Greenhouse is a new decentralized exchange on Polygon that builds and drives liquidity for layer-one blockchains,bridges, existing and emerging projects. Greenhouse offers the lowest trading fees on Polygon (0.18%), attractive yield farming incentives ($20%+ on stablecoins, 100%+ on other tokens) and gamified staking products (burn to earn).
Greenhouse tokenomics are unique in that all DEX fees are utilized to buy-back and burn the GREEN token, meaning that the DEX has a value capture mechanism directly related to usage of the protocol. No trading fees are diverted to liquidity providers, meaning that the value stays within the ecosystem and becomes “stickier”. Instead, liquidity providers earn rewards via the net zero emission rewards strategy obtained from our yield farms.
Greenhouse is backed by reputable venture funds and angel investors, and is a recipient of grants from Polygon and Harmony. The farming, staking, and router/factory contracts are derived from Sushiswap and DinoSwap, with previous versions audited by Certik, and current versions (materially similar) undergoing audits by a second audit firm to be completed and published this week.
Greenhouse is a UST preferred DEX on Polygon that is already incentivizing many Wormhole UST pairs and will be expanding these incentives further as we further expand on Polygon and beyond.
- UST Liquidity on Polygon is low because there are no UST preferred decentralized exchanges on the network and no incentive programs to boost usage.
- Wrapped UST and Wormhole UST both exist and are both utilized on other exchanges, leading to confusion for users and creating roadblocks for exponential growth.
- Current DEX options on Polygon are primarily concentrated on Quickswap, Uniswap V3 and Sushiswap. These are large projects and not nimble.
- UST Liquidity on Polygon will be enhanced greatly by a targeted liquidity mining program with an emerging DEX able to prioritize ease of use for the Terra ecosystem and vicarious through future deployment, wherever Greenhouse deploys.
- Wormhole UST will be highlighted and Polygon users will have clarity on the preferred version of UST, eliminating confusion and removing a significant hurdle for adoption.
- By partnering with a smaller DEX with cross-chain aspirations, Greenhouse can prioritize UST as we move cross-chain and establish UST as the preferred stablecoin of choice for new networks.
Prior to the launch of Greenhouse a couple weeks ago, there was ~$4M+ wormhole UST liquidity on Polygon. This figure is now ~$7M. While not suggesting cause/effect here, we believe the market is very much demanding more UST liquidity on Polygon. In the big picture, ~$7M is not nearly enough for a network the size of Polygon.
Additionally, Greenhouse will be expanding very soon to two additional blockchains. One of these chains is a brand new network with Greenhouse as a first mover DEX on the chain. Bringing UST to additional new blockchains as they launch their first projects will be important to establishing UST as the preferred stablecoin not just on Greenhouse, but also on these networks.
Greenhouse is seeking 500,000 UST, to be utilized for liquidity mining initiatives for building UST presence on Polygon for the next 5 months. These rewards would be issued via a staking pool, where users can utilize the GREEN token rewards earned from providing liquidity to UST pairs, to also earn UST rewards.
Greenhouse has already begun incentivizing these UST pools with our native token GREEN, but requires additional support to sustain these initiatives for longer periods of time. Currently, we have $3M TVL in the first 2 weeks post launch and over 66% of this is in UST denominated liquidity pools. Additionally, Greenhouse has several partnerships lined up for liquidity mining initiatives on our DEX and for those trading pairs, as well as future trading pairs, we always recommend UST to our community partners.
With Greenhouse as a UST preferred DEX, UST can flow onto Polygon using a non-inflationary sustainable DEX that is willing to provide rewards for a stable coin that is not yet native to Polygon.
Increasing TVL in a sustainable way takes time. Providing rewards in UST will increase the speed at which UST is adopted and increase the overall volume of UST traded on Polygon. This will lead to increased minting of UST, additional bridging to other blockchains, and drive further value for the Terra ecosystem.
Terra Multisig: terra1fteewte997qslglxu07a7fmj6vq5j5n65ee25p
Signers: Lotus, Keeper, Woodman as 3 Core Contributors