Week 7: Everything is going according to the plan (seriously)

6 min readJun 13, 2021

Some hiccups during the IFO, but it was successful nonetheless. Milestones reached, updates, new partnerships... Come and have a look!

Let’s start. 🎣

An update on Vaults

We are thrilled with the growth our vaults have seen in the past couple of days. The TVL of our vaults went from $30M to over $120M in less than 5 days! 📈

More FISH burning

Since we use 5% of all vaults’ profits to buy back and burn FISH, this results in a lot of FISH being bought back and burned.

If you add the Burning Vaults, at current rates, we are buying back and burning over $120,000 worth of FISH per day.

You read that right, we’re burning more than $120,000 EVERY. SINGLE. DAY. And this value will keep increasing.

ℹ If you’ve been following, this means we’ll be paying out over $120,000 in dividends once max FISH supply is reached since we won’t be burning it anymore then.

Optimizing the number of compounds

Some of our users did the math, we checked and we agreed.

Auto-compounding every minute vs auto-compounding every 15 minutes makes no difference, all it does is spend more gas and congest the network.

There’s a maximum theoretical limit for compounding efficiency.

We have therefore lowered the frequency of the compounds to every 5 minutes instead of every minute.

A new User Interface

BOOM! 💥

Here’s a sneak peek. This is not the final version.

We’re working with a very talented designer to revamp our UI and distance ourselves from the PancakeSwap-fork look. We’re extremely excited for this, and you should be too!

Polycat x Firebird

We’re partnering up with Firebird Finance, a DeFi one-stop shop on Polygon with a solid team behind it.

It’s the same team behind ValueDeFi, a very promising platform that unfortunately suffered an exploit.

Don’t worry, they’ve learned from their past vulnerabilities and are coming back stronger than ever.

We’ll be adding the following:

A new FISH-MATIC Firebird LP farm: Giving our users yet another option for their FISH-MATIC LPs.
All of these Firebird farms as vaults on Polycat.

Firebird will be adding the following:

A FISH-USDC farm with HOPE incentives on their platform (which we will also add as a vault on our own).
Vaults for all of our FISH-MATIC farms along with HOPE incentives

We’ll announce the exact moment all of these go live so watch our for the announcement on both our Twitter and our Announcements Telegram!

A new Fish Tank featuring NFTHub

NFThub is a free, community-driven resource for all things NFT. Whether you’ve been around long enough to have gotten a free cryptopunk or you’re still wondering “WTF is NFT?”, we’re confident that you’ll find NFThub useful.

We’re excited to have a NFTHub Fish Tank on Polycat!

The NFTHub team will be allocating 21,600 gNFT tokens to the Fish Tank.

With an emission rate of 0.5/block the NFTHub Fish Tank is estimate to run for 30 days.

NFTHub’s Fish Tank will go live on Tuesday June 15 at 4PM UTC. Again, we’ll also announce it in due time.

Something NFT-related for Polycat is being worked on too 🤫

Audit by CertiK

https://www.certik.org/projects/polycatfinance

We’re very happy to partner up with CertiK for yet another audit.

Making our users feel safe on our platform is our top priority. Which is why we haven’t only ordered an audit. We’ve also commissioned the Skynet tool and an open insurance pool with an initial $200,000!

Successful IFO (with some hiccups)

Our Augury Finance IFO raised 198.75% of the initial goal. Twice the USDC goal was raised or ~4 million USDC. We consider it to be a very successful IFO, all things considered.

We used the overflow IFO method, which is the most fair because there is no cap.

Three models of possible outcomes for the Overflow method. Example 2 happened in our case.

Since 2x the amount was raised, half of the users’ investment was returned (USDC & FISH) and only half of the OMEN tokens rewarded.

The hiccups

This is where you can tell we’re actually humans too.

Things turned sour the minute we launched the IFO. Wanting to meet deadlines made us rush the final IFO contract so we did not perform enough testing and checks before deploying it.

Hiccup 1

Long story short, our math was wrong and some decimals were out of place. This was fixed by immediately redeploying a new IFO contract (or so we thought…).

Hiccup 2 (the big one)

This is Hiccup 1 but worse. The “Claim” math was also wrong meaning we were unaware until the IFO ended.

Users were able to claim 1 OMEN for every 0.3 USDC invested (instead of 1 OMEN for 3 USDC as initially planned).

The IFO contract therefore ran out of OMEN very fast and the transactions started failing when trying to “Claim”, so participants couldn’t get their USDC or FISH back either.

The solution

Luckily, the IFO had a happy ending.

We immediately contacted the Augury Finance team to find a solution. The Augury Finance team ended up injecting x10 more OMEN into the IFO contract (since 1 OMEN = 0.3 USDC instead of 3 USDC) and users were all able to claim their OMEN and get their unspent USDC & FISH back.

The Augury Finance team also decided to x10 their whole tokenomics in order to keep things simple and straight forward. In essence, the end-result is the same.

The compensations

Of course, this is 100% our fault and we couldn’t just sit here without compensating our users somehow, so:

Users who staked in the old (bugged) IFO were airdropped 10,000 OMEN proportionately to their investment
Users who staked in the new IFO were airdropped 60,000 USDC proportionately to their investment

The money was raised and no funds were lost. We dare calling the very first IFO on Polygon successful. 🎉

Augury Finance is launching on June 13 at 03AM UTC. We wish them the very best with their very solid products and platform.