We at CryptoTicker have been strong believers in the Polycat ecosystem. Ever since their strong launch, they have had very good feedback from the entire crypto community. Unlike other DeFi startups, they managed to stay afloat with strong market fundamentals. If you’re thinking about getting Polycat’s FISH through minting, you definitely missed the boat, as they currently reached their maximum supply of 3 million FISH. What’s next for Polycat? What new features will they introduce?
Recap: What is Polycat DeFi?
In case you missed our last article, Polycat is basically a yield farming project, where users can earn more cryptos by simply lending their cryptos over a very short period. The project is currently known for its easy-to-use platform. Users swap their tokens and participate in yield farming protocols. It is a top contender for Dapps that uses the Polygon network.
Other than being an awesome DeFi project, Polycat uses the Polygon network. You might be asking yourself why is that a big deal. Well, Polygon is a fast-growing network that enhances scalability. Many other projects are already switching networks to seek faster transactions and cheaper alternatives. A big example of switching networks is Aavegotchi. This project switched to the Polygon network in favor of better fees. Consequently, this directly affects the user base of the project.
Polycat DeFi introduces its own AMM
An automatic market maker (AMM) allows digital assets to be traded automatically and in a permissionless way. This is done by using liquidity pools instead of a traditional market of buyers and sellers. Polycat had a plan to switch from using an AMM service from a third-party (Quickswap) to having its own AMM platform. Well, those guys promised and today they delivered! After the FISH tokens’ total supply has been reached successfully, they plan to soon introduce their own AMM. This is not only a good thing that shows the strength of this platform, but also reduces fees immensely.
Polycat introduces a NEW TOKEN…Meet PAW
Now that the total supply of FISH tokens has been reached, it is time to introduce a new token that has new usage. PAW was introduced by the company as their new token. This will not replace FISH, but rather has a different goal. PAW will be the main reward token of the upcoming AMM.
- Maximum supply: Infinite
- Emission rate: 8 PAW/block
- Minting to dev wallet: 2%
Will Polycat stop using other AMMs?
Although the project has its own AMM now, they announced that they won’t stop using their third-party Liquidity Providers. Polycat now just has better options and freedom when it comes to controlling its liquidity. Additionally, FISH farms will still exist. They will now though reward PAW tokens.
Each trade on Polycat’s DEX will have the following fees:
0.10% to LP providers +
0.12% to burn PAW +
0.02% to burn FISH
This totals a 0.24% fee rate, which is still very fair compared to other AMMs.
What will happen to the FISH token?
The FISH token will remain Polycat’s main token. It will become a governance token, where token holders will have the right to vote and say how the project will progress, just like owning stock equity in a traditional listed company. The more FISH tokens the user has, the bigger his say would be when it comes to decision-making.
Another good news for FISH holders! They will be able to stake their FISH tokens in order to earn PAW tokens. For every FISH staked, users can earn up to 20 PAWs.
What’s next for Polycat?
Well, you guys saw how this project is progressing. Polycat looks like a very promising project and has many projects and plans coming soon. Other than the new PAW tokens that were recently introduced, they plan to introduce PAW lotteries and a unique Stablecoin. When we see such plans on the horizon, we can’t but get excited and put Polycat high on the crypto pedestal. If you missed on Polycat before, why miss again?