Exploring Polygon Yield Farming

By fun2learn | fun2learn | 4 Oct 2021


I have been using Binance Smart Chain for defi and yield farming since the transaction fee is definitely cheaper than ETH blockchain.

With the recent restriction of the use of Binance Exchange, I started to explore other networks.

The polygon(Matic) network does offer cheap transaction fee and there are nice staking pools like the ones in bsc.

Polygon Farm is one of those interesting ones with very high farming reward.

Its native token is called Spade and it is at the price of $1.688 at the point of my post.

Its autocompounding staking pool has a reward of 1359.35% APY without deposit fee. That is a really attractive reward.

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The staking pools also accept WMATIC, WETH, USDC, DAI, USDT, WBTC, LINK, SUSHI, AAVE, QUICK and BONE with a deposit fee of 4%.

It also offers farming pools with high APY.

SPADE-MATIC(1597.29%), SPADE-USDC(2287.28%), SPADE-MATIC(2347.2%) and ALPHA-USDC(2057.62%)

Like most yield farms, the APY of staking pools and farming pools do change depending of various factors.

Farming may incur impermanent loss due to price changes of tokens. Staking is usually the safer and preferred option for those who do not want to suffer impermanent loss.

Polygon Farm is the layer 1 yield farm.

It has a layer 2 yield farm called PolyAlpha and it has started a third layer farm recently called PolyBeta.

All 3 farms have been audited by Paladin and review by RugDoc with completed KYC that are supposed to have lower risk for rugpull.

The truth is never to invest what you cannot lose as we really do not know how long or how successful these yield farming would be but they seems to be doing fine.

Polygon Farm also has a referral programme that allows promoters to earn 1.5% of the earnings of their referrals. The referral link can only be seemed when it is connected to a wallet like metamask.

I do not notice the referral links for its layer 2 and layer 3 farms.

If you are familiar with setting up your metamask to use Binance Smart Chain, the process of setting up polygon network would be similar so it was not too hard for me to set it up actually.

Do your own research to see whether Polygon Farm is worth investing.

Even if you are not planning to invest, you can always consider its referral program to see if you can earn a few extra bucks.

 

Click Here To Explore Polygon Farm 

 

Disclaimer: This is my personal reflection and I am not in any position to instruct anyone what they should do. I am not responsible for any action taken as a result of this post. My post can only be a reference for your further research and growth.

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fun2learn
fun2learn

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fun2learn
fun2learn

An educator who often writes educational articles as well as crypto-related articles.

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