POLS Power: How to get it?
There are multiple ways of getting POLS Power. We briefly explained that above, but here is a more concrete breakdown to ensure you’ve got the right information.
✊ Hold POLS
The easiest and cheapest way to get POLS Power is by simply buying and holding POLS in a self-custodial wallet such as MetaMask.
For example, you may choose to buy POLS tokens on Binance, Huobi, or Coinbase, but you need to move them to a non-custodial wallet before you can interact with the world of decentralized finance, which includes Polkastarter.
Mind you that only POLS on non-custodial wallets, on either Ethereum or Binance Smart Chain, are eligible to turn into POLS Power that you can then use to apply for IDO allowlists.
⚠️ Important: POLS held in your wallet will only turn into POLS Power after 7 days without moving or selling them. If you require instant access to allowlists, please use the staking feature instead. Here is more on that.
🔒 Stake POLS
Another way to increase your POLS Power is to stake POLS tokens instead of just holding them in your wallet. This is a great option if you can’t or don’t want to wait for 7 days. Staking POLS makes you instantly eligible for all currently open and future allowlists.
However, staking also comes with smart contract risks as well as network fees. Particularly when it comes to Ethereum, where staking can cost somewhere between $50-100, it is significantly cheaper to stake on Binance Smart Chain, but still bearing in mind that smart contract risks are the same on both.
⚠️ Important: The main difference between holding and staking POLS is that your staked POLS tokens will immediately turn into POLS Power, but will also be locked for the next 7 days (instead of waiting for 7 days).
💧 Provide POLS liquidity
And last but not least, you can also increase your POLS Power by providing decentralized liquidity. We have official trading pairs on two decentralized exchanges (DEXs), namely Uniswap (ETH/POLS) and PancakeSwap (BNB/POLS). Uniswap is the premier Ethereum DEX, while PancakeSwap is the one of Binance Smart Chain.
Be mindful that while Uniswap and PancakeSwap pay out fees to liquidity providers, your capital is also at risk of Impermanent Loss. We highly recommend understanding the risks of being exposed to two assets at the same time before choosing this option.
And that’s it! Simple, right? If there is still something you don’t quite understand about POLS Power, don’t hesitate to reach out to us directly, and we’ll get that fixed for you right away!