GEO/ETH Yield Farming platform is now LIVE!
In the previous post, we introduced the GEO-ETH liquidity pool in Uniswap. Now it is time to share new updates on our Defi strategy. As you may know, we are developing a Defi mission and strategy into GeoDB’s scheme that will allow us to:
- Provide decentralized liquidity for $GEO tokens.
- Mitigate $GEO token financial risks.
- Build a set of tools to incentivize holding vs dumping.
- Create a tradable financial decentralized standard on top of the user’s data value.
So, what are our new developments? Since we launched our Uniswap Liquidity Pool, we have been building a mechanism to incentivize the provision of liquidity for $GEO tokens which intrinsically incentivizes holding $GEO against dumping and acts as a force that pushes the $GEO price up. This mechanism is well known as liquidity mining or yield farming for investors.
And finally, our GEO Liquidity Incentive Mechanism is now LIVE! You can visit our staking web here: geoliquidity.geodb.com
In liquidity mining, the rewarding mechanism gives a distribution token to whoever stakes his/her rights to claim back the underlying tokens in a smart contract named TokenGeyser. The code of the geyser has been developed by Ampleforth and it has been running for some time here.
This smart contract distributes rewards according to the amount staked, the time being staked, and a bonus to incentivize long term participation on the protocol. The first and second need no further explanation. The third, bonification, is a multiplier over the participation on the geyser distribution token that starts from 1x increases linearly over time until 60d, when the bonification caps at 3x. This means that you will receive 3x reward if you keep being staked as compared to constantly stake and unstake your liquidity pool tokens.
For this liquidity mining program, we have deployed the token geyser smart contract and built a site where you can check the details of current liquidity mining programs and also you can deposit UNISWAP-V2-GEO-ETH2 to participate in them.
So, we have explained the why. What about the how?
- Have $GEO and ETH in your Metamask wallet. You can purchase $GEO here.
- Provide liquidity in balance with the GEO-ETH pair here.
- You need to approve the pair contract to move $GEO from your wallet and, after that, add the $GEO and ETH to the pair.
- Add UNISWAP-V2-GEO-ETH SC address to your metamask wallet list of assets. (0xd10122ef86ae040efee3f53f35d3247230ca670c)
- Once you have your LP Tokens in your wallet stake them (your UNISWAP-V2-GEO-ETH tokens) here
- Sit back and enjoy your yield in $GEO increase over time.
This is our first incentive program to build a strong dex exchange strategy for $GEO. Stay tuned for more updates on our DeFi strategy very soon!
Enjoy the weekend and stay safe,
The GeoDB Team.