80,000% in one year? Don't miss out on FISH by Polycat.Finance on Polygon (Matic)
cryptoticker.io
18 May 2021 21:24, UTC
Many projects are popping up lately in the cryptosphere. Knowing which one is going to strive and succeed is of utmost importance lately, and this alone is what will make early adopters significant returns. Holding on to one of the “top 5” cryptocurrencies by market capitalization won’t make you rich anymore, but jumping on a solid blockchain project before it booms is what’s important nowadays. In this article, we are going to highlight a ‘hidden gem’ that is under the radar, which is currently using the awesome Polygon chain. Meet Polycat.
What is Polycat?
When the DeFi craze started exploding, it gave birth to an interesting industry, which is the yield farming ecosystem. Before we tackle what Polycat is, we need to understand what yield farming is all about.
In traditional finance, if you want to earn interest on your money, you’d have to put them in a saving account, lock them for a predetermined time horizon, and wait to earn more money. Thanks to smart contracts, this behavior became completely decentralized and gave birth to Decentralized Finance, or DeFi for short. Yield Farming is the activity of lending your cryptos, locking them for a certain amount of time, then earning more cryptos. Now you might be asking, who in the world is taking crypto loans? Well, the biggest players in this field are Decentralized Exchanges or DEX for short. They usually need liquidity in order to provide short-selling activities.
Enter Polycat Finance. This project is basically a yield farming project, where users can earn more cryptos by simply lending their cryptos over a very short period. The project is currently known for its easy-to-use platform for token swapping and yield farming protocol. It is a top contender for Dapps using the Polygon network, with a total value locked of USD 58 Million made in less than 1 month!
Why is Polycat different than other projects?
Polycat launched back on May 6th, 2021. Despite being a relatively new competitor in the DeFi scene, the project managed to garner big attention from the whole Polygon network, and reached the top 10 biggest projects by volume. Today, despite it being at #20 on the biggest Dapp by volume (between all protocols), it shows promising growth.
So far, the project provides token swapping, yield farming, and a referral link system to help users monetize from their “word of mouth” referrals. In the upcoming timeline of the project, many features are coming that will definitely be of a big advantage:
Yield Aggregator: This is basically when the user sees a consolidated view of all available yields, and can compare which yield suits him better.
An Own Automated Market Making (AMM): Currently, the project takes liquidity from a third-party company (Quickswap). Once the project has enough liquidity, they will shift to their own AMM capabilities, which in turn reduces fees.
Other than being an awesome Kickstarter, Polycat uses the Polygon network. You might be asking yourself why is that a big deal. Well, Polygon is a fast-growing network that enhances scalability. Many other projects are already switching networks to seek faster transactions and cheaper alternatives. A big example of switching networks is Aavegotchi. This project switched to the Polygon network in favor of better fees. Consequently, this directly affects the user base of the project.