Cryption Network‘s PolyDex, the DeFi platform on Polygon is going live with its Decentralized Finance Suite of products with Pools, Farms, Exchange and more with gasless transactions.
PolyDex is one of the first products of Cryption Network since its IDO, that will allow investors to start earning an additional yield on their tokens, and not only in the native CNT tokens. PolyDex offers farms and pools in partnership with MAHADAO, hence users can earn MAHA and ARTH tokens as well.
What does PolyDex Offer?
PolyDex at launch, offers a Decentralized Exchange, Core and Multi Reward Farms, Pools, and Staking platform. Further features like analytics are coming soon.
Each product offers a different level of risks and benefits.
For instance, if you are a CNT holder and you don’t really want to earn rewards in any other tokens than CNT, then simply stake them on Staker and start earning interest on it.
1. Liquidity Pools and Farms
With the liquidity pools, users can provide liquidity to three different pools and earn CNT as rewards by staking the LP tokens. There are several active farms on the platform right now.
Alternatively, users can also provide liquidity to MAHA-CNT pool, stake the LP tokens and earn rewards in three tokens – MAHA, CNT and ARTH.
2. Single Asset Pools
There are two single asset pools where users can stake CNT tokens.
One one pool, users earn rewards in MAHA, CNT and ARTH tokens. On the other one, users earn rewards in MAHA and ARTH tokens.
3. CNT Stakers
This is the simplest of all the products, users simply stake their CNT tokens and earn more CNT in rewards. The bigger the pool, the lesser the APR becomes.
CNT price Pumps over Announcement
The price of the token has jumped 65% to $0.63 at press time over the announcement of the launch. While we are writing this, PolyDex is yet to be active on Polygon Mainnet.
The anticipation of being early on the platform and maximizing the yield has possibly moved the price up for the token. DeFi platforms generally benefits those the most who are early adopters.
PolyDex is also launching its own decentralized exchange on the platform. All the features will be accessible to users without having to pay for gas. Given that Polygon network is much faster than Ethereum, the fees are miniscule as well. However, even if the users do not hold any MATIC tokens on the wallet, they can use PolyDex by using the gasless mode.
PolyDex is live at https://app.polydex.org/
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