Dear Krillionaires,
Today marks one week of Polywhale being in operation, and what a week it has been for us all! We have grown to be one of the strongest starting projects on Polygon so far, with a TVL of $224m and a market capitalization of over $22m at the time of writing this article, which exceeded our expectations by a long shot. A massive thank you to everybody involved!
We start this week off with a difficult decision, alongside our explanation for this decision; in 24 hours (18:00 UTC 02/05/2021) we will be closing the YLD pool currently available to investors on Polywhale.
Although it has been a difficult decision for us to make, the YLD pool currently offers nothing to KRILL holders and Polywhale in general. The YLD pool is the lowest liquidity pool on the platform and the pool was not filling as quick as the rest, causing an imbalance in the emissions. This shows us that the pool is not increasing our TVL, as we hoped it would, therefore bringing very little value to Polywhale as a project.
Everybody at Polywhale would like to thank you for your understanding, continued support, and offer an apology for any inconvenience this may have caused. In saying this, we would like to conclude with a statement of support for this truly exciting project!
First of all, once you unstake from the YLD pool, you can opt to stake your YLD tokens within the YIELD APP itself (https://app.yield.app/welcome) If you’d like to learn more about this project before doing so, then please have a browse of their site and documentation (https://www.yield.app/).
Alongside a formidable team, YIELD App CEO Tim Frost has done an amazing job and delivered a fantastic and extremely promising DeFi project. One that the whole Polywhale team is excited to watch as it progresses and develops over time. The product is exceptionally accessible; the platform is user-friendly and offers interest rates not seen in traditional finance in over 20 years.
From the get-go, investors can earn 10% APY on ETH, USDC, and USDT, with incentivized APY increases for YLD holders, which can net you up to 20% APY all while keeping your funds liquid and easily accessible, unlike traditional savings accounts which usually require you to keep your funds illiquid; this is a fantastic opportunity for those wanting to access interest yielding DeFi products!
It’s a shame that the pool didn’t work out for Polywhale, but this mistake has been a huge learning experience for us and taught us a lot about communication with the community.
Investors — stay tuned! We have some extremely exciting announcements on the way, so keep an eye on our Twitter, and our Telegram Announcements group. Things are about to get shaken up!
Best wishes,
The Polywhale Team
Official Links:
📢 Telegram: https://t.me/polywhalefi
🗣 Announcements: https://t.me/polywhaleann
🌎 Website: https://polywhale.finance
🗒 Medium: https://medium.com/polywhale
📚 Gitbook: https://app.gitbook.com/@polywhale/s/polywhale/
