PolyLion Roars onto the Polygon Network

polylion polygon

$6.3 million TVL in 2 weeks

PolyLion, a new decentralized exchange, and yield farming project on the Polygon Network has surged to impressive levels just days after its official launch. Within 11 days the platform has reached $6.3 million in total value locked (TVL). 

Since its launch on the 14th of May over 2,400 unique active wallets have interacted with the PolyLion smart contracts generating over 46,000 transactions. The platform already has over $6.3 million locked into its farms and pools with the LION token price at around $0.03 at the time of writing. 

The new DEX launched on the 14th of May and is one of over 30 new DeFi dapps listed on Polygon in the last 2 weeks. The Polygon DeFi ecosystem has been growing at impressive speed. Recently we reported that the total number of dapps now tracked on Polygon had risen from 61 to 93. One week on and that number has risen to 103 with 52 of those applications offering DeFi and exchange services. Arguably, the main cause behind the explosion of applications on Polygon is the lower fees and faster transactions when compared to Ethereum.  

What’s happening? 

The consistently rising results have been caused by several catalysts. Recently, the hype surrounding dapps listed on Polygon has been growing along with the number of users actively using Polygon dapps for trading. Secondly, introductory staking and farming percentages were the real draws. 

As with most new DeFi platforms buying and staking the native token is where the real gains can be had. Currently, staking LION will earn stakers a healthy 875.71% APY paid in LION. 

Farming opportunities on PolyLion currently offer users over 2,400% APY on staking LION and WMATIC with multiple token staking options available including USDC, LINK, and WETH.

LION Token 

On the 21st of May, the price of the LION token surged to over $0.18 after premiering at around $0.05 3 days earlier.  The surge was short-lived and almost immediately after hitting its ATH the token dropped down to $0.03 where it currently rests. It is highly likely that early adopters of LION sold at the peak, as a result dropping the price.

What is PolyLion 

At its heart, PolyLion is an automatic liquidity acquisition yield farm and decentralized exchange running on the Polygon Network. On PolyLion each transfer of LION involves users paying a 9% transfer tax. 4.5% of this transfer tax gets added back to the liquidity pool through the contract. Mechanism intended to help raise the price of LION continuously. The other 4.5% is burnt permanently to make LION rarer after each transaction. Arguably, these features have been more commonly incorporated to encourage users to hold the token for long-term benefits.

Another feature is harvest lockup. A rewards lockup mechanism used to limit the frequency of harvest. Designed to prevent farming arbitrage bots from constantly harvesting and dumping tokens. Additionally, users that transfer more than 0.5% of the total supply will be rejected. A mechanism put in place to ensure a big whale can’t easily dump the price. Importantly, as the total supply grows, this ratio will be reduced.

Importantly, a 4% deposit fee is charged when users enter staking on PolyLion, but unlike other yield farms, the deposit fee isn’t used to buy back and burn tokens. Instead, it is redistributed to LION holders in farms to encourage holding.

The platform also plans to add a trading incentive mechanism to the core exchange service. Here users will eventually be able to earn tokens by simply trading on PolyLion. But different from traditional trade mining, the rewards on PolyLion for trading can be different tokens like MATIC, WBTC, WETH. Additionally, and acting as a type of airdrop service. Other projects will be able to provide their tokens as rewards for specified trading pairs. 

Unsubscribe at any time. T&Cs and Privacy Policy

Share this post on social media

Share this Article

Related articles

Related articles

Polygon Defies The Crypto Crash

As the market sinks Polygon keeps rising
Polygon Crash