Diamond Emissions
As you already know, the best part of the whole DeFi is its yield farming capabilities, meaning you can add a liquidity pair to any dex; and then stake those LP tokens to farm new tokens. Well, with Diamond tokens this is old news.
Get New Diamonds by Burning LP tokens
Diamonds bring a new system to distribute more tokens to the users. Every day, 900 new diamond tokens will be available in the reserve to reward the community. To get these diamonds, you will have to add liquidity for FTM Diamond pair in SpiritSwap; and then send this LP tokens to the diamond reserve to burn, to get Diamonds.
This might sound a little confusing as its a new concept. But let's see how it works. So, there is an emission of 900 diamonds every 24 hours in the reserve, which is available for everyone to grab.
To do that, follow these steps.
Step 1: Add liquidity to FTM Diamond pair in SpiritSwap; you can add any amount to provide liquidity for the pair, you will get LP tokens when you provide liquidity.
Step 2: Send those LP tokens to the diamond reserve page to burn (diamond reserve page on Fantoon's website) and it will show your potential share of diamonds that you will receive that day (after the 24 hours emission period).
Step 3. You can claim your diamonds (that you got by burning LP tokens) once the the 24 hours emission period ends. It works on a bidding system, and the number of diamonds you get, depends on the total number of LP tokens received to the reserve to burn by all users and also the % of LP tokens you have sent to the reserve that day.
This is more like you buy LP tokens and then use that LPs to exchange (technically they are getting burned) and get new diamonds every day!
Why this is an innovative concept? because you are adding liquidity in order to exchange and get new diamond tokens; so users are getting new diamonds and the platform is getting a steady flow of new liquidity. It's a win-win.
The whole system works on a community driven balance. The project has no control over the share of the diamond tokens one can claim. If you are the only user to send LPs to the reserve on a particular day, even if you send only a very minimum amount of LP tokens you get the whole 900 diamonds. Again, the number of diamond tokens one would receive from the reserve depends on the total number of LP tokens sent to the reserve during that day by all the users.
Please hop on to our Discord for more details: https://discord.gg/Gj7JqN2mXZ
Note: Burning of LP tokens are not done automatically, initially it was designed that way but considering the protocol might receive the LP fees, burning is set to be done manually, once a week.
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