Week 4: So, so much to talk about.
FISH getting its own QUICK reward pools, FISH vaults, AAVE vaults, listings, direct Fiat purchases, partnerships. The list goes on and on.
We literally only have BULLISH news to announce so let’s keep it simple. We’ll go one by one. In no particular order.
We’ve explained how our vaults work before, but let’s go over it again:
For our vaults, we take an existing reward pool — lets use QuickSwap’s reward pools as an example for clarity’s sake — which we “wrap” and automate.
In this example’s reward pool on Quickswap, you deposit ETH-MATIC LP, you get QUICK that you have to “Claim” whenever you want. But that’s it. You only get more QUICK in your wallet.
Our vaults automate this process and reward you more ETH-MATIC LP
How? It’s simple.
- We “Claim” that QUICK for you
- We take 5% of that QUICK to buyback and burn FISH (this is the earn/performance fee)
- We swap the rest of that QUICK for more ETH-MATIC LP
- We add that ETH-MATIC LP to your deposit
Note: The “Burning Vault” (where the deposit fees from pools go) does not do this. It just takes 100% of the QUICK and buys back & burns FISH
The extremely low gas fees on Polygon allow us to do this EVERY MINUTE without worrying about spending too much MATIC.
Your deposit just grows on its own over time, without you having to do a single thing. It’s all about passive income.
This is where having our own reward pools on QuickSwap becomes incredibly interesting…
Do you see it now? We will be adding a way to auto-compound FISH, something that has been requested since we launched vaults.
The two new vaults will be: FISH-QUICK LP and FISH-USDC LP.
We will not be only taking 5% of those QUICK rewards buy back and burn FISH. We will also be using the remaining 95% of those QUICK rewards to buy more FISH-QUICK LP and FISH-USDC LP.
We’ll be buying MORE FISH and rewarding YOU with MORE FISH.
In other words,
Update on vaults & introducing AAVE vaults
We are EXTREMELY happy with the way our vaults have progressed.
Polycat Finance became a Yield Aggregator 19 days ago. And our vaults’ TVL has already reached $21M at the time of writing this article.
We need to remain sustainable, so in about a week from now, we will be introducing a 0.1%* withdrawal fee on all our vaults.
*Updated on May 28, reduced from the previously announced 0.5%.
We want things to be fair, and we’ve always been transparent, this is why we’re giving our users a one-week heads-up if they wish to withdraw from our vaults without fees.
But this is not all…
Our next big addition will be AAVE vaults. Low-risk, single-staking vaults. Another feature that has been repeatedly requested.
We recommend you read AAVE’s FAQ.
The only inherent risk for our AAVE vaults is getting liquidity called.
This risk is extremely low as it can only happen if we don’t compound, but remember, we compound every minute so it should never be an issue.
We are getting an extra audit from Obelisk specifically for our AAVE vault contracts.
We will be releasing only one AAVE vault today (WMATIC).
A direct way to buy crypto with Transak
We are partnering up with Transak in order to implement a direct Fiat ramp on our platform. This will give our users the possibility of buying MATIC and other cryptocurrencies directly with Fiat money.
There will be two ways to do so.
SEPA Bank transfer (cheap but slow)
The estimated processing time is 1–2 days.
Credit/debit card (fast but more fees)
The estimated processing time is 1–2 minutes.
Two important things to note
- NONE of these purchasing fees go to Polycat, 100% of them go to Transak
- The purchased crypto goes directly into your connected wallet (you can still change the receiving address when ordering but it will be filled by default)
GemBites Fish Tank
We had to postpone our GBTS Fish Tank due to some issues, but it’s finally happening!
In short, you’ll be able to stake FISH to earn GBTS.
We’re launching the GBTS Fish Tank on Sunday May 30 2021.
The total allocated GBTS tokens for our Fish Tank is 500,000 with an emission rate of 0.4 GBTS per block. The GBTS Fish Tank will last ~30 days.
What is GemBites?
GemBites is a revolutionary decentralized casino being developed on the Polygon network. It has many features that set it aside from other casinos such as house stake pools, NFT airdrops and passive lotteries.
Cool! When can I play?
GemBites is planning a Testnet launch in July to allow time to get multiple audits before launch. We are doing this to prevent the loss of user funds due to exploits. If all goes according to plan, you can expect a Mainnet launch by August (around the same time FISH reaches max supply!).
I’ve heard some negative stuff about Gembites. What’s up with that?
It is true that GemBites has had a somewhat foggy past. That is why they made this post to clear things up. Please consider giving it a read.
The tokenomics look very centralized, there’s a large amount of tokens in the developer wallet.
Developer tokens will be put in a timelock contract. The team plans on doing a 40/30/20/10 % release across the span of one year to prevent concentration and price impact. Moreover, a major part of unsold tokens will be burnt to further reduce the circulating supply.
It’s also worth mentioning GemBites recently got a grant from Polygon for the DeFi incubator program!
FISH whitelisted on 1inch and Dfyn
1inch is a DEX aggregator, which means that it uses several different exchanges (QuickSwap, SushiSwap, Dfyn, etc.) for when you trade to always get the best rates.
Dfyn is a gasless multi-chain AMM DEX that nodes on various chains acting as liquidity entry and exit points into the cross-chain liquidity super mesh enabled by Router Protocol.
FISH has been whitelisted on both as a default token, which means you don’t need to add our token by address to find us there.
We recently reached a couple of milestones:
- We reached over $100 MILLION of total TVL 🎉
- Our main Telegram group reached 9,000 members 🎊
- Our Twitter account surpassed 11,000 followers! 🥳
We actually have even more good news coming, but we need to keep some for the next article. We love you all 💜