Yield farms launch!
Greetings Knights!
Another big milestone has been achieved for Knights & Peasants.
Our yield farm has gone live and within hours, over $250,000 liquidity has been added to the liquidity pool!
While this is just the start of many exciting features that will be built on top of this Farm, we are proud of this successful launch 🎉!
Why did we open The Farm?
Having a yield farm operational has huge benefits for our ecosystem and is the foundation for some of our upcoming features. The liquidity brought in by The Farm will further stabilize our token and make it easier for people to buy and sell our token without having high slippage on their trades.
Not only does this serve as a form of passive income for LP providers, it has also helped us design a range of additional utility for the upcoming Peasants (this is discussed here: https://docs.knightsandpeasants.one/rensmira/jobs-wage-farms)
Playing into the fantasy of medieval ages, Peasants will be working the fields of the upcoming Wage Farms and earning wage tokens in the process. These tokens can be redeemed for items in ingame vendors. All of these wage farms are intertwined with the main farm and The Farm is thus crucial for the ecosystem and ingame economy we are designing.
Token emissions
The Farm will run for little over a year and emit 2500 $KNIGHT per day to holders that are providing liquidity within our pool on DefiKingdoms. These rewards will be 100% unlocked.
Teams usually pre-mint a certain amount of tokens to allow for farms to be created and funded, OR allow the farm to mint tokens on demand. Our $KNIGHT token does not allow arbitrary mints and has been locked down to the emissions of the training camp, similar to the way “regular” Knights earn the $KNIGHT token.
For this reason, we are donating 1,000,000 $KNIGHT tokens from our wallets to fund the emissions.
We have chosen to fund the farm ourselves as ultimately we want to give back to the community and distribute our token to as many unique holders as possible. We believe recycling tokens through our ecosystem helps get the token in as many wallets as possible, will reduce sell pressure from our team and help maintain a healthy token.
How does it work?
Our yield farm, simply named “The Farm”, is a feature within Rensmira that allows holders of $KNIGHT to stake within the ecosystem.
A pre-requisite to use The Farm is for the wallet to pair the $KNIGHT token with $ONE in Defi Kingdoms. Once the LP token is received, it can be staked in The Farm. If you are unsure of how to do this, do not worry. We have a guide in our Discord available as well as a supportive and passionate community willing to help out with any questions that may arise.
Stakers will be rewarded with daily emissions subject to a maximum daily amount with relation to the percentage of the pool owned by the user. We have decided that 2500 $KNIGHT tokens will be emitted daily from The Farm and rewarded to the stakers, relative to their pool ownership. This is basically the same as you would get from a yield farm on a DEX platform.
A quick example of a daily yield for 3 stakers in The Farm could be:
Stakers:
User A -> 1000 LP tokens (50% of pool)
User B -> 500 LP tokens (25% of pool)
User C -> 500 LP tokens (25% of pool)Daily Emissions: ~2500 $KNIGHT
User A -> ~1250 $KNIGHT
User B -> ~625 $KNIGHT
User C -> ~625 $KNIGHT
Naturally, as more holders enter the pool, these numbers change and the personal yield will reduce as the pool becomes bigger and ownership percentages are reduced.
Withdrawal fees
Yield farms almost always come with withdrawal fees to protect against malicious actors ( flash loan attacks).
Here are the withdrawal fees for our farm in blocks and in time ( blocks have been calculated at 2-second finality.
Same block: 25% (similar to most DEX platforms)
First 3600 blocks: 4%
3600–43200 blocks: 2%
43200–302400 blocks: 0.25%
302400+ : 0.1%
Same block: 25%
Within 2 hours: 4%
Within 24 hours: 2%
Within 7 days: 0.25%
After 7 days: 0,1%
Surprise airdrop
To reward some early LP providers to our Farm, we will be taking snapshots of the wallet addresses over the 24 hours following the launch of the farm. Balances with atleast 300 LP (Roughly $150) in them will enter a raffle for a Peasant airdrop. In total, we will be giving away 50 Peasants for this!
In addition to that, we haven’t forgotten our promise to our earliest supporters on the whitelist. Every wallet on there that minted at least 1 Knight, will receive a Peasant as well 🎊!
The road ahead!
Having our own Farm opens the way for the upcoming Wage Farms and Peasants. We are currently making very good strides in development of these features and will have a detailed medium article up on these features early next week.
Thank you for taking the time to read this and have a wonderful weekend!
