An Opportunity To Earn A High APR From Staking MATIC
How would you like to gain exposure to MATIC without buying MATIC? Alternatively, you could earn a yield of up to 10% on WMATIC in one day. This is all made possible through the Polypegs Genesis Farms that will launch on 24 October.
Polypegs is a Tomb Fork on the Polygon Network that has been created by the Bomb Money team. I have written about why I am bullish on the Bomb Money ecosystem. Polypegs will sit under the Peg Hub umbrella with MATIC being offered as another blue chip cryptocurrency that can be easily be staked to earn high APRs. You can read more about Bomb Money here.
About The PolyPegs Tokens
PMATIC: this token is pegged to the price of WMATIC.
PSHARE: the share token of PolyPegs that be staked in the boardroom to earn more PMATIC when it trades over peg and during the first 7 days after launch.
How The Genesis Farms Work
The Genesis farms will operate for 24 hours and are the only way you can gain PMATIC during this time. PMATIC will be paid to people that stake USDC and/or WMATIC. This is an exclusive period where the payout rate is maximised and can only accessed by those holding a Bomb Evolution NFT (maximum of 2000 holders but plenty still available).
The Bomb Evolution NFT can be purchased here for a price of 0.025 ETH (on the Ethereum Network). There is also a deposit fee of 3% to enter the respective pools. This is designed to discourage whales from entering the Genesis Farm, dumping the token, and then leaving the ecosystem.
After The Genesis Farms
For the first 7 days, if you stake PSHARE in the boardroom, you will be paid PMATIC regardless of peg status. To acquire PSHARE you have 3 options.
- Pair PMATIC with WMATIC and stake the LP on the farm to earn PSHARE.
- Buy PSHARE directly off the market. Just understand that with low initial liquidity, the price will be relatively high shortly after launch.
- Pair PSHARE with WMATIC to earn a higher rate of PSHARE on the LP farm. This farm has a higher risk of impermanent loss.
The APRs on the farms tend to be very high immediately after the launch. This gradually reduces as more people enter the farms and the share token naturally falls in price.
What To Expect
Genesis Farms are risky and you need to be alert and willing to put capital at risk. You could play it safe by just holding onto the peg tokens but it is better to think of it as a launching vehicle to seriously invest in the protocol.
The team have made some changes to previous Genesis Farms that they believe will allow them to support peg (if needed) during the initial expansion phase. There will also be more Genesis farms under the Peg Hub umbrella. Participating in PolyPegs is good way to gain understanding of how these launches work.
Alternatively you could wait for PMATIC to drop really low in price but this is not guaranteed if the bullish momentum for BOMB spills over to seignorage protocols. It is often scary to invest in Tomb forks when peg is extremely low but it does not take much to get them back to peg and can be very profitable if they return to peg.
Steps For Participating In Genesis Farms
- Buy the Bomb Evolution NFT. Make sure that you have your wallet on the Ethereum network. This will allow you to participate in all future Genesis Farms under the Peg Hub umbrella.
2. Switch your wallet to the Polygon network.
3. Stake USDC on the PolyPegs website.
4. Stake WMATIC on the PolyPegs Genesis farm.
5. If you don’t have either USDC or WMATIC, you can go to the swap page on the PolyPegs website. Make sure it is connected to the Polygon network.
Disclaimer: None of what is written in this article constitutes financial advice. Investing in cryptocurrencies, and in particular decentralised finance, is high risk. What I write is not a recommendation to invest in the projects I discuss. I am not aware of your personal circumstances. Only invest what you can afford to lose. Make sure to do your own research rather than relying solely on my content.
Links
PolyPegs Website: https://app.polypegs.com/
Bomb Evolution Minting: https://mint.bombevolution.com/
Peg Hub Advanced Documentation: https://docs.peghubadvanced.com/welcome-start-here/readme
Peg Hub Swap Site: https://swap.peghub.com/swap
Bomb Money Website: https://www.bombmoney.com/
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