I am sure most of you are into DeFi by now or at least know how yield farming works judging from all this hype around it the past few months!
Blockchains like Binance Smart Chain and Ethereum have skyrocketed in terms of transactions thanks to DeFi and this created a huge price spike in gas fees.
PolyDragon.io to the rescue
A few days ago I came across this new DeFi platform called PolyDragon.io (https://polydragon.io/) and after doing my research I decided to give it a go!
First of all, Polydragon is built upon Polygon and this means unmatched speed and almost 0 fees! Polygon fees are currenly 221,718x cheaper than ETH and 899x cheaper than Binance Smart Chain. The average fee for a transaction on Polygon is $0.00003969.
One more thing I loved about PolyDragon is their tokenomics. Fire Token has 1 Quadrillion static supply with deflationary burn mechanisms. I am not the best guy around to explain you how the tokenomics work due to my poor English so I'll just share this.
Read more about the Tokenomics
My Earnings
PolyDragon is a new platform so I decided to play it safe, invest a few bucks and see how it goes. I converted 3 MATIC to FIRE tokens, staked them in the Fire Den and I also added 2 MATIC and some Fire Tokens in the MATIC/FIRE LP.
I currently have 4 Billion FIRE tokens staked which are worth 3.5 MATIC according to https://quickswap.exchange/. Not bad at all if you consider that my initial "investment" is around 5 MATIC in total!
I think PolyDragon is a really promising platform and it's super-low fees combined with their Tokenomics can be a game-changer.
You might wanna take a look at this project while it's still early so here are a couple useful links to make your life easier.
PolyDragon Docs : https://polydragonfinance.gitbook.io/polydragon-finance/
Fire Token on Coingecko : https://www.coingecko.com/en/coins/fireball
I am still a complete noob when it comes to DeFi so don't take my word for granted. Do your own research when it comes to investing.
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This is nice. Concise and informative. I believe I'll be exploring PolyDragon myself. Thank you for the article.
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Thanks a lot my friend! I wish I could explain more but my English are not that good!
Happy farming!
Posted Using LeoFinance Beta
I agree, nice article.
Posted Using LeoFinance Beta
Ahh! Look like lot of Defi experimenting.
What is worth of token that you harvested vs staked.
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Equal in around 10 days! It's all profits now!
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Impressive and worth trying then.
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Agree
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Good question. This is how you learn how to maximize yield. Take advantage of temporary high APR to accumulate Fire. Use Fire to buy Cub or Matic. It’s like free money. But don’t invest to much money just in case there’s a rug Pulls and take your profits daily
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Sounds interesting. Having bought a couple of dozen of Matic lately, I am considering to give this a try. One question: Do you use Metamask for this?
Cheers!
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Yeap! Connect with Metamask and you are good to go! Just remember to switch your metamask to Matic network
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Cheers! I added the Matic Network to my Metamask recently and found out that I have over a 100 Matic on my Coinbase. The thing I am somewhat nervous about though is that the minimum withdrawal amount from Coinbase is 81 matic! I wanted to test it with a smaller amount to see if it arrives in my Metamask.
I then checked Polydragon and am a little hesitant to jump in, as it's still very small, not on coinmarketcap and there doesn't seem to be a real website. I also noticed they haven't had a security audit, it seems. If you're curious what I'm talking about, you might want to read this previous post of mine:
https://leofinance.io/@vincentnijman/what-defi-project-s-to-invest-in-the-certik-leaderboard
Thanks for the link!
It sure is a little risky but sometimes you got to take the risk. I know they are not audited and said they are working on it. I don't trust a word so that's why I only invested a few bucks, just to test it out!
They might not be listed on CMC but they're on coingecko : https://www.coingecko.com/en/coins/fireball
I am not saying you must jump in PolyDragon by any means, I'm just sharing what I read! Let's hope these guys won't take my $6 and run hahaha!
Posted Using LeoFinance Beta
I definitely learnt to take risks, as of late. Otherwise I wouldn't be on Binance Smart Chain and, I guess, not even in crypto, nor would I have moved to another country haha
Good to her about the coingecko listing.
This made me laugh :<)
These days I prefer to take risks with amount of money that can actually make a difference so if I will jump in, I will put in a serious amount. Before I do that, I need to know whether a project can be trusted, so I guess I'll wait a little longer. Probably till Monday haha!
Thanks for sharing your experience on here. Looking forward to future updates.
Awesome you love risks my friend! I took a risk and quit my job 2 years ago after realizing that I can earn the same money I earn from a 9:00-17:00 job just by hustling crypto hehe!
Hahaha! I feel you! You are getting hyped when you're looking into a new unique project,don't you? I am too waiting for PolyDragon to get audited and then I'm gonna add some more MATIC in there! The greater the risk, the greater the rewards...(or the loss haha)
I am a complete noob when it comes to defi and I am only farming on Cub and POly so I'm taking it easy for now. Don't by any means take my word for granted! I just love sharing my "findings" here on Leo!
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Coinbase listing Matic is a good sign that it is a good project.
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Nothing wrong with Matic, in fact I am more intrigued by it day by day, but I was talking about Polydragon, a new project built on Matic.
And to add to that. I found out you seem to know quite a lot about Matic, so I will try to keep an eye on your content as I'm always willing to learn more. Also, as a creative, I've been considering to get onto Opensea for many months now and I now learnt about Matic's collab with that platform.
Have a nice day!
Posted Using LeoFinance Beta
I am in on Polydragon since a couple of days with about 50 USD, I guess.
I am both in the FIRE-MATIC LP and in the FIRE Den.
It cost me some fees ( also in ETH ), as I started with ( ERC-20 ) Matic on Coinbase and might have taken a longer route than necessary to get the Matic in my Metamask on the Matic Network but I am not regretting this.
Nice to see that FIRE ( ball ) has actually gone up in value since I started farming.
Cheers for the heads up buddy and have a great day!
Very dope post... I will definitely do my research
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Thanks maaaate! Happy farming!
Posted Using LeoFinance Beta
My thoughts exactly!
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Are you farming on POlyDragon @shortsegments?
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I am not farming it yet, but I am interested in it now, thanks to you :)
Posted Using LeoFinance Beta
I am not farming it yet, but I am interested in it now, thanks to you :)
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<One more thing I loved about PolyDragon is their tokenomics. Fire Token has 1 Quadrillion static supply with deflationary burn mechanisms. I am not the best guy around to explain you how the tokenomics work due to my poor English so I'll just share this.>
Yeah the tokenomics is really awesome.
Yeap! I'll keep farming and see how it goes hehe!
Posted Using LeoFinance Beta
Hi!
Thanks for the tip!
Tha APR is very high, so this May a good way to farm Matic tokens, by staking Fire tokens where ever the APR is highest and then using them to buy Matic
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That's exactly my plans! Gonna keep experimenting and see how it goes hehe!
Posted Using LeoFinance Beta
I put 10 matic in. Thanks for the info.
Anytime @allcapsonezero and happy farming!
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Great article! I tried it myself as well!
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And stake process just for testing is done!
Awesome @nervi! Easy right?
Happy farming :D
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Yes! It is so simple.
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