Well well well PolyDoge friends and fam, here we are again, getting ready to drop some MONSTER NEWS. Several months ago we released our PolyDoge DAO, where holders of PolyDoge and select PolyDoge NFTs can vote on community proposals. What we’re revealing here builds on that in a major way!
Drum roll please…
PolyDogeDAO is a fork of successful Fantom Opera algorithmic stablecoin Tomb.finance and an innovative solution that can adjust PolyDoge supply deterministically to move the price of the stablecoin PolyDogeDollar (PDD)! Lots of impressive techno-wizardry and engineering has been designed to make this work, continue reading to get a simplified breakdown of what all this means.
PolyDogeDollar? Wat mean?
PolyDogeDAO will introduce and feature three key components, PolyDogeDollar (PDD), PolyDogeShare (PDS), and PolyDogeBonds (PDB). Without going into the technical nitty gritty, the PolyDogeDollar price will be pegged to 1 MATIC, and will expand or contract the supply of PDD to keep it at this pegged price. PolyDogeShare is distributed to those staking their PDD in the PolyDogeDAO Incubator (more on this below). PDS tokens are used to achieve a completely decentralized on-chain governance where PDS holders have voting rights and the ability to create proposals to improve the protocol. PDS has a maximum total supply of 100,000 tokens. PolyDogeBonds are essentially used to help with the expansion and contraction of PDD supply to help keep it stable.
Wait, so we can stake?
Yes! Before staking goes into effect though, there will be a Genesis period, wherein an initial mint of 80,001 PDD will be distributed for 4 days by the following pools: one PDD-WMATIC LP pool and 3 single asset staking pools — WMATIC, USDC, and of course PolyDoge. Each pool will have rewards as follows: 14,000 reserved for the PDD-WMATIC pool, 9,000 reserved for the USDC pool, 9,000 reserved for the WMATIC pool, and 8,000 reserved for the POLYDOGE pool. WMATIC and USDC staking pools have 2% deposit fee which will be used for initial liquidity with the remaining 40,000 PDD. With the remaining 1 PDD token, the team will create a PDD-MATIC QUICKSWAP pair!
OK SO TELL ME ABOUT THE STAKING PLEASE SIR
Right, I was getting to that. The LP pools once launched will be called Power Banks, where participants at PolyDogeDAO can earn some PolyDogeShares by depositing LP. PDS has a maximum total supply of 100,001 tokens. 90,000 PDS are allocated to reward pools; 5,000 PDS are allocated to the PolyDogeDAO Fund; and 5,000 PDS are allocated to the team.
Below is the list of LP pools with their rewards available for 12 months:
I still don’t understand the purpose of PDS, explain yourself!
Alright, hold your horses! I was just about to get there. PDS will be used in the PolyDogeDAO Incubator. In the Incubator, PDS can earn expansion rewards in the form of PDD. How does it do this you may be asking? When the time-weighted average price (TWAP) of PDD is above the 1 MATIC peg, the protocol mints PDD and distributes it proportionally to all PDS holders who have staked their tokens in the Incubator. When PDD is below the 1 MATIC peg, users can buy PolyDoge Bonds and redeem them when PDD is back over 1 MATIC. There are plenty of technicals and numbers we won’t go into here, but that’s the general gist. Pretty neat, huh?
So this is part of the DAO, right?
Yes! Like all DAOs, it will have a DAO fund which will conduct buybacks and act as an additional defense to help maintain the peg. If PDD TWAP is below 1 MATIC, buybacks will be initiated by the DAO. These will be done at a time decided by the team and not publicized until after the protocol is back in expansion to prevent front running. If PDD TWAP is extremely high, the DAO will sell some PDD to help assist bringing back to peg and prepare its reserves for buybacks below 1 MATIC.
It is recommended that you check out the Gitbook for a more in-depth look at the mechanics, here: https://polydogedao.gitbook.io/context/ and the website is located, here: https://polydogedao.net/. Also for the love of all that is holy, GET IN THE METAPETZ DISCORD →https://discord.link/MetaPetzAI
PolyDoge gang, I hope you’re ready to get involved with PolyDoge in the most exciting way! As always, stay perky!! 🚀🚀🚀
