Tag: matic

Davos Protocol ($DGT) Token Airdrop Guide: LIVE NOW!
Davos Protocol is a new type of stable asset protocol that allows users to earn yield from staked assets with low collateral risk. Its mainnet was recently launched on Polygon, and early users could qualify for a potential airdrop. In this article, we will briefly explain what Davos Protocol is and what you can do to position for the airdrop.

Davos Protocol ($DGT) Airdrop Step-by-Step Guide

Here’s how to receive the $DGT airdrop:
1. Connect Your Wallet to Davos Protocol
2. Deposit $MATIC as Collateral
3. Stake $DAVOS to Earn $DGT
4. Deposit on Gamma Boosted Vaults
5. Provide Liquidity on Uniswap or QuickSwap
See below for more in-depth details!

What is Davos Protocol?

The Davos Protocol is a new type of stable asset protocol that solves the problem of locked-up liquidity in a sustainable way. It achieves this by using liquid staking and over-collateralization to enable a real yield extracted from liquid staking rewards for Davos stable assets on proof-of-stake (PoS) networks.

The monetary policy of Davos regulates the price stability of the stable asset $DAVOS. Through a revenue distribution system, Davos rewards liquidity providers with a stable yield. It accepts coins from multiple PoS networks as collateral to borrow $DAVOS stable assets and runs diverse low-risk strategies to generate yield from the collateralized assets. The generated yield is then redistributed to $DAVOS stakers and DEX liquidity providers.

Does Davos Protocol Have a Token?

Yes, Davos Protocol uses a dual token model consisting of $DAVOS and $DGT. $DAVOS is the stable asset backed by staked MATIC as collateral, allowing users to yield farm. On the other hand, $DGT is used for platform governance, participants incentivization, and voting on upgrades such as adding a new vault or changing protocol parameters and fees.

$DAVOS is already live and in use, but the $DGT token will launch in the future.

How to Get the Davos Protocol ($DGT) Token Airdrop?
The best chance to get the $DGT token airdrop is to interact with the Davos Protocol mainnet. Here’s a step-by-step guide:
1. Connect Your Wallet to Davos Protocol
  Connect your MetaMask or other supported wallets to the Davos Protocol app. Switch the network to the Polygon mainnet.
2. Deposit $MATIC as Collateral
  Go to the borrow page, provide $MATIC as collateral to borrow $DAVOS tokens.
  
  The Davos team recommends keeping the borrowing amount under 75% of the maximum limit to prevent loan liquidation, which could occur due to changes in the collateral’s value.
3. Stake $DAVOS to Earn $DGT
  Go to the earn page, stake your $DAVOS to earn $DGT rewards which could translate to the token when it is launched.
  
  If you unstake your tokens, you will need to repay the debt you owe in $DAVOS tokens to close your position.
4. Deposit on Gamma Boosted Vaults
  On the same page, you can deposit USDC/DAVOS pair on Gamma via Uniswap or QuickSwap.
5. Provide Liquidity on Uniswap or QuickSwap
  You can also directly provide USDC/DAVOS liquidity on Uniswap or QuickSwap.
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: Davos Protocol has not launched its $DGT token yet, but early users can potentially qualify for an airdrop.

Airdropped Token Allocation: Token allocation for airdrops is not confirmed yet.

Airdrop Difficulty: The steps are straightforward. Just provide $MATIC as collateral to borrow and stake $DAVOS. However, keep in mind that real funds are used, as it is deployed on the Polygon mainnet.

Token Utility: $DAVOS is the stable asset backed by staked $MATIC, whereas $DGT is the governance token of the protocol.

Token Lockup: There is no information on token lockup yet.
April 18, 2023
Polygon ($MATIC): can it solve Ethereum’s scaling challenges?

The Ethereum network has immensely pushed the boundaries of blockchain technology more than Bitcoin ever had, especially in the decentralized finance (DeFi) sector, where hundreds of different projects have been able to leverage the flexibility and effectiveness of the host blockchain.

Unfortunately, the slow transaction speeds and high costs are significantly limiting the performance of Ethereum-based projects to the point that some of them are migrating to alternative chains like Solana and Binance Smart Chain. Yet the vast majority of applications still hold on to Ethereum, waiting for Ethereum 2.0 to fully scale the network.

Ethereum is in dire need of a scaling solution that can speed up the blockchain’s throughput. Thankfully, Polygon is working on one of such solutions that would see the load on the Ethereum blockchain eased on parallel child chains.

Background

Polygon started out as Matic Network, a blockchain solution intended to speed up blockchain transactions and make them more accessible to the general public. Later on, the company refocused its objectives on the Ethereum network to furnish it with layer two scaling solutions. The name Polygon came along with the branding.

The startup was founded by four Indian technologists, Jaynti Kanani, Anurag Arjun, and Sandeep Nailwal, who had a similar vision of a future where machines and humans interacted freely. The three entrepreneurs agreed that blockchain technology is a vital tool for achieving such a society.

The trio was later joined by a Serbian tech maximalist and Ethereum enthusiast, Mihailo Bjelic. In a seed round announced on the 1^st of August, 2019, Polygon received funding from MiH ventures through Crunchbase. Version 1 of Polygon’s SDK was scheduled to be released in March of 2021.

What is Polygon ($MATIC)?

Polygon is a framework that allows Ethereum-based applications to bypass the low throughput, high gas fees, and poor interface of Ethereum while still enjoying its support

Polygon’s main component is its software development kit (SDK). The SDK is a flexible structure that allows projects to develop different sidechains that suit their needs. Necessary support is provided so that the alternate chains can interact effectively with Ethereum’s main chain.

By arming developers with flexible and easy-to-use tools, Polygon accelerates the transformation of Ethereum into a multi-chain ecosystem. Its users would be able to create Optimistic rollup chains, ZK rollup chains, and other types of sidechains.

But beyond being a mere framework, the Polygon platform is focused on connecting blockchains with one another, as well as the Ethereum blockchain itself.

Advantages of Polygon

The major benefit of Polygon is scalability, which the crypto space is in dire need of today considering that it takes forever for transactions to be verified on the Ethereum network, especially if you try to decrease the gas fees. Dapp developers have to pay so much in gas fees that it curtails their development and affects their offering to users.

And this is the pain point that Polygon aims to ease, and they are on their way to scale the Ethereum network.

Polygon’s solution to the challenges facing Ethereum (Image credit: Polygon)

Polygon for Developers

Developers can build a network of scalable side chains to the Ethereum blockchain through Polygon; one with independent consensus algorithms on a more developer-friendly, Web Assembly (WASM) environment.

Developers would be encouraged to build more and advance the general direction of the crypto industry, especially the DeFi sector. Polygon’s SDK does not require developers to have blockchain expertise. In fact, knowledge of these protocols is unnecessary in building from its SDK.

Users would also benefit tremendously with more easy-to-use interfaces, near-instantaneous transactions, and low costs. If well-executed, this will likely propel the growth of Ethereum dapps to astronomical levels and will push the boundaries of crypto to include the masses outside the industry.

Support, Flexibility, and Security

Polygon permits incredible flexibility for the development of chains.

Its modular nature allows developers to assemble products at unrivalled speeds. The easy assembly will also accelerate dapp development, effectively shortening the interval between the conception and deployment of blockchain products.

Support would also be provided for easy interaction with users, as well as external systems. Token exchange, contract calls, and communication with oracles are also supported on Polygon. Furthermore, the products would be easily upgradeable.

All these and more will be possible on Polygon without compromising on security. In fact, developers would be free to choose their approach to secure their platforms, using the modular “security as a service” feature on the Polygon framework.

Above all, all products developed on Polygon would be compatible with Ethereum.

Polygon Chains

During the days of Polygon’s Matic network, an Ethereum sidechain that uses the Plasma framework was the landmark of its offering. The Plasma framework allowed sidechains to run independently, only interacting with the main blockchain when it was necessary.

Polygon’s new platform sees it advance with the demands of the market by offering different chain networks that are attuned to Ethereum’s blockchain. And these are: stand-alone chains and secured chains.

Stand-alone Chains

Stand-alone chains have security autonomy, with each chain being responsible for its own security. Such chains have the freedom to choose their own validation methods. They can establish a personal pool of validators who ensure the authenticity of transactions directly on the blockchain.

Polygon stand-alone chains (Image credit: Polygon lightpaper)

Secured Chains

On the other hand, secured chains involve outsourcing the platform’s security to a third party. The third-party can be Ethereum itself, with its fraud-proof and validity proof pools. There are other independent, professional pools of validators that offer security as a service as well.

Overall, secured chains often enjoy more reliable and tighter security even if they might have to sacrifice some independence.

Polygon secured chains (Image credit: Polygon lightpaper)

MATIC token

MATIC is the only native token of Polygon, it is used to pay transaction fees and participate in Polygon’s proof-of-stake consensus mechanism.

Conclusion

Polygon’s vision is to launch whole blockchains that are scalable, secure, and have amazing interfaces, allowing decentralized applications to have an alternative platform to carry out transactions while enjoying the security and support of the Ethereum network.

Meanwhile, the Ethereum dev community is also continuously working on the Ethereum 2.0 project (Serenity), which seeks to ultimately scale its blockchain to unimaginable capacities even beyond Visa and Mastercard.

Disclaimer: Cryptocurrency trading involves significant risks and may result in the loss of your capital. You should carefully consider whether trading cryptocurrencies is right for you in light of your financial condition and ability to bear financial risks. Cryptocurrency prices are highly volatile and can fluctuate widely in a short period of time. As such, trading cryptocurrencies may not be suitable for everyone. Additionally, storing cryptocurrencies on a centralized exchange carries inherent risks, including the potential for loss due to hacking, exchange collapse, or other security breaches. We strongly advise that you seek independent professional advice before engaging in any cryptocurrency trading activities and carefully consider the security measures in place when choosing or storing your cryptocurrencies on a cryptocurrency exchange.

January 1, 2023
DinoSwap ($DINO) Guide: What is it?
What is DinoSwap?

DinoSwap ($DINO) is a decentralized exchange (DEX) Polygon network-based cross-chain protocol that rivals the likes of PancakeSwap and other automated market makers. Launched on 17 July 2021, the DEX allows users to use the DINO token to earn various tokens of projects operating on top of Polygon.

Some of the top investors of DinoSwap include DeFinance, Hashed, Spartan Group, DFG, and co-founder of Polygon Sandeep Nailwal.

DinoSwap’s goal is to allow users from any blockchains to benefit from increased liquidity by tapping into tethered liquidity from multiple other blockchains, thereby becoming a centralised hub for cross-chain liquidity. This can be done by building liquidity for layer one blockchains, AMMs (Automated Market Makers), and partnering projects.

The first blockchain that DinoSwap has started with is Polygon due to its high liquid environment and extremely low transaction cost. By leveraging the strength of Polygon, DinoSwap is then able to help crypto projects boost their token liquidity.

How does DinoSwap work?

Currently, DinoSwap offers three products:

DinoSwap Exchange

The main focus of DinoSwap, it is a DEX that does not have its own Automated Market Maker (AMM) and instead interfaces directly with third-party liquidity pools of the top DEXs on Polygon. On DinoSwap, users can exchange ERC20 tokens, and one of the features that make DinoSwap unique is that it does not charge any additional fees on exchanges.

Yield Farming (aka DinoSwap Fossil Farms)

Following the dinosaur theme, DinoSwap’s Fossil Farms are where users can earn DINO by staking their LP tokens from SushiSwap, QuickSwap and Dfyn.

Staking

Jurassic Pools

This is a non-burn pool where users can stake their DINO and earn more tokens from partnering projects. In addition, users can still withdraw or deposit DINO without any additional fees, time-locks, or burns. (www.stellardental.my)

Extinction Pools

Extinction Pools are burn pools where deposited DINO is burned when all rewards are distributed. Users can stake their DINO tokens in order to earn more tokens from other partners over a period of time.These allow projects to issue tokens to a global community of Degen Dinos which increases wallet holder count, boosts awareness of the project, and bootstraps initial market liquidity. Participating projects are announced through the official DinoSwap social media platforms and receive cross promotional benefits, and these projects will also populate on the default list of DinoSwap tokens without having to search for the contract address.

Tar Pits

Users can stake DINO in the Tar Pit to earn more DINO tokens. Entering these pools requires an adjustable time lock on staked DINO, but longer lock-ups mean increased rewards.

DINO token utility

DINO token is the native token of DinoSwap in ERC – 20 standard and is used to get other tokens from projects partnering with DinoSwap. DINO token has no hard cap but has a burning mechanism to deter inflation and ensure the healthy development of the ecosystem.

The DINO token at this time has two different uses: DINO is currently used to farm yDINO, a governance token which will be part of a complete ecosystem, by staking DINO and BNB on Tenet. DINO provides passive income to its users and holders through the 1% redistribution applied from every transaction Note: It will be used in the near future as the central currency used in this ecosystem currently in development, where artists and collectors can buy and sell digital art goods using DINO Token.

DINO Token Distribution

65 million DINO tokens were distributed at launch as follows:
- 65% – Farming Rewards (Fair launch).
- 5.6% – Treasury.
- 14.4% – Team (vested over 12 months, linearly, on a per-block basis).
- 15% – Investors and Advisors (vested over 12 months, linearly, on a per-block basis)
After the first 65 million DINO have hatched, new tokens will be created on-demand. For every 10 DINO created, one extra DINO will be allotted to the DinoSwap Treasury to support further protocol growth initiatives.

Trading on DinoSwap

Trading on DinoSwap is simple:
1. Navigate to the DinoSwap exchange here
Dinoswap exchange
1. Unlock your Polygon Wallet, click connect, and choose the wallet provider of your choice
Dinoswap Polygon wallet
1. Select the tokens you wish to swap and enter the amount (make sure you have MATIC in your wallet to push the transaction through) .
Dinoswap and MATIC
1. Check the details, and click “Swap”.
Dinoswap finalize
1. Check the details again and click “Confirm Swap”.
Dinoswap confirmation page
1. Confirm the transaction in your wallet.
2. The swap is complete and you can click view on maticvigil to see your transaction details
Yield Farming on DinoSwap

This function allows users to stake DINO in order to earn even more rewards after a period of time. There are two parts to this process:

Providing Liquidity

Every Fossil Farm needs a specific LP Token that can be acquired by providing liquidity for the appropriate pair. The following steps will prepare you to start excavating in your favorite Fossil Farm.
1. Go to the Fossil Farms page.
Dinoswap Fossil Farms
1. Click on your favorite Fossil Farm.
2. Click on the “Get LP” link on the left side.
Dinoswap Get LP
1. Follow the instructions to get LP tokens on either SushiSwap, Quickswap or Dfyn.
Entering a Fossil Farm

Now that you have your LP Tokens ready, it is time to put them at work and start excavating.
1. Go back to the Fossil Farms page.
2. Unlock your Wallet via the “Unlock Wallet” button or the “Connect” button (top right).
Fossil Farm Unlock Wallet
1. Make sure your wallet is on the “Matic Mainnet” network.
2. Click on the Fossil Farm you want to excavate.
3. Click the “Enable” button.
Fossil Farm MATIC Mainnet
1. Your wallet will ask you to confirm the transaction.
Fossil Farm confirm transaction
1. Click the “Stake LP” button.
2. Enter your desired amount of LP Tokens and click the “Confirm” button.
3. DONE! You are now farming DINO.
Adding or removing LP Tokens

At any time, you can decide to leave the Fossil Farm or add more LP Tokens to it.
1. Return to the Fossil Farms page.
2. Click the “Staked only” toggle to see the pairs you have LP Tokens in.
3. Choose a Fossil Farm you have LP Token in and click on it.
4. Click on the “+” or the “-“ button to add or remove LP Tokens.
5. Enter the amount you would like to add or remove.
6. Verify your information and click the “Confirm” button.
7. After a short wait you should see your new balance in the details section of the LP Token pair. If you have unstaked your LP Tokens, any unclaimed rewards will automatically have been collected.
Conclusion

DinoSwap ran a highly successful fundraising campaign before its launch and is even backed by the co-founder of Polygon himself, indicating a large amount of confidence in the project. The DEX has also successfully completed three Certik smart contract audits and has received a “low risk” rating from the Rug Doctor. DinoSwap is already the 7th most popular dApp on Polygon in less than 2 weeks from its official launch.

With DinoSwap’s mission of increased liquidity for cryptocurrency exchange, this DEX is one to keep an eye on and has huge potential to change the crypto exchange game.
January 24, 2022