DeFi and SOAR
The year 2020 was a high stepping stone for cryptocurrencies with the rapid growth of DeFi. The strong rise of new protocols has put cryptocurrencies in a new light, paving users and institutions’ way to participate in this new decentralized journey. We have seen Uniswap, AAVE, Maker in 2020 succeed and gain massive popularity, steering users from CEXs to DEXs. Many good opportunities to work, invest, and develop have been born with the new DeFi wave.
Soar’s purpose is to accumulate residual liquidity across Uniswap, existing beneath projects with no current plans or active development, and become an ever-increasing ecosystem of users and liquidity. You may think of Soar as “the black-hole of DeFi with good intentions.”
SOAR is an ERC-20 with a frictionless yield generator mechanism that applies a 1% fee on every transfer and instantly distributes the fee among holders. This is the easiest form of staking that exists today. Holders do not need to deposit tokens anywhere and wait for fees to be delivered. Fees are awarded by the smart contract and automatically reflected in the holder’s balance. There is no inflation in SOAR, as the same tokens are redistributed among holders based on transaction volume. 10MIL tokens will always stay 10MIL tokens.
Liquidity Pool Migrator
Liquidity Pool Migrator is a contract allowing seamless liquidity swapping. Whether it is from tokens that lost their trading volume and are no longer in active development or just swapping the liquidity from a project to another, this feature will enable investors holding LP tokens to migrate their LPs’ liquidity to SOAR by effortlessly swapping them using the Migrator.
Liquidity Migrator’s Mechanism:
1. Liquidity of X_token is redeemed as X_token + ETH from the LP, and the Migrator receives X_token + ETH from the liquidity pool.
2. After redeeming the liquidity, the X_token is burned permanently, and the Migrator holds the ETH.
3. When the previous action is performed, the ETH is added as Liquidity in SOAR + ETH Liquidity Pool, after buying SOAR tokens needed to pair the ETH. This process generates SOAR LP tokens.
4. SOAR LP tokens are transferred to the user.
The protocol applies the 1% ETH fee in the migration process. Which is spread to SOAR holders.
SOAR.FI is aiming to solve essential issues investors face when they engage with their Liquidity Pools. From seamlessly swapping liquidity from one project to another to absorbing small to mid-cap projects, SOAR will provide a framework to enable these actions.
On top of that the Migrator Contract can help countless projects repay their investors by getting absorbed in SOAR, a net win-win for both X_token’s community and current SOAR token holders.
We extend the same courtesy to other DeFi projects.
Please contact the SOAR developers on Telegram for partnership discussions or integrating into the Migrator as an absorber or absorbee before or after the launch.