80,000% in one year? Don’t miss out on FISH by Polycat.Finance on Polygon (Matic)


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.

Polycat Finance

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.

Polycat stats since inception
Fig.1 Polycat stats since inception

Why is Polycat being on Polygon a “Big Deal”?

Polygon is the new brand name, which previously was “Matic Network”. Binance and Coinbase are two huge exchanges that back up this network. Having this backup is a huge advantage, as both exchanges seek to spread blockchain technologies as part of their business plans.

Today, many interesting projects work on top of the Polygon network, including Polycat. This is due to their competitive environment, which consists of low fees and faster transactions compared to other networks. Polygon was the first to provide a nice platform for projects to easily integrate into the Ethereum blockchain, and utilize its smart-contracts feature. Being an early “big project” on Polygon is definitely an advantage for Polycat, which makes it a big contender in the yield farming industry.

Does Polycat have tokens?

Yes! As silly as it may sound, Polycat has its own FISH tokens. You basically earn FISH by staking tokens or token pairs. The current price of one FISH is around USD 9, and its total supply caps at 3,000,000 FISH. The current circulating supply stands around 512K FISH, so there’s is still plenty of time to position yourself in this promising project.

Fish/Matic chart showing a new uptrend
Fig.2 Fish/Matic chart showing a new uptrend – TradingView

As we can see from the above chart, FISH’s technical formation is clearly on an uptrend, and can still target higher price areas as its user base is still expanding. Here’s what those FISH tokens can help you with:

  • Farming: The FISH/MATIC pair on Sushiswap and Quickswap can earn you more than 110,000% (Yes you read that right, 110K% yearly or the equivalent of 71K FISH tokens per USD 1,000)
  • Pools: If you don’t want to stake FISH (which yields the most), you can still stake other tokens that can yield you FISH tokens as well. This way you earn FISH tokens without buying them. There are plenty of staking options as well.
  • Vaults: Currently, this option is not available until further developments. But in the future,  this will automatically compound your selected liquidity pairs. This way, you don’t need to go in and collect QUICK or SUSHI and add back to the LP pool. 100% of the Burning Vault‘s earnings are used to burn FISH, and 5% of the earnings of all other vaults are used to burn FISH.   

Polycat staking options

Is Polycat Finance a Good Investment?

Let’s be totally objective and look at the figures that the Polycat project managed to achieve in less than a month:

  • # 5 project on the Polygon network
  • # 20 in the DeFi space, already outperforming many other projects
  • Almost 6,000 unique wallet addresses interacting with the Dapps Smart Contract
  • Almost 272,000 transactions in 30 days
  • A daily volume of more than USD 1 Million

Numbers never lie. If we want to be purely objective, this is a promising project that definitely represents an opportunity to jump on board. The ball is always in the hand of early adopters. Getting in later when the project becomes mainstream is like buying Bitcoins today…Why the wait?

Conclusion

The yield farming industry is already making millions of dollars. This relatively new industry is giving people flexibility in earning additional cryptos, from their already hodled cryptos. Instead of waiting through down markets and look at the charts fearing further downtrends, why not invest and earn additionally? Many other big names in the yield farming realm such as Pancakeswap made headlines. The latter is already ranked #42 in the Top cryptocurrencies by market capitalization. How about taking advantage of this rising industry?

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Rudy Fares

Polycat Finance
Polycat Finance© Cryptoticker

The post 80,000% in one year? Don’t miss out on FISH by Polycat.Finance on Polygon (Matic) appeared first on CryptoTicker.

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