On July 31, assets pledged into the WICC pool for ROG farming were released completely, officially marking the end of WaykiChain’s Phoenix Yield Farming program.
Phoenix Yield Farming ran from September 27, 2020, to July 31, 2021 (308 days). During this time, 418 participants farmed a total of 8,463,099 ROG.
In this program, users could pledge WICC or WGRT in a pool to farm ROG tokens. The WGRT pool unlocked on February 22, 2021, as planned.
The Phoenix Yield Farming reward token ROG is necessary for creation of synths in Wayki-X (the decentralized synthetic asset issuance protocol). It is a smart inflationary asset issued at WaykiChain’s underlying layer.
ROG holders can pledge ROG to generate the xUSD synthetic stablecoin and give it to synth traders. Traders can use xUSD to buy other assets, e.g. cryptocurrencies, US and HK stocks, commodities, or gold. ROG pledgers can receive ROG rewards by inflation according to their debt ratio and a part of xUSD from the trading fee pool and net income of the whole trading market. In order to redeem the pledged ROG, users need to repay the xUSD debt.
Synths in Wayki-X connect the crypto world with the real world. By introducing the on-chain mirror trading system, market prices of real assets (e.g. crypto, stocks, gold, commodities, derivatives, etc.) can be mirrored in the blockchain system. The system uses financial methods to achieve the on-chain trading and value circulation of assets and greatly improves the utilization rate of real assets. Within Wayki-X, ROG is the important support and value endorsement for all synths.
Currently, the scale of the synth market is small. However, the market potential of synths will be immeasurable.
WaykiChain has come here early. Its synth operations have already shaped. In the future, we will focus on solving the problems of related operations and showing the full potential of Wayki-X. Perhaps, then, we will think about reviving Phoenix Yield Farming.