Introducing: Genesis by Trinity
Genesis Is Decentralized Yield-Farming Launchpad That Facilitates Safe and Effective Liquidity Mining
The Trinity team is excited to announce our new Genesis Launchpad that will allow anyone to easily create liquidity mining incentives without costly development or contract security risks.
The Genesis Launchpad is another arm of the Trinity ecosystem that leverages the growth of partner DeFi projects, which in turn will reward all TRI holders with passive yields.
Background
As you probably know, one of the best ways for new projects to bootstrap their liquidity is launching a liquidity mining program that rewards these liquidity providers with their native tokens.
Typically this is done through creating a “farm” where users have to add liquidity, stake their LP tokens in a contract, and earn the reward token that way.
However, for most new projects, creating a farm from scratch is prohibitively expensive and often prone to contract vulnerabilities and rugs.
Enter Trinity’s Genesis Platform
Genesis will allow new and existing projects to quickly and easily set up yield farms using a TRI-TOKEN pair so users can start farming their reward token right away.
The best part is, farmers will be able to receive rewards without having to stake their LP tokens. All they have to do is create a TRI-TOKEN pair in Uniswap, and the Genesis contract will take care of the reward distribution by sending them directly to the Uniswap pool — a clever mechanism first utilized by the SAV3 project.
This model is attractive to liquidity providers because they don’t have to stake their LP tokens anywhere. They get to keep their LP tokens safely in their wallet, so there’s no chance of a contract attack or rug.
Additionally, there are no lock-up periods and extra transactions that could cost liquidity providers both gas and valuable time. LPs would be able to enter and exit the pool anytime they want.
All of this will help increase transactional volume and liquidity for the TRI token, as farmers buy TRI to farm their rewards tokens.
How The Genesis Platform Will Work in A Nutshell:
- A project sets aside a certain amount of their native tokens ($TOKEN) as rewards for liquidity providers;
- The project team creates a $TOKEN-TRI pairing on Uniswap (they will need to market buy the TRI if they don’t have any);
- The project sets up a farm through Genesis by sending the allocated reward tokens to the Genesis contract and setting the length of their farming program;
- Once launched, farmers can start adding liquidity to the TRI-$TOKEN pairing through Uniswap;
- Every day, at a random time, reward tokens will be transferred directly to the TRI-$TOKEN Unsiwap pool. These rewards will be automatically added to farmers’ wallets when they remove liquidity (additionally, the random distribution prevents farmers from gaming the system by pooling right before the daily reward distribution).
Now, we admit this isn’t a perfect farming solution. The main drawbacks of this approach are:
- Rewards are distributed at random times
- The original liquidity pair creator will receive a portion of the rewards as well
However, we feel the the simplicity and security and scalability of the system makes it a worthwhile pursuit to add to Trinity’s usecase.
In the last few weeks, one of the major issues we ran into while creating partner pool with other projects was the back-and-forth integration process with the other team.
That’s why the vision here is for ANY project to be able to set up a Genesis Farm without the Trinity team stepping to integrate manually.
This decentralized approach allows demand for TRI to grow exponentially as projects launch their own farms on the Genesis platform at any time.
When Is The Genesis Platform Launching?
We’ve already started R&D for developing the Genesis contracts. We expect it will take a few weeks to develop and audit the core contract as well as the UI.
As soon as the platform is developed, we will start onboarding partners to use it, before fully releasing it “into the wild” where anyone can start using the platform to seamlessly create their own yield farm.
We will post updates on the development progress of the Genesis platform in our Telegram chat and Twitter so stay tuned!
Resources
Trinity Website: https://www.trinityprotocol.io
Telegram: https://t.me/trinitytoken
Twitter: https://twitter.com/triprotocol
Github: https://github.com/trinityprotocol
Inner Tribe Telegram Group (for hodlers of 25,000 $TRI or more): https://telegram.me/collablandbot?start=reclvL99AX9G7VWpM_-tpc
