PolyQuity Goes Live on Polygon.

PolyQuity Protocol is live now on polygon. PolyQuity will be fully functional at launch minus redemptions. In other words: Users will have the ability to open a Trove and borrow PUSD, deposit PUSD to the Stability Pool, stake PYQ, stake LQTY(PoS), and stake Sushiswap USDC: PUSD and USDC: PYQ LP tokens when PolyQuity goes live.

However, for the first ~14 days after launch redemptions will be disabled. This is to encourage growth of the system during its bootstrapping phase and to protect borrowers from otherwise unnecessary redemptions while they’re getting acclimated. Redemptions will be automatically enabled by the protocol after the 14 day grace period is complete.

Initial Liquidity Due to TransferFee’s mechanism, they need to add a sum of initial liquidity for USDC/PYQ when deploying contracts.

PUSD Stablecoin

PUSD is the USD-pegged stablecoin used to pay out loans on the PolyQuity protocol. At any time it can be redeemed against the underlying collateral at face value.

PUSD will be minted when users deposit collateral (Matic) and open troves. The mechanism for its price stability is described in Liquity’s doc.

PYQ Token

PYQ is the secondary token issued by the PolyQuity. It captures the fee revenue that is generated by the system and incentivizes early adopters.

PYQ TransferFee

Mechanism:

The token contract will charge the fee(floating) for each PYQ transaction.

A part of the fee will be allocated to the PYQ Staking Pool;

The other part will be permanently burned.

The fee rate will be automatically adjusted according to the Total Burned Amount. The maximum destruction limit is 300 million PYQ( 30% of total supply).

⬇️DETAILS:

https://medium.com/@polyquity/polyquity-goes-live-on-polygon-1034c0b22cad