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Hi everyone,
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More projects have expanded to Polygon and offering super juicy yields. Two of the farms mentioned below started on the Binance Smart Chain and recently expanded into Polygon. Those farms offer robust double to triple digit yields with relatively low rug risk. The other two protocols are newer and therefore present a higher risk. Always make sure to do your own research before aping into the farms I present. This is not intended to be endorsement of these protocols and I don’t farm all the protocols I review. This is for educational purposes only. If you wanted to learn about these farms sooner make sure to follow me on Twitter and join my private discord.
Also, let me know of any farms or projects you think are worth reviewing. I can’t commit to anything, but your recommendation could prompt video or written reviews.
Wault Finance
This project originally deployed on the BSC and just expanded to Polygon on 6/14. Within hours they were able to secure $300M TVL. On BSC they’ve implemented a dual token model. WEX is the farming token and WAULTx is the governance token. On Polygon they decided to introduce a new token WEXpoly. I suspect the WEXpoly token will have the same utility and economic model as WEX and WAULTx will have it’s governance function extended to Polygon.
Currently they’re working on bootstrapping liquidity to their AMM and hosting more launchpads. They also have offer two other services which I’ll cover in an upcoming video. In Q3 they also hope to come out with their own alogrithmic stable coin and a lending platform.
Currently you can enjoy the fat yields by depositing your assets in the following pools. Don’t forget Wault has its own native AMM, so you’ll have to deposit assets in the Wault dex.
WEXpoly-MATIC
WEXpoly-USDC
WAULTx-MATIC
MATIC-ETH
MATIC-USDC
ETH-USDC
WBTC-ETH
WBTC-USDC
USDC-USDT
USDC-DAI
DAI-ETH
AAVE-ETH
LINK-ETH
pAUTO-MATIC
BIFI-MATIC
ELE-MATIC
POLYDOGE-MATIC
The stable yields are over 30% despite having a TVL of $150M. In terms of a risk adjusted return, it doesn’t get much better than this. You can also deposit your LP token on Eleven Finance to auto-compound your rewards, this way you don’t have to get exposure to the WEXpoly token.
BZX
This protocol allows users to margin trade and lend assets for yield generation. After failing to get much traction on Ethereum they later expand to the Binance Smart Chain (BSC). Just this week they moved into Polygon and quickly assembled a yield farming opportunity.
Unlike most farms they have single sided pools so therefore your risk of impermanent loss is zero. At some point we’ll also see the farm supported by an auto-compounding protocol. This means you won’t have to manually the compound your yield. If you’re planning to farm and dump don’t deposit any PGOV tokens into the farming pool. BZRX & PGOV pools generate rewards that have a minimum vesting period of three months.
To start earning yield you must first go to the lend page to deposit your asset. In return you’ll receive an itoken which represents your claim on the deposited token plus any interest accrued. Take this itoken and deposit it on the farm page to start earning yield paid in PGOV.
Augury Finance
This protocol was Polycat’s first IFO. They just launched their protocol with very robust yields. Their governance token went up 3x in the last day boosting yields across the board. They charge a deposit fee of 4% but no deposit fee for the OMEN pool.
This is another opportunity to provide liquidity to single asset pools. The protocol will offer and build the following services. Source.
This token may have a chance to run. Unlike most governance tokens, OMEN will entitle you to protocol cash flow from the start. By staking your OMEN tokens you’ll get the following fees.
40% of all swap fees - paid in USDC
60% of deposit fees - paid 40% in USDC and 20% reinvested outside the platform
The yield generated outside the protocol is later returned to OMEN token holders as a dividend.
Moreover, they plan to have their first new Augury Airmail token go live in 30 days after launch. By staking OMEN tokens users will be eligible for free airdrops. This provides users with an opportunity to get exposure to projects early.
Mai Finance
This protocol enables users to deposit their MATIC as collateral and mint a USD pegged stablecoin (qiMATIC). Unlike psuedo stablecoins, this protocol will liquidate user’s collateral if the liquidation ratio falls below 150%. They’re starting with just MATIC and will support more assets in the future. This allows users to basically borrow stablecoins at zero interest to pursue yield farming opportunities. Currently you can earn a yield of 50% APR by depositing your stables into the rewards pool on Mai Finance.
The protocol has already amassed a TVL of $120M and token price hit a recent peak of $5.
Risk On
The entire market looks ready to take off. If we get bullish confirmation throughout the week, I suspect many of these governance tokens on Polygon will get a nice lift. This means higher yields, increased investor reflexivity to the upside, and higher returns for initial dex offerings (IDOs). If possible I would allocate more time to farming and flipping IDOs.