Poly Pulse #6: Matic becomes deflationary.
Earn up to 400% on your wETH and build on Polygon in ETH Global for prizes worth USD 250k.
Howey family!
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 past week, along with a farming opportunity.
Whether you are a newbie who has just entered the DeFi ecosystem or someone who wants to keep yourself updated, this newsletter is the best place to stay ahead of everyone.
This week’s top update was the release of the public deployment script and documentation outlining steps to deploy Uniswap Protocol v3 to other chains! With many protocols integrating on Uniswap to launch pools, and millions in fees saved, this integration is one step closer for #DeFiforAll.
The much anticipated EIP-1559 went live on Polygon. Each time a user pays for a transaction, the base fee gets locked on the burn contract on Polygon and the priority fee gets paid to the validator. Once MATIC gets accumulated to the burn contract, users can initiate the burn process from Polygon.
You can watch the burn here.
This step-by-step guide can help in the burning process via the Burn MATIC interface:
Connect your MetaMask wallet to the application using the “Login” button in top right.
The “Initiate burn” button is activated when the amount of MATIC accumulated on the burn contract is more than 25,000.
Click on “Initiate Burn.” The status changes to pending. After that, the wallet pops up a confirmation modal so you can confirm the transaction.
Next, burn the tokens on Ethereum. (This transaction will be performed on Ethereum Mainnet.) As soon as the checkpointing of this transaction is complete, the button “Confirm Burn” will be enabled.
Click on “Confirm Burn” to initiate the burn on Ethereum.
Once the “Confirm Burn” action is done, the burn proceeds to Step 3 where you click on the “Complete burn” button and proceed to complete the burn on Ethereum.
The MATIC tokens are now burned and indexed in the “Completed Burns” section, which will also show the final transaction hash.
It’s as simple as that!
The supply of MATIC is 10 Billion, and it is expected that the burn would reduce 0.27% annualized, of the total MATIC supply.
To read more details of the blog post you can check here.
Are you new to Web3 and looking a place to #BUIDL ?
ETHGlobal presents Road to Web3 Hackathon #PoweredbyPolygon!
Attend a series of beginner-friendly technical sessions to build your first #dApp on #Polygon and win prizes worth $250K.
To apply you can visit here.
The previous week, Polygon Ecosystem DAO approved nine grants to various projects which include:
Nexity: It is an innovative blockchain platform which enables users to improve supply chain collaboration by automating B2B interactions with suppliers and trading partners.
AMY DAO: A decentralised economy, and financial & services market based on music.
DEFI Options: An open-source decentralised options trading platform allowing users to buy, sell and write cash settable European call/put option tokens.
XSauce: A suite of tools that empower the evolution of cultural assets.
0xPandemic: Citadels in the on-chain metaverse are fighting each other synthesising and evolving Viruses. Get your NFT Lab, accumulate $AMINO and conquer other citadels.
Burning Mars: An exclusive metaverse created and designed for 10,000 members only.
FINT: A mobile-first multichain wallet built to simplify the accessibility of well-curated DeFi products– Staking & Yield farming.
Hello Frens: A decentralised freemium social metaverse 3.0 that leverages advanced technologies and concepts like NFT’S, Metaverse, IPFS, Blockchain and AI to provide a complete creator ecosystem to connect and earn together with their supporters, Auction house and brands while getting a chance to live in a metaverse.
Lucky Races: A Play-to-Earn NFT Metaverse Racing Game on the Polygon Blockchain.
The grants are milestone-based and will be released based on the performance of the projects. If you plan to build on Polygon or currently are on Polygon, you can also apply for a grant to the DAO via their application form.
Earn up to 400% on your wETH with no Liquidation Risk and negligible Impermanent Loss.
Nacho Finance is a Tomb fork on Polygon in which $NACHO is synthetic $wTEH where the peg is algorithmically stabilised i.e. 1000 $NACHO almost always = 1 $wETH. Do not worry if $NACHO is off peg as impermanent loss is minimum or zero if both assets move in the same direction with the same price action regardless of the price of the individual assets.
As a result of being algorithmically pegged to wETH, both $NACHO and $wETH have the same price action. This is ideal for liquidity providers as they have no impermanent loss as a result of providing liquidity to the wETH-NACHO pair on Quickswap.
Strategy Diagram
Strategy Steps:
Lend $wETH on Aave’s Polygon market;
Borrow $wETH with maximum leverage at 80% loan to value (“LTV”). There is no liquidation risk here since you have lent $wETH and also borrowed $wETH;
Provide liquidity to the wETH-NACHO Quickswap LP with 50% $wETH and 50% $NACHO;
Stake the LP on Nacho Finance by approving the vault and staking LP tokens;
6. Earn NSHARE per block and harvest daily / weekly / as per your convenience;
7. Sell 25% $NSHARE for $NACHO and 75% $NSHARE for $wETH;
8. Create a wETH-NACHO LP again with the new NACHO and wETH and supply it back to the farm to compound your returns;
9. Take the remaining wETH and lend again on Aave;
10. Repeat steps 2 to 9.
A strategy by @YJN58.
This strategy uses protocols with infrastructure that is battle-tested and proven in DeFi at this point. However, remember that each DeFi platform comes with an inherent risk, so never throw caution to the wind in DeFi. Only yield farm with money you can afford to lose!
$GHST is being proposed to be listed on the Polygon market on AAVE.
An advanced trader? Good news for you: Onomy Protocol’s hybrid DEX and Forex Marketplace are coming soon on Polygon. Onomy provides rails for the $6.6T per day Forex market to plug into DeFi
FTX Exchange now supports Polygon PoS Mainnet. Enjoy free deposit/withdrawal assets directly on the Polygon Mainnet directly.
$Matic Staking is live on BitFinex, a leading digital asset trading platform with up to 41% annualised staking rewards.
