🟪 PolyPulse #26: BUIDLIT is back with more than $500K worth of prizes.
Also, check the new farming opportunities on Dystopia.
Welcome to Poly Pulse - your guide to staying up-to-date on the latest trends in the Polygon DeFi ecosystem.
This newsletter breaks down top stories, developments, updates, and trends from the second week of June 2022.
The decline in the Weekly Active Users finally came to a standstill. As compared to the first week of June 2022, there was a very small decline from 761k users to 756k users. The major reason behind this has been the user base of Terra joining the Polygon ecosystem after the crash of the LUNA ecosystem.
Quickswap still remains the most engaging DeFi dApp on Polygon with approximately 300k total weekly transactions and 51k unique users.
The Second Edition of BUIDLIT is Live for mavericks, renegades, and pioneers
The second edition of BUIDLIT, a global Hackathon is live on Polygon with over $500K worth of rewards to be won. This edition features multiple tracks:
Best DeFi: Build the next-gen financial applications for the decentralized economy.
Best NFT: Combine creativity with engineering to build awesome NFT dApps.
Best Tooling and Infrastructure: Create developer/infrastructure tooling for the Polygon Ecosystem.
Best Gaming: Make some fun and interactive games on Chain.
Best Web3 integration into Web2: Build the Web3 version of your best Web2 product.
Best Public Goods: Create social impact by building public goods.
Everything zk: Build the next generation of Web3 dApps using Zero-Knowledge tools and infrastructure.
The hackathon began on 15th June, 2022, and some important dates to keep in mind are:
Developer Sessions and Workshops from 16th June 2022 to 26th June 2022.
Hackathon Summit Event on the 22nd June 2022.
Final Submission Dates on the 1st of August 2022.
Winner Announcement on 25th August 2022.
To know more about the hackathon you can click here.
Let’s have some fun: Guess what Polygon will launch next? 😄
Dystopia is a recently launched ve(3,3) DeX that supports both stable and volatile token pairs. Building on Solidly’s original idea of ve(3,3), Dystopia improved upon all the flaws and drawbacks of the original iteration to create a DeX that incentivizes trading fees rather than liquidity in order to create the best swapping experience while providing the highest returns to liquidity providers.
Most of the largest pools on Dystopia are stable pools. Let’s take a look at some of them:
USDC/DAI: the largets one, with over $2M TVL and almost $150K weekly volume;
USD+/USDC: $2M TVL and it had a higher trading volume at $1.2M the last week;
FRAX/USDC: $1.9M TVL and $600K in trading volumes past week.
Dystopia is still doing modest volumes compared to stable pairs on Curve for example, but is also offering higher returns that can get you a 2-digits APR in a USDC/DAI pool.
As always, it is a matter of balancing the risk of moving part of your stable portfolio to a new platform versus a higher return, so make sure you do your own research!
Swaap.Finance, a new market neutral AMM launches on Polygon.
Farm for ~145% on the USDC-MATIC pair on Shark Swap: The first DEX on Polygon Supernet.
The latest alpha podcast with Kayinne, Founder of Synthetix, is live on “Polygon Alpha Podcast”.
The evolving state of Lending Markets on Polygon. The never ending search for passive incomes:
Read more about some of the biggest Web3 collaborations that Polygon is doing.
What’s the take on the current market scenario?
Let’s pen the words of Sandeep Nainwal, the Co-Founder of Polygon himself.
“This downturn in the market has more to do with “macro” factors than any fundamental weaknesses in Web3. Long term Web3 remains mega-mega bullish, so newbies keep learning and builders keep building! The bear should be long but if FED does anything which removes any of this uncertainty, there is a lot of dry powder sitting on the sidelines to bring in aggressive bull rallies. Though possibility of that looks low considering sticky inflation & fears of stagflation.
In private markets, A lot of VC funds have raised a LOT of capital, even though they will be careful in selecting their bets, and acceptable valuations would be much lower, but I expect the thesis based VCs to keep deploying. Most of them will also play in liquid markets.
Projects with some Product Market Fit playing in big enough TAMs will still be able to raise funds. If you are unable, then the focus should be to somehow survive; take consulting work, cut costs, just survive. Those playing only token games will be wiped out, for good.
Projects who have a strong treasury with ample runway for 2-3 years and those who would be able to build aggressively through this time will have potential to build generational value.”
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