Ceres ecosystem operates as a unique project blending four main aspects under one umbrella, including governance, charity, airdrops, and burning. Built on the Sora blockchain, a pioneering parachain network from Polkadot, Ceres Token assimilates its functionalities based on an old Roman religion.
According to ancient mythology, Ceres was a goddess figure representing agriculture, food growth, and fertility. Therefore, adopting the ancient mythology enables Ceres to create a product that boosts the ecosystem’s security and transparency. To stabilize and enable an extended dedication towards the platform, Ceres is thrilled to introduce Ceres Liquidity Locker for Sora’s network.
A Liquidity Solution for Polkaswap DEX
Launched in 2020, Polkaswap is a decentralized exchange residing on the Sora blockchain. The open-source platform aims at bringing cheaper and speedy crypto transactions without the need for intermediaries. As a DeFi tool, traders utilize Polkaswap to engage in liquidity mining and generate lucrative profits.
Liquidity algorithms play a significant role in Polkaswap, whereby traders are linked to the most convenient liquidity sources possessing the best prices in the market. What’s more, users can set up their algorithms, opening up a broader choice for Polkadot users to leverage the swapping function.
Ceres Liquidity Locker is committed to enhancing its security features by letting users deposit and lock their Polkaswap tokens as liquidity. Once a user locks their LP tokens in a wallet, no one else can make a withdrawal asides from the wallet owner.
A wallet owner can also fix the locking period that suits him/her. More importantly, the new liquidity locker is a non-custodial application meaning that the LP tokens cannot be stored on the platform.
Ceres Liquidity Locker offers two fee options for its users. In the first case, a user can choose to incur a minimal fee of 20 Ceres or a rate of 0.5% from the LP tokens. On the other hand, the second alternative will attract a 1% fee from the locked amount.
Earnings generated from the fees in the second option will have an allocation of 10% for charity; 40% goes to Ceres burning, airdrop liquidity garners 20%, while the remaining 30% is distributed to the team.
As for the first payment option, an amount of 2 Ceres goes to charity events, airdrop liquidity accumulates 40% LP tokens, 18 Ceres undergo burning procedures, and the team is allocated 60% LP tokens.
The Underlying Temples
As mentioned earlier, the Ceres token is governed by specific aspects, which include the Ceres governance, charity, airdrops, and burning.
Ceres holders have the chance to earn from the three different types of airdrop tokens that the platform offers(Apollo, Demeter, and Hermes tokens). Each digital token will accomplish different objectives while including initial liquidity to develop a sustainable network.
Going by the platform’s roadmap, the first airdrop token will be Demeter, set to start in Q3 of 2021. Hermes airdrop comes in second scheduled to take place in Q4 of 2021. The last airdrop token will be Apollo planned to make its way in Q4 of 2022.
A governance mechanism gives exclusive powers to Ceres token holders who will make crucial decisions on behalf of the platform. To attain this goal, holders will pitch in on any proposals and vote for the most suitable development ideas, all to propel the ecosystem.
Platforms utilize deflationary tactics to reduce a particular percentage of digital tokens from the existing supply. Ceres will eliminate a portion of its tokens as time goes by, hence encouraging the growth of a scarce and valuable asset.
At Ceres Token, the community can suggest any charitable event while holders exercise their rights by voting for the community’s charity proposals. This activity will enable the Ceres ecosystem to represent the global crypto community as a helpful group.
The total maximum supply of Ceres token currently stands at 25,000, with 7,500 as the initial supply. With that in mind, the platform intends to utilize 10,425 during the presale phase, 1,250 for marketing schemes, an early sale of 2,075, and 3,750 tokens for the platform’s team,
Ceres’s ecosystem was built with a unique picture in mind that sought to bring several DeFi services to Polkaswap tokens. The platform is positive on achieving this target by employing three airdrop token strategies, each having different goals.
Token holders automatically have the right to determine the future of Ceres token by coming up with effective solutions or developments and voting for each proposed idea. Moreover, the platform is at the forefront to ensure it actively takes part in charitable works and fully represents the crypto community.
Now with the launch of Ceres Liquidity Locker, the concept of liquidity mining will be advocated for Polkaswap tokens. In essence, the liquidity locker is a gradual milestone for Ceres token and an improved transparency and security level for Polkadot’s overall ecosystem.
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