby expanding DeFi to more users, and increases value to the entire bZx ecosystem through the launch of the PGOV token, the native farming token on Polygon. As part of the launch we are celebrating a limited Polygon x bZx NFT.