Polycat Finance DEX: The Details
Here’s a little sneak peek along with the details of the features we’re about to launch. 🐾
ℹ We previously announced the AMM would be out on Monday, August 02; but we later realized that date was a bit too ambitious and rushed.
We apologize for announcing a date too early, we were just as excited and impatient as you. Nevertheless, we have decided to prioritize proper battle-testing and auditing rather than releasing something we’re not 100% positive works as intended. We would much rather have people complaining about a delayed launch than people suffering from an avoidable exploit after a rushed one.
First off, here’s a nice article that will serve as a fresh reminder of what a Decentralized Exchange is: What Is a Decentralized Exchange (DEX)? | Binance Academy ↗
We could have launched the DEX before launching the new UI but it wouldn’t have had the same impact, so we decided to launch both at the same time, which made the task longer to complete. Although we firmly believe it is for the better.
We’re ditching the chart until we implement a proper subgraph API along with an info page for our AMM.
We’ve had the intention to launch our own DEX pretty much since launch so we had already prepared a frontend for it.
Upgrading the DEX UI is on our TO DO list but it doesn’t have priority. We’re focusing on functionality.
We’ve grown fond of our customized, homemade vaults page and have decided to keep updating it as we go instead of replacing it altogether.
We think it serves its purpose right all while being concise and easy to use. Of course, it isn’t perfect, so expect to see it change further down the road.
We’re currently working on new ways to expand our vaults and the way they work. We’ll reveal more details about this in the future.
Of course, since FISH — our governance token — has a supply cap of 3 million that has already been reached, we launched a new token, PAW, to reward with no supply cap.
A new reward token implies new farms and new farms imply a new interface. This is where the bulk of the work has happened, the ‘Farms’ page was completely redone to better illustrate our next features.
Of course, one of the main new features is the vesting of rewards.
After being allocated PAW rewards from farms, you will have to harvest them. When you harvest rewards, it activates a new 30-day vesting period.
Harvested rewards are locked at the start and vested linearly over 30 days (1,200,000 blocks), the PAW will be dripped and unlocked every block. This linear vesting mechanism represents a more solid incentive system by lessening the sell pressure of PAW.
Navigating to the ‘Vesting’ tab, you can view how much of your PAW rewards have been claimed, locked, and unlocked since the beginning of the vesting period. You can also view your current and past vesting periods.
Depending on how many times you harvest rewards, there could be multiple vesting periods running concurrently.
Once unlocked, rewards can be claimed at any time. You can choose to claim all the unlocked rewards at once or only claim for certain vesting periods.
Tanks (stake FISH or PAW -> earn new tokens) are here to stay and we will be pushing for as many partnerships as possible after we launch the DEX & the new UI.
We have commissioned TWO different auditors for our AMM.
Obelisk and Paladin are thoroughly auditing our new Farm & DEX contracts as we speak on top of being reviewed by multiple third-parties.
Once we have a first completed audit we will be allowing users to pre-stake for 3 days (subject to change) before rewards start.
An APPROXIMATIVE ETA is by the end of this week (Sunday) or before. We will announce the exact day and time as soon as we have it. Believe us when we say we’re as eager to launch as you are to stake!
We hope this has informed you enough but of course feel free to ask questions or give feedback in any of our social media channels.
Remember to read our previous article containing important information too! 🐾🐟