OK Maybe Polygon is Awesome
So I wrote an article the other day where I questioned the value of Polygon. Well today I actually looked into it a bit and for the time being, the yields are incredible and the price of tokens is really low. I took a look today at Polyzap and Polycat and Polydex. The Polydex coin is only 6 cents and the yield is 3000% but they say you need to lock it in for 6 weeks and then it slowly gives it back to you the following 8 weeks. I would assume as more people join the pool your rate will go down and by the time 6 weeks has passed it won't be any better than Cake. That is a long time to lock.
Polyzap on the other hand is 1.30 per coin and looks to also have great yields but very little lock up period or no lock up period. I think I am going to try it out. I will keep you guys posted as I figure out how to bridge to the Polygon network. What coin to use and what coin I eventually try to stake.
I am going to check out Pzap, Quick, and Matic for yield farming and staking along with some wrapped eth and wrapped btc.
I don't particularly like Metamask so I will need to figure out a wallet to use.
Ok, just read about Iron Finance going to zero fromn $65.00. I should just stop reading about new things and thinking they are great with no risk. Good things I can't access my money on my Trust wallet right now to do something stupid like buy Titan.
After further research, I think Polygon has some significant risks and that there is probably more problems on the horizon. That doesn't mean it isn't a good chain and won't do well. Online Heco and BSC, Polygon has 100 validators. They use the same coding as Ethereum ERC20 tokens so developers can port their dapps over with little problem and the kicker is that the fees are low. I thought smart chain were low. There is a faucet that gives free Matic and its so cheap that the amount they give you is enough for 100 transaction and I think its less than a cent.
They have the Fish token which has nice yields on poly something and then theirs matic and Quick that have caught my eye.
I just figured that I can access Polygon and pancake swap with my DCENT wallet but I need to understand what happens if the app is missing one day. I don't mind using small amounts in wallets where I need to trust a company but in the end I want to have a direct relationship with the chain and I want to know how to access my funds. Whether that means I hold Monero and run a node or hold bitcoin and run a node. I want to be able to have a direct relationship with my funds.
That is one of the future projects I am working on. I have 5 raspberry pis sitting on my floor in various stages of assembly. I thought it would be cool to develop my own Node in a box. I have been taking on way to many projects. The only thing I have been doing consistently is Staking Cake and writing Defi stuff based on my experiences.
As I look more into Polygon, it seems to be the most similar to Ethereum except for the fees. While Binance Smart Chain is its own chain, Polygon is considered a layer 2 for Ethereum which could get much more mainstream support. If Binance Smart Chain is worth $350 a coin with a 50 billion dollar market cap, I think Polygon could catch up.
Polygon was 100 validators which Heco chain and Binance Smart chain only have 21 each. I am probably not fully comfortable putting a lot in Poly but now that I know I can use my DCENT wallet to store poly, I will give it a chance.