[Market Info] Finding Polygon: Fantastic Yields and Where to Find them
A technical explanation can be found on The Block Research (a paid version). Defiprime provides a list of large De-fi projects on polygon. Here we summarise some of the common yield farming places on Polygon.
Traditional Ethereum Majors
First of all, quite a number of large protocols on Ethereum have moved over, such as Aave, Curve, Sushiswap, mStable. They typically just extend their incentive system on Ethereum version to their Polygon version. For instance, you can farm $Matic on Curve’s polygon 3pool (instead of $crv). The yield is about 20% plus now.
Quickswap is the Polygon version of Uniswap, and it has incentives to its liquidity pairs like what Uniswap did last De-Fi summer. There are quite a number of competitors other than Sushiswap on Polygon, and most of them are indigenous. We list a few below. Some of them have vesting period for rewards, so the displayed yields are higher.
For instance, DYFN gives over 60% on stablecoin pairs, but have a string vesting rule and penality for earlier withdrawal.
All the above can be auto-harvested, with the help of Auto-farm like services. To start with, Autofarm and Beefy are on Polygon now, and a smaller one, Eleven Finance is also available. You will have almost 100% of your reward tokens farmed and reinvested for you, barring a 0.1% fee on deposit and 3% to 5% charge on yield.
StakeDao is also on Polygon, but the only vault is Curve’s 3pool, with a generous reward of 10% APY worth of StakeDao’s platform token, $SDT.
Another way of auto-harvesting is Adamant Finance, the Harvest Finance alike serivce on Polygon. Adamant Finance harvests your rewards, sells 30% of them and gives you slightly more of its platform token, $ADDY, in return.
Like a country need its own currency to claim sovereign power in the financial sector, Polygon also needs its own DAI. Therefore there are a few indigenous currency issuers on Polygon. Qi Dao is the Polygon version of MakerDao, and Iron Finance is an improved version of Frax Finance. Currently, their yields are over 100%, but they are also risky. It’s in the same sense that in a new country, its currency not backed by USD, is always volatile. We will cover these protocols in our Premium database. Please keep track of it, if you are interested.
Ponzi Animal Farms
Who does not like some animals! Animals and fruits flooded Binance Smart Chain for a while, making simple forks of Pancakeswap with a slight variation of parameters and UIs. The trick of these animal farms are seemingly high yields of their vaults, which charge a deposit fee of 4%. The fees are used to buy back platform reward tokens. So, in this cycle, deposits of liquidity are paying earlier depositers — a ponzi scheme disguised in the form of a DEX.
There are some animal farms made sufficient changes to provide some actual utility, or they are simply big enough and more people FOMOed. Check out PolyCat and the first of this kind in Polygon, PolyWhale.
Staker is a VC in design, which turned to yield farming somehow along the way. In any case, it’s offering 45% APY on USDC now.
Another one is Blackswap, tagged as a yield aggregator and now has single asset vaults with pretty good yield, despite the liquidity levels are low.
(Serenity Team, 5 June 2021, Twitter: https://twitter.com/SerenityFund)
Join Coinmonks Telegram group and learn about crypto trading and investing
- What is Margin Trading | Dollar-Cost Averaging
- 3Commas Review | Pionex Review | Coinrule review
- Ledger vs Ngrave | Ledger nano s vs x | Binance Review
- Bybit Exchange Review | Bityard Review | CoinSpot Review
- 3Commas vs Cryptohopper | Earn crypto interest | Grid Trading Bot
- The Best Bitcoin Hardware wallet | BitBox02 Review
- BlockFi vs Celsius | Hodlnaut Review | KuCoin Review
- Bitsgap review | Quadency Review | Bitbns Review
- Crypto Copy Trading Platforms | Coinmama Review
- Bitcoin exchange in India | Bitcoin Savings Account
- CoinDCX Review | Crypto Margin Trading Exchanges
- CoinLoan Review | YouHodler Review | BlockFi Review
- The Best Crypto Tax Software | CoinTracking Review
- Best Crypto Lending Platforms | Leveraged Token
- Best Crypto Charting Tool | Best Crypto Exchange
- How to buy Bitcoin in India? | WazirX Review
- Ellipal Titan Review | SecuX Stone Review | Crypto Trading Bot
- LocalBitcoins Review | Cryptocurrency Savings Accounts
- Coinbase Review| Deribit Review |FTX Exchange Review
- NGRAVE ZERO review | Phemex Review | PrimeXBT Review
- Best Blockchain Analysis Tools | Earn Bitcoin
- Crypto arbitrage Guide | How to Short Bitcoin