Polydragon is a DEX Dapp on the Polygon blockchain and it has a native token called $Fire.
$FIRE powers their revolutionary staking pools & yield farms. It utilizes a specialized RFI Token structure enabling infinite pool rewards all while maintaining a fixed supply. As an RFI token, $FIRE uses a fair system of taxing each token transaction with a constant percentage. This restocks the yield farm and staking reward pools, and redistributes rewards to holders to create further value for its users. During the launch phase of $FIRE, 50% of the supply was sent to the token contract for farm/staking pool rewards. By sending $FIRE to this contract it became a $FIRE holder - and like all other $FIRE holders, this receives a portion of all $FIRE transaction fees restocking the reward supply. Unlike other holders of $FIRE, when the balance of this contract exceeds 500 billion it will begin providing liquidity to the MATIC/FIRE LP, until the balance falls below this set amount.
Chain: Polygon / Matic
Contract address: 0xe118e8b6dc166CD83695825eB1d30e792435Bb00
Contract address: 0xCEd39CF6221a10331e2349224BB1Eeb03A5c146f
The MasterChef contract contains all assets staked on PolyDragon.
1 Quadrillion static supply with deflationary burn mechanisms.
Auto-balancing mechanism that pays out FIRE based on current pool deposits and token contract reward balance.
Example: The USDC pool has 4% fee (2% buyback + 2% to PolyDragon Treasury) If you deposit $1000, 4% of that ($40) gets sent to the fee wallet. Of the 40 USDC, 20 USDC is being used to market-buy more FIRE. The FIRE that is bought from the market then gets sent to the reward contract to pay people that are staked. The other 20 USDC is then being sent to the PolyDragon Treasury.
The code is generally well written and does what it should. There is only one part that is worth mentioning in terms of potential risks/exploits
This piece of code means that the owner have the possibility to mint tokens. The dev informed us that this function isn’t intended to be used, but that he has it there as a backup plan “in the onset of an apocalypse” as he worded it, meaning that the function is there to be able to deal with some sort of catastrophic scenario.
However, this means that there is a theoretical risk of exploit.
Masterchef - 0xCEd39CF6221a10331e2349224BB1Eeb03A5c146f
Well written, no exploits identified. The only comment is that it looks like they patched the standard bug for fee-based transfers which is actually kind of impressive.
5% dev wallet
50% token contract (reward pool)
1.5T burned thus far (sent to 0x000..DEAD address)
Since $FIRE is a yield farm associated token and not a typical token, the token distribution differs from the standard.
Note that token contracts hold 50 % of the supply. This is what enables high APY rewards on yield farm platforms. A common misunderstanding is that the APY from the yield farms are generated by pcs fees. The reality is that the rewards with tokens (such as cake), that are native to a yield farm platform (such as pancakeswap), comes from a native token reward pool. The platform earns the liquidity provider amount that is generated from the transaction fees, while you as a yield farmer are reward with the platforms native token, in this example $FIRE.
PolyDragon just launched their first feature - farming pools. Almost all of their pools have deposit-taxes, and they are burning a bunch of FIRE every day. Polydragon is always working on ways to create more utility for the FIRE token, and on implementing new burn mechanisms. FIRE will tokenize all their features and enable the endless possibilities of decentralized finance. The first feature was farming. They are ready to announce the 2nd, 3rd and 4th. PolyDragon will be releasing:
- The PolyDragon Lottery
- The PolyDragon Launchpad (FireStart)
- PolyDragon NFTs
PolyDragon is the first to develop features built on top of the Polygon network. They want to showcase how powerful layer 2 scaling really can be.
🎁Reward Mechanism 1: Farming
PolyDragon is the first farm built on the Polygon network. Almost every farm on PolyDragon has a deposit-tax. The majority of these taxes are being used to buy-back and send FIRE to the reward contract. Farming is at the core of PolyDragon. They are currently working to broaden the reach of their farms and are eager to implement new ways to increase yield for their users. This includes implementing yield aggregators and leveraged yield farming in the near future.
🔥 Burn Mechanism 1: Lottery
The second burn mechanism they will be launching is the PolyDragon Lottery, the first Lottery feature built on Polygon. The lottery will be a fun way for Dragonites to win FIRE tokens. Their community will be voting between different special prizes in some of the Lotteries. 10% of all lottery proceeds will be burned. 90% will be given out in rewards. This is subject to change, as Polydragon is currently are improving the incentive structure.
🔥 Burn Mechanism 2: Launchpad
PolyDragon will be launching the very first Launchpad that is built on Polygon, and it's called FireStart. This is the biggest feature to be released by their team in Phase 1. FireStart is an incubator and accelerator that helps with fundraising, marketing, development and strategic planning for new projects that are being built on Polygon. If you are currently developing a project on Polygon, reach out to them.
🔥 Burn Mechanism 3: NFTs
PolyDragon is in contact with several designers to roll out the very first PolyDragon NFTs
👨🌾 External Yield Farming
More details coming soon.
PolyDragon will be the first leveraged yield farm on Polygon (Matic). ETH/MATIC lenders will be able to earn high interest on ETH/MATIC. The lending interest rate comes from leveraged yield farmers/liquidity providers borrowing these ETH/MATIC to yield farm/provide liquidity.
Yield farmers can get even higher farming APY and trading fees APY from taking on leveraged yield farming positions. By taking leverage, the protocol would borrow ETH/MATIC on users' behalf to yield farm.
Polydragon have partnerships with Polypixels & Prism Network.
We were not provided any information on the team members identities or professional background.