FISH Max Supply: Going Forward
We’re closely approaching max supply. Here’s the plan! 🔜
This bearish market has most of us in the red and depressed but we’re still here and we’re still going forward with our plans.
What happens when we reach max supply
We’re ~10 days away from 3 million FISH minted, and that’s the supply cap we introduced.
Once the 3M have been minted, we will renounce ownership of the Masterchef contract and set FISH emission rates to 0, thus, no more FISH will ever be minted and this will be final.
FISH will always be our main token, the new token will play a different role in our ecosystem and part of this role is making FISH go up. 📈
As previously mentioned, we’re introducing a new token, this token will be named PAW.
PAW token information
Maximum supply: Infinite
Emission rate: 8 PAW/block
Minting to dev wallet: 2%
This will be the main reward token of the upcoming AMM.
Polycat Finance’s own AMM DEX
We’re introducing our own decentralized exchange. This doesn’t mean we will stop using other already well-established AMMs, this will just give us more freedom when it comes to making decisions affecting our liquidity.
We will have our own reward pools (= farms) and we will incentivize them with PAW.
The fee distribution
Each trade on Polycat’s DEX will have the following fees:
💲 0.10% to LP providers +
🔥🐾 0.12% to burn PAW +
🔥 🐟 0.02% to burn FISH
➡ 0.24% total
JULY 22 2021 UPDATE: We have decided to use the 0.02% going to the treasury to buyback and burn FISH instead, this will benefit ALL FISH holders/owners/stakers alike.
PAW reward pools will be vested, harvested PAW is vested linearly over 30 days.
This means that if you have — for example — 100 PAW to harvest, the PAW will be dripped every block over 30 days (~0.0008 per block). This dripped PAW is unvested and can be harvested at any time.
In other words, on a farm you get to see:
- Your total rewards up to this moment
- Your dripped (or unvested) rewards available to withdraw
- When you harvest, you get that amount immediately
This lessens the sell pressure on the token and can prevent hard dumps.
0%. None. PAW reward pools/farms will have no deposit/withdrawal fees.
FISH LP farms
We’ve had this question come up a lot in the past weeks. FISH farms will still exist.
Current FISH farms will be implemented on our own AMM (with our own LPs) and will of course reward PAW (vested, like previously mentioned).
Dividends (in PAW 🐾)
Currently, we have Burning Vaults that burn FISH with 100% of their yields.
Imagine $3,000,000 is deposited into the burning vault with a daily ROI% of 0.3%, this would result in $9,000 worth of FISH being burned every day, on every compound. This $9,000 per day will become dividends.
Once we reach max. supply, these vaults will not be burning FISH anymore (not as necessary).
The Burning Vaults will turn into Dividend Vaults where you can single-stake FISH to earn PAW that will be bought back first, this is to support the sustainability of the platform & ecosystem.
We also have regular vaults, all other vaults have a 4.5% performance fee on profits to buyback and burn FISH. How this 4.5% will be used is the subject of the very first governance vote on Polycat.
Our first governance vote
Again, FISH is and will always be our main token.
It will officially become Polycat’s governance token which means users will be able to vote on platform changes/decisions and their vote will weigh proportionately to the amount of FISH they own.
The first governance vote will be on FISH dividends. More accurately, the fate of 4.5% performance fee of regular vaults.
Should the 4.5% performance fee on regular vaults (used to buyback and burn FISH) become directly paid dividends or be added to the new “Dividend Vaults” to continually grow?
Remember: Dividends will be in the form of PAW.
It’s finally time! We’re having another IFO, but this one will be special. It will be just for you.
We are going to allow users to stake FISH 🐟 to earn PAW 🐾.
For every FISH you stake, you will earn 20 PAW. (Previously 10)
NOTE: ALL OF THE FISH STAKED IN THE IFO WILL BE BURNED AND CONVERTED TO PAW. THE IFO WILL FOLLOW THE OVERFLOW FORMAT
PAW to mint: 2,500,000
FISH to burn: 125,000
Date: July 25th, 2021
Link: https://polycat.finance/ifo (current UI)
Our new UI will become our main UI and the old one will be migrated to old.polycat.finance.
The new UI will still be in an open beta test phase when live, so please feel free to share your feedback with us if you have any, the first few weeks of the new UI is where a lot of things can and will change.
The new UI should be going live during the first week of August.
We intend to implement (and are still looking for) new features to burn PAW in creative ways. Your suggestions are welcome but remember we need to buy it back first before burning it.
A PAW lottery is 100% confirmed and will be coming to Polycat in the near-future.
We’re still currently working on this.
Like we previously said, we want Polycat to be a whole ecosystem, and a stable coin (= $1) will be part of our ecosystem.
Please feel free to ask questions or give feedback in any one of our social media channels. 💜
We all hope this bearish trend is over soon so we can go back to the bullish days.