PolyZap is a revolutionary decentralized exchange (DEX) and Yield Farming Network that’s built on the Polygon(Matic) network. Fully utilizing the fast, efficient and inexpensive Polygon Blockchain, PolyZap offers a number of ways for cryptocurrency enthusiast to swap, stake and provide liquidity building their passive income streams. In the following review we’ll go into more detail about what makes PolyZap ecosystem work, and how you might be able to grasp PZap’s benefits yourself.
Now, let’s talk a little bit about the PolyZap(PZAP) token:
It is important to mention that the PZAP token has a hard market cap of 21M tokens, something that is highly beneficial for the future and utility of the token. Apart from that, burning mechanisms have also been prepared aiming to further limit the supply of the token making it more scarce, and we all love scarcity in crypto! Lastly PolyZap has plans to become a Governance Token on the Polygon Ecosystem setting its future expectations pretty high.
First and Foremost: How do I move or bridge funds to the Matic network and connect my wallet?
#Moving funds over & Bridge Options.
Because the Polygon Network hasn’t been fully utilized by major exchanges, new cryptocurrency investors may find it hard to “bridge” their funds over to Matic. Here is an official & fairly easy tutorial:
For Ethereum(ETH) Holders:
For Binance Smart Chain(BNB) Holders:
#1 xPollinate.io
xPollinate.io is probably the best way to bridge your funds from BSC to the Matic Mainnet in an easy & decentralized way. The site is fairly easy to use and xPollinate is the most popular Cross-Chain Bridge at the time of this writing.
Things to consider:
- Low Fees
- Only 3 Coin Options(DAI/USDC/USDT)
- Decentralized Platform
#2 Ascendex.com
Ascendex is a centralized exchange where users can swap their BNB for coins on the Matic Network such as Matic or USDC. Ascendex is one of the most efficient ways to bridge your funds over!
Things to consider:
- Minimum Withdrawal of 250 Matic
- 24h Withdrawal Limit
- No KYC Requirements
#Connecting my Wallet to PolyZap
It is highly recommended that you use the Metamask Extension or application when connecting your wallet to PolyZap.
#Step 1
Launch PolyZap
#Step 2 (Metamask)
Click on “Add Network” and configure the Matic Mainnet Network on your Metamask wallet.
- Network Name: Polygon (MATIC).
- Updated RPC URL: https://rpc-mainnet.matic.network
- Chain ID: 137
- Currency Symbol: MATIC
- Block Explorer URL: https://explorer.matic.network/
#Step 3(PolyZap)
On your PolyZap dashboard click “Connect” on the upper right corner and choose Metamask as your wallet!
Now you are all set up! Let’s move to PolyZap’s features!
#1 PolyZap Exchange
PolyZap has its own DEX( Decentralized Exchange Feature) built in enabling users to swiftly swap tokens with extraordinary small fees. On the DEX, you can Exchange Tokens, add liquidity, or use the bridge feature to bridge your funds to a different network! This tool definitely comes pretty handy!
#2 PolyZap Pools(Staking)
Staking cryptocurrencies has largely become a primary form of earning passive income in the crypto space.
PolyZap offers a variety of “ZAP” pools for a number of mainstream cryptocurrencies and most importantly a variety of stable coins on astronomical APYs. Unlike other networks, the Matic/Polygon ecosystem offers swift transactions on minimal fees, making your Staking Journey as smooth as it can be.
Features
- Minimal or No Deposit Fees
- 24h Maximum Lockup
- Immediate Rewards
- Crystal-clear APYs and handy calculator
- Harvesting(collecting your rewards) and compounding(adding your rewards to your initial stake) can be done swiftly and cost efficiently.
#3 PolyZap Yield Farms
Farming is a high risk-high reward option for your cryptocurrency. The liquidity farms on PolyZap seem to offer incredibly high APRs compared to other exchanges, and the fees associated are minimal. Ranging from combinations of stable coin farms, to coins such Ethereum and Matic and ultimately to the home token (PZAP), the liquidity farms on PolyZap have a lot to offer!
Related Questions
How do I add liquidity to the farms?
In order for a user to become an LP provider for the ZAP farms, he/she first has to create the LP tokens on the PolyZap Liquidity Feature. There he/she has to Split the paired tokens on a 50/50 ratio and exchange them for the LP tokens which can be later staked on the Yield Farms!
How do i remove liquidity from the farms?
In order to remove the liquidity from a farm you have invested in, you have to click on the “-” button on your farm dashboard(Shown below).
Afterwards, you have to “split” your LP tokens on the Liquidity tab of PolyZap! Now you have efficiently removed your LP tokens!
#4 PolyZap Gaming (yes, you heard that right!)
PolyZap has demonstrated its interest towards building a decentralized Lucky Games platform built in on the PolyZap ecosystem, making them easily accessible for users who enjoy a rush of adrenaline. Please note that in order to participate in these games you need to be over 21 and responsibly bid your funds. Funds that are spent on the games cannot be recovered.
#King of Zap
King of Zap is a fun bidding game where users bid their PZAP(the home token of the platform) and the last bidder, naturally the one with the highest amount of PZAP in their bid, gets to win and collect 50% of the whole pot! 30% of the remaining funds get burned forever(a burning mechanism that takes place automatically), 10% are carried on the next round and 10% go to the PolyZap treasury. So far we have seen witnessed some extraordinary and close battles, with bidders aiming to overthrow each other! All in all, this game is a high risk, high reward game, and users should be wary that their funds can get lost if someone bids a larger amount that theirs.
#Wheel of Zap
The Wheel of Zap is an old fashioned, but always in fashion game. People \ bet on a color using PZAP. Then after the wheel has spun, if you are lucky you get to be rewarded in PZAP! You can bid on either Green, Blue or Black with a minimum of 1PZAP and a maximum of 5PZAP. Once the wheel reaches a pot of 20 PZAP, it will spin and land on a color and if you bid on that color you will be rewarded in PZAP! Talking about probabilities, if you bid on Black or Blue you have a 48% chance of winning and you can leave with up to 192% of your initial investment. Although, if you bet on Green, you have a tiny chance of 4% to win, but if you do, the rewards are massive! You get to keep all the bids of the other colors, plus win the Jackpot!
Is PolyZap Safe?
PolyZap has been operating without any issue so as of the time of this writing, and as a decentralized exchange it seems highly credible. The team behind the DEX has gone as far as to have it audited by 2 trustworthy audit companies and has planned an audit by CertiK too. Of course one audit doesn’t mean the exchange is completely safe and you should always be highly cautious with funds you plan on committing to any DeFi exchange.
Personal View
PolyZap is a new project that has been already audited by trustworthy audit companies and the platform’s popularity is growing in the last couple days. Personally, I really like the Polygon Ecosystem and believe PolyZap has a lot more room to grow. The minimal fees, along with the ease of the platform add a lot to its credibility and that is definitely an upvote from me. Below you will find my referal link for the platform. Please feel free to ask any questions on this post and I will do my best to answer you. As always, this is not financial advice, and I highly suggest all crypto investors to be more than cautious on their crypto journey!
