Polycat Finance Decentralized Exchange Review

Polycat Finance is a decentralized hybrid yield optimizer that was launched in May 2021. It was one of the first yield farms on the Polygon chain. It is supported by a vast community and its aim is to create the ultimate decentralized platform for all your DeFi needs.

Polycat Finance overview

The principal features of this exchange are as follows:

• Cryptocurrencies supported

Through the Polycat AMM, you can easily swap tokens while enjoying lower fees. It supports popular tokens like MATIC, COLLAR, COSMIC, CRYSTAL, DOGIRA, and FISH.

• Native token

There are two native tokens for this exchange, namely PAW and FISH. These two tokens are listed on the exchange, so you buy them directly. 

• Funding methods

You need to hold an adequate number of coins if you wish to swap them for another. If there aren’t enough coins in your wallet, you can always purchase them from an exchange.

• Wallets supported

In order to carry out swaps and add liquidity, you must link your wallet to the platform. Some of the supported wallets include MathWallet, TokenPocket, and Metamask. 

How does Polycat Finance work?

This platform lets you do the following:

1. Swap tokens

This is one of the main functions of this DEX platform. In exchange for a small fee, you can effortlessly swap between crypto tokens. You can choose among slow, standard, fast, and instant transaction speeds while adjusting the slippage tolerance and setting the transaction deadline.

2. Provide liquidity

You can earn CAT-LP tokens by adding liquidity to liquidity pools. If you have created LP on other DEX platforms, you can break it on their website and re-create it on Polycat. The tokens in your pair can be manually selected for managing LP. 

3. Stake CAT-LP tokens

By staking CAT-LP tokens, you can earn PAW tokens. On the Farms page, you will find a list of PAW farms. There are no fees for farmers. The rewards harvested for the farms will be vested linearly over a period of 30 days. On the Vesting screen, you can check the total rewards and the unvested rewards you can withdraw. You can immediately receive the unvested amount by harvesting from the vesting screen.

4. Take part in governance

You propose and elect for changes, determining the future of the platform. This feature is available for those who hold or stake the FISH token.

What can you buy on Polycat Finance?

This platform runs on the Polygon blockchain. It is able to offer high transaction speed and low fees without compromising on security. Some of the popular tokens on this platform are MATIC, DAI, USDC, USDT, WETH, WBTC, and COSMIC.

Is Polycat Finance safe?

This exchange has undergone audits conducted by top firms like Paladin, Obelisk, and TechRate. It is currently undergoing an audit carried out by CertiK. The developer has added timelocks for users to monitor the changes and adjust accordingly. They have also removed the migratory code so it cannot be abused.

User reviews

On Trustpilot, there is only one review for this DEX platform. Thus, it is evident that not many people are using it right now.

Polycat Finance fees, compatible wallets, and transactions

There is a total of 0.24% swap fees. Out of this, 0.10% goes to the liquidity providers, 0.12% is used for burning PAW, and 0.02% is used for burning FISH. The platform supports Metamask, MathWallet, TokenPocket, and Trust Wallet, as well as those supported by WalletConnect like Ledger Live, Wallet 3, Ambire Wallet, Tokenary, and Infinity Wallet.

What are the ways to trade on Polycat Finance?

To trade tokens, simply navigate to the Swap page and select the token you wish to swap and the one you wish to receive. For high-slippage trades, you can toggle expert mode to bypass confirmation modals.

Customer support

If you require support, you can join the Telegram or the Discord channel. The vendor has also shared documentation where you can find a wealth of information on the platform and learn how it functions.

Should you trade with Polycat Finance?