With transaction fees being less than a fraction of a penny, The Polygon (Previously Matic) network gained a lot of traction in the past few weeks, a surge in the price of $Matic of 250x YTD sprung the development of an ecosystem that is growing insanely fast.
Every day dozens of new projects deploy on Polygon pushing the TVL to new highs, it’s a new island, super cheap, fast, and early settlers will get handsomely rewarded.
In this article, we are going to explore one of the best high yield opportunities currently available on Matic, Polycat Finance, relatively safe, have good devs, and been around delivering new code for some time now, although you should DYOR I’ll provide you with an overview on the yields, tokenomics, and links to read more about this project.
Polycat finance is by far my favorite decentralized yield farm on Polygon, Polycat is a decentralized yield farm running on Polygon, with lots of other features coming in the future such as a yield aggregator and leveraged yield farming as well as their own AMM.
They are creating the ultimate decentralized platform that covers you for most of your DeFi needs on Polygon.
With Polycat finance you can stake single assets (Matic, wBTC, wETH, USDT, DAI..) and earn a substantial APY that has stayed relatively high since their launch.
This APY is coming from minting and distributing their native token $FISH on stakers at a rate of 0.8 $FISH per block (2sec) or 34560FISH per day, the maximum supply of $FISH is fixed at 3M, at the time of writing more than 20% of max supply has already been minted.
There is a 4% deposit fee on these pools (except their native $FISH pool), 50% of these fees will be locked in the burning vault and all earnings from this vault will be used to buy back and burn $FISH exerting an everlasting buying pressure on the $FISH price.
The 70M TVL created over 1.5M locked in the first burning vault and if we assume 150% APY generated, the pool will be buying back $7500 worth of $FISH every day forever, the pool is also denominated in ETH-MATIC so any appreciation in price would grow the pool and its APY.
Aside from yield on single staking assets, Polycat Finance offers another great product to DeFi users, auto-compound Quickswap, Sushiswap, and AAVE Vaults to grow your deposit, these vaults autocoumpound earnings every minute, yes every minute by leveraging the cheap and fast transactions on Polygon.
They have no deposit fees and only trims out 5% as a fee from your earnings (not principle).
This product is best suited for passive liquidity providers on Quickswap and Sushiswap as these vaults will claim your earnings and compound them into more of your lp position. for example, you provide liquidity to ETH-MATIC Sushiswap pool, deposit your lp tokens to the vault, the vault will claim Sushi on your behalf, sell if for more ETH and Matic and adds it to your lp position without you having to lift a finger, oh and did I mention it compounds every minute?
Smarter Vaults are planned to release as Polycat Finance aims to be on the first yield aggregators on Polygon with smart vaults and leveraged vaults aswell.
A launchpad is also a product they are developing where $FISH holders can stake their $FISH tokens to receive new project tokens at a discount.
They also have plans to launch their own AMM which is something to look forward to.
Max supply: 3M
MarketCap: 12M (at time of writing)
- 0.8 FISH/block or 34560 FISH/day (with 660k already minted the inflation rate is 34560/660000 or 5% per day (at time of writing)
- The max supply should be reached sometime in ~August 2021.
- Earnings from the burning vault, potential distribution of those earnings to $FISH holders when max supply is reached.
Therift.org is not affiliated with this project, DYOR.