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I only knew of one zap in DEX ecosystem and that happened to be on the Pancakebunny. My Bunny tokens which were worth more than $1000 five days back are now worth $150 and all thanks to the $200 million flash loan exploit. So I am not too fond of zap at the moment. But, given the curiosity bug that I have, it always gets the best or the worst out for me. So the zap found me again and this time it happens to be on Matic(now Polygon). I have always had a liking for Matic for obvious reasons. It is a perfect layer 2 solution which offers fast transactions at extremely low cost. More on Matic in a detailed, yet to come post. For now, let's get back to the Zap.
This zap is Polyzap, a DEX and yield farming protocol on Matic network. The run has been nothing short of impressive for a DEX which is just 18 days old with more than $28 million TVL and a 24hr volume of more than $4 mil. With increasing gas prices on Ethereum, it creates an opportunity for other chains and obviously the number of dapps on BSC, Polygon and other blockchains is ever increasing.
Key Features
Polyzap has a hard cap total supply of 21 million PZAP tokens. It started off with an IDO allocation of 200,000 PZAP tokens at the rate of 5 MATIC per PZAP which turned out to be a success. The price of PZAP token at the moment is close to $6.5 which is 3 Matic per PZAP. Given the recent bloodbath, it hasn't eroded too bad. There are innovative burning mechanisms in place to limit the supply leading to scarcity. Two of these are already implemented and few more are planned ahead. Additionally, manual buybacks and burns from the deposit fees collected may also be considered in the future. The interface looks like Pancakeswap or any of it's clones with some tweaks. It has a low trading fees of 0.25% per swap and it also boats of an auto-slippage feature for Polyzap DEX trades.
Investor protection & Security
Polyzap has an investor protection mechanism which can be configured by the leadership. This is a bit of concern for me & more of a double edged sword. Though it is protected by timelock and they claim to announce it to the investors and the community in advance but we all know what can happen in the crypto space. The project also has an anti-whale prevention, which limits the amount of PZAP tokens that can be transferred in a single transaction at 0.5% of circulating PZAP supply. It also has harvest lockup protection mechanism (to prevent arbitrage by bots and other users exploting APRs in farms or pools) which only affects the frequency and availability of harvest.
Polyzap smart contract has been audited by Techrate and HashEx so far and more audits are planned by Certik and Hacken. It claims to have modified the MasterChef contract to remove the infamous migrator(RUGPULL code).
You can find the detailed information here.
On the outside, Polyzap might appear to be another DEX but it does have some unique features. One of these is the referral program. It allows users to earn PZAP without any deposit by simply referring users to stake in Zap Farms or Pools. The other cool features that the platform has are the King of Zap which is a battle of bids(like on pancakeswap), Zap Lottery(again) & Wheel of Zap(and again).
The staking APY is pure crazy right now. I am not kidding and don't be surprised to see a 6-figure percentage APY. However, remember you are only earning in PZAP.
Now the million dollar question - Do you invest?
As any other person in the financial world will tell you, DYOR before you shell out your money. Nothing is risk-free and more so in the crypto space. Invest what you are ok losing. The platform has been growing so far in numbers and users. It has minimal fees, unique features, astronomical APYs and that is a reason for me to invest a little bit of money. Maybe what's left of that Pancakebunny to get it back to $1000 or down to the grave.
Who knows right! Only time does, if only I could fast forward and then get back, like the flash loan. But then I wouldn't want to be anyone's nemesis like the $200mil flash loan.
If you need help configuring your wallet to Matic network, simply click here.
For the bravehearts who are ready to invest, just like me, go ahead with my referral.
Please not this is my personal opinion and NOT financial advice.
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