Polynomial Protocol is a decentralized derivative exchange powered by the Synthetix Protocol on Optimism. They have distributed Optimism ($OP) airdrops to active users in the past and could do so again. In this article, we will briefly explain what Polynomial Protocol is and what you can do to position yourself for the retroactive airdrop.
What is Polynomial Protocol?
Polynomial Protocol is built on top of Synthetix, with $SNX stakers serving as counterparties for transactions on Polynomial. By offering liquidity, $SNX stakers receive fees from the platform. Apart from trading, Polynomial offers two more products to make DeFi more accessible to users:
- Polynomial Earn Vaults: These are the first DeFi Options Vaults (DOV) that operate entirely on-chain by selling options directly to an Automated Market Maker (AMM).
- Polynomial Swap: This product streamlines the swapping process on Optimism, particularly for synthetic assets. Non-synthetic assets are routed through 1inch to ensure a seamless experience.
Does Polynomial Protocol have a Token?
Salman Naseer, founder of Polynomial Protocol, said in Discord that they are not planning a token launch at the moment. In the meantime, active users can only claim Optimism ($OP) tokens as rewards.
How to Get Retroactive $OP Airdrop on Polynomial?
The best chance to get another retroactive $OP airdrop is to interact with the Polynomial Trade, Earn, and Swap features. Here’s a step-by-step guide:
- Connect Your Wallet to Polynomial Protocol
Connect your MetaMask or other supported wallets to the Polynomial Protocol trading app. The available networks are Optimism and Ethereum.
- Create Polynomial Smart Wallet
After you connected your wallet, you will need to create a Polynomial smart contract wallet. For this part, you also need some ETH to cover gas fees.
- Deposit sUSD in Smart Wallet
After creating your smart wallet, you will need to deposit at least $50 sUSD to start trading. You can use the swap feature to get sUSD.
If you don’t have funds in Optimism, you can bridge your assets via the MetaMask bridge aggregator (this could also qualify you for the $MASK airdrop). You can also buy sUSD on KuCoin and transfer them to your Optimism wallet. - Trade Perpetual Futures
You can now trade perpetual futures on the platform. Polynomial has a detailed guide on how to open up standard orders or limit orders for long and short positions.
- Use Earn Vaults
You can deposit sETH or sUSD to earn yields in the Polynomial Earn Vaults. It is important to note that these vault strategies are subject to market risks. Check out their earn documents to understand more.
Airdrop Review
When reviewing an airdrop, there are several factors to consider. First, the likelihood the project will even do an airdrop in the first place. Then, to look at how many tokens the project intends to allocate towards airdrop campaigns, as well as the difficulty in participating in their airdrop. It is also important to look at the utility of the token so that there will be an actual use and purpose in participating in the airdrop in the first place. Finally, a factor to consider when reviewing an airdrop is whether the airdropped tokens are subject to any lockup period.
Likelihood of Airdrop: There is no official announcement of the next retroactive $OP airdrop yet. But Polynomial is growing, so there is a good chance there will be another incentive for the community.
Airdropped Token Allocation: The airdropped token allocation is unknown.
Airdrop Difficulty: The trading platform offers a user-friendly interface and operates on the Optimism mainnet. As with any investment, it is advised to only use funds that one is prepared to risk.
Token Utility: Polynomial has no plans to launch its own token yet.
Token Lockup: Polynomial has no plans to launch its own token yet.
