Defi on Polygon is still in the early stages. With the drop in interest rates on Polywhale (and collapse in price of their KRILL token), I decided to look for more opportunities for high interest farming. I’ve been looking forward Autofarm’s launch on Polygon since they’ve had some high interest pools on BSC. Sushi recently launched on Polygon, however, their TVL is a bit low and their yields aren’t that great.
Enter Polycat
While this farm is still quite new, it looks like a more feature rich version of Polywhale. Since whales eat krill and cats eat fish, the token for this platform is FISH.
Vaults: automatically compound your QuickSwap liquidity pairs so you don’t need to go in and collect QUICK and add back to the LP pool. (just don’t choose the burning vault)
Farms: get 800%+ APR for providing liquidity for FISH-MATIC on Sushi or QuickSwap (doesn’t auto compound)
Pools: stake tokens to earn FISH, of course FISH will earn the highest rate (and it auto compounds!) but you can also stake KRILL and SUSHI for 300%+ APR. If you’re interested in getting FISH without buying it, there are some good opportunities here.
Tanks (stake FISH to earn other tokens) is currently empty
Referral system allows you to earn 1% of friend’s earnings (taken from polycat's cut). This is my link: https://polycat.finance/?ref=0k837Nno83po706N35no4P3624r6723nN7632o3N2N
What’s the catch?
It's very new (only $7M market cap on FISH, $52M TVL on polycat). Similar to Polywhale, it has a % fee on vaults to burns FISH, however, unlike Polywhale, it has a fixed supply (3M, target to reach at Aug 2021).
The pools also have an upfront deposit fee (4%) to discourage you from hopping pools too often (will take about a week or two for most pools to break even at current rates). One of the advantages of Polygon is the fees are low so self compounding can be done yourself but it does get tiring after a while to login and harvest and reinvest. If you don't care for FISH and want to just look for a place that will auto-compound for you, beefy will do it but their fees can be higher.
If for some reason you hate referral links, here's the link to the site:
docs: https://polycatfi.gitbook.io/polycatfinance/
Contract code: https://github.com/polycatfi/polycat-contracts
Good luck and happy fishing!
