Welcome to this post, where we are going to see how polycat, one of the leading DEFI exchanges in the MATIC network, works.
After Quickswap, Polycat currently ranks as the second most capitalized exchange on its platform. Thus passing Polywhale, which was previously the second most capitalized platform after quickswap.
In this video, we are going to see the main functions and most interesting aspects that have led polycat to become an Exchange with so much capital invested, offering great annual returns on your token, fish, and ensuring that your token does not lose value.
What is Polycat?
Platform: PolyCat
Functions: High Staking
Audit: TechRate
High Yields (+% APR)
Staking of MATIC, USDC, QUICK And Much More
Polycat’s main function is LP Token farming and cryptocurrency staking, where you will receive your fish token in exchange for staking your cryptocurrencies on PolyCAT. Unlike other exchanges, PolyCAT does not have a cryptocurrency swap or exchange part. And you won’t be able to create your LP Tokens on Polycat either. For that, you will have to use quickswap, dfyn or sushiswap. Polycat concentrates more on farming and staking on the Matic network.
To use Polycat, you will need to connect your wallet. If you don’t know or don’t have the Matic network configured, I’ll leave you a video on how to do it. You can also find a video on how to get free matic and move your tokens from other networks to the matic network. Without Matic, you won’t be able to use polycat, so if you are new, I recommend you to watch the video in the description.
With Matic in our wallet, and the wallet connected to Polycat, we can start to see what it has to offer. Another option is to click on buy to buy MATIC or another token by credit card or bank transfer, although the commission is not the most economical.
If you want to use polycat, just below you can find a link to start staking.
Platform: PolyCat
Functions: High Staking
Audit: TechRate
High Yields (+% APR)
Staking of MATIC, USDC, QUICK And Much More
First let’s take a look at what it has to offer, and then let’s talk about the price of your token and the features your fish token has.
Vaults
The first thing we see are the vaults, where you can do farming of different LP Tokens, with great profitability as you can see. Also in vaults you will find staking of only one cryptocurrency such as usdc or dai among others. Here, you will receive the LP Token or the same cryptocurrency you are staking. To get this profitability, create the LP Token or buy the cryptocurrency you want, click on enable, confirm the transaction in your wallet and you will be able to deposit your funds to start generating income.
Farms
Let’s go to Farms. Here we find 3 farms of the same lp token, fish with matic that uses different platforms to get the maximum performance. You can choose between any of the 3 farms, where to stake your lp of fish and matic and start getting a high annual profitability. If you are confident that the price of fish will stay the same or will not fall too much, this is definitely a great place to farm.
Pools
Let’s go to pools, the most interesting part of the platform. Here, you can make staking of its own cryptocurrency fish, without any commission, and staking of other cryptocurrencies, where you have to pay a 4% commission to deposit your funds in these pools. This 4% is used to buy back fish and burn it to keep its price as stable as possible. In this type of pools, you will receive the cryptocurrency from the fish platform itself with any token you stake. For this reason, it is important to look at the fish price to see if you are really going to receive the % it indicates or not. Because if you get paid with fish, and its price drops, the profitability is reduced.
It is also important to take into account the 4% commission as an initial cost, if you want to calculate your profit, since you will have to pay it to access this type of pools that give so much profitability.
Fish Token Price
Another very important aspect in this type of DEFI exchanges is to see the price and how it changes. Often when there are very high returns, the price of the token has a tendency to fall. In the case of fish, the opposite is true. It has not only maintained its price, but has continued to rise, although this does not mean that it will continue to rise or cannot fall.
Characteristics of the Fish Token
Your token has some special features, such as a token limit, unlike many other platforms. Where it is going to end in August 2021. So we can expect returns to drop in August as the maximum number of fish tokens has been reached. Currently there are approximately 1 million fish tokens and it has a limit of 3 million tokens. This helps to keep the price from dropping, as there is a limit on this token and not like on other platforms, where there is no limit. In addition, polycat burns a large percentage of the fish token to maintain its price or even make it go up, reducing its demand. So these aspects have helped it to maintain its price and become the second most capitalized exchange in the matic network.
Polycat Security
Finally, on any DEFI platform, it’s important to be aware of security. The last thing you want is for them to disappear with all your tokens. For this, we have the audits that help us to see if the platform contract is flawed or not. Although an audit does not ensure 100% that there will not be any problems, it is a great help for security. In the case of polycat, we found that it has been audited by techrate and obelisk. That gives a little more security.
Another aspect I like to look at before placing my money, is the TVL or total value locked inside the platform. If it is high, it means that more investors have trusted this platform. In the case of polycat we see that there are more than 200 million dollars in total locked value, which is quite a lot of capital, and from my point of view, it gives more security and credibility to the platform.
I hope it has helped you to see all the benefits that polycat can give you. If you want to use the platform, feel free to use the link below.
Platform: PolyCat
Functions: High Staking
Audit: TechRate
High Yields (+% APR)
Staking of MATIC, USDC, QUICK And Much More
