We are happy to announce that the liquidity mining program we alluded to not long ago has been successfully established and will be going live in the next few days. DinoSwap is a new farming platform launching on Polygon that is backed by top DeFi firms and Strategic Angel Investors such as the Founders of Polygon, Terra and SushiSwap. Polygon is a rapidly growing ecosystem where much of DeFi’s dApps and farming activity is migrating to. This is due to the fast transaction speeds, negligible transaction fees, and easy-to-use bridging solutions. With several security audits successfully completed by CertiK, we can attest to the Benchmark Community that user funds will be in good hands in the “Fossil Farms”, “Extinction Pools”, and “Tar Pits” that are available on DinoSwap.
The reward token, DINO (ERC-20, bridged to Polygon), is a medium of exchange token that will be used to facilitate cross-chain liquidity. DINO tokens can be staked in the Extinction Pools to earn more xMARK. Note that there is a 100% toll-bridge (token burn) mechanism to facilitate this swap. Additionally, DINO tokens can be staked in the Tar Pits under a selected time-lock period to earn more DINO.
Deposits for the xMARK- USDC farm will open July 15th 12:00 AM UTC and farming begins 48 hours later July 17th 12:00 AM UTC.
How to Farm DINO with xMARK
The new xMARK-USDC Farm Launching on DinoSwap
Follow the convert Mark to xMARK Guide
Please follow the official guide found here to add MATIC (Polygon) to Metamask
Transfer funds (xMARK and USDC) to the Polygon Network via the MATIC Bridge Matic Bridge by following this detailed guide. Users can also Transfer funds from Ethereum to Polygon via DinoSwap Paleo Bridge
An xMARK-USDC LP Token pair farm will be available on launch
To generate xMARK-USDC LP tokens, users will have to add liquidity to the xMARK-USDC pool on SushiSwap (via Polygon)
Users will then deposit their xMARK- USDC LP tokens into DinoSwap directly.
*Note: You will need MATIC to use as Gas when interacting with the Polygon Network.
Ultimately, an xMARK farming integration will substantially increase the total liquidity of xMARK on Polygon. A revamped liquidity hub will play an important role for the Benchmark Ecosystem as we will be deploying the upcoming P2P Marketplace on Polygon in parallel to Ethereum — with even more chains in the pipeline. Polygon is a layer 2 scaling solution designed to help Ethereum scale and as mentioned, offers very easy-to-use bridges to get funds into and out of multiple chains including Ethereum, Binance Smart Chain, and even exchanges. We view increased xMARK liquidity on Polygon as a strategic maneuver that will help us scale the Benchmark Protocol ecosystem.
Benchmark Protocol Ecosystem Updates
The DINO Token will be whitelisted on the upcoming Benchmark Protocol P2P Marketplace.
Development of the Marketplace is coming along, and we are eager to share the final product.
We are also excited to reveal a complete re-design of the official Benchmark Protocol Website that will be going live shortly.
Last but most certainly not least, the BETA governance token will be rebranded to “BEND”. The team collectively feels that the branding of BEND better fits the narrative of elasticity. Other than the name of the ticker, the details and functionality of the token will remain the same. A more detailed series of announcements will be made in the following weeks.
About Benchmark Protocol
Benchmark Protocol mitigates liquidation events and hedges risk with the MARK token; a supply elastic, stablecoin-alternative that connects traditional capital markets to DeFi. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VXX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.
Learn more by visiting the project website: benchmarkprotocol.finance
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xMARK Farming is Launching on DinoSwap was originally published in BenchmarkProtocol on Medium, where people are continuing the conversation by highlighting and responding to this story.