Wormhole #7: PolyGamma Finance Review

This review is independent and non-sponsored, but as always, we encourage you to DYOR.

We’re on a roll with back-to-back Wormhole launches! Check out our newly launched GyozaSwap and PolyUnity Wormholes if you haven’t 😉

And now, it’s time for the next project (or investment vehicle) that we’ve selected for Wormholes — and it’s PolyGamma Finance!

If you’re new to Wormholes, please read the introductory article and FAQs first.

But as a quick illustration, think of it as you visiting a bank to make some investments. You get recommended investment products based on your risk level / what returns you’re expecting. You invest in one currency, and you earn the returns in that same currency.

Think of us as your “fund manager”, and we review each project before deciding to add it to our Wormholes.

Let’s go!

Project overview

PolyGamma (L4) is by the same team behind PolygonFarm (L1), PolyAlpha (L2), and PolyBeta (L3). PolyBeta is a project that we’ve reviewed and Wormhole-ed previously.

At the time of writing, PolyGamma seems similar to PolyBeta in terms of product features. It has the standard farming, dividend pool and vault features (for both its native and native LPs). The only difference is that PolyGamma doesn’t seem to have the lottery system that PolyBeta had.

The project team has also stated that L5 will be their last layered farm. After which, they plan to launch an NFT project and profits will support all their layered farm tokens.

Contracts (at time of writing)

Tokenomics

For the newest layer, PolyGamma (GAMMA):

  • Max Supply: 70,000
  • Emission Rate: 0.04 GAMMA per block
  • Listing price: $1

Assuming that emission rate remains constant, max supply will be reached at block 22223090 (~approx 43 to 45 days from farming launch).

Price action observations (Polygon)

Based on what we can see:

  • Liquidity providers for L2 and L3 native tokens are still incentivized through the farming of L4 token.
  • L2 and L3 natives are following the standard farm chart and found stable price floors — which means it could be consolidating for an upward movement. Nonetheless, natives are rather volatile, and providing liquidity can result in potential IL.
  • L4 native will return to a stable price after ATH. APRs will continue to fall due to profit taking, so get in fast before it’s all gone!

Security & audits

RugDoc

The project has a Low Risk rating for its latest layer, PolyGamma, as well as its other 3 layers. The project owner has also done a KYC, and you can read more about RugDoc’s KYC process here.

Any malicious actions from the KYC’ed applicant can be prosecuted with legal action, so developers undergoing the KYC process show the first steps towards transparency.

PolyGamma has also locked its liquidity with RugDoc:

  • 1,366 WMATIC-GAMMA LP tokens (~55 at time of review) — Txn Hash: 0xe75d5b…449382
  • 0.00174 USDC-GAMMA LP tokens (~79% at time of review) — Txn Hash: 0xfc00f…c5d6d1

Audits

The project has completed a total of 5 audits across its layers:

Paladin is one of the leading audit firms in the DeFi space and also a RugDoc recommended audit firm.

Risks

There are 2 risk levels that we’ve assigned to PolyGamma, namely:

  • High Risk: Potential IL due to the project’s earlier layers dumping. If there’s low liquidity for the earlier layer, we recommend staking with small amounts, then DCA in with larger amounts to make the most of your profits. Our Wormhole contracts also protect you from any large slippage risks with a maximum slippage of 5%. This safeguard will thus cause your transaction to fail, thereby keeping your capital safe.
  • Low Risk: Assigned because of deposit fees (to the specific project, not Timeleap), but once again, you’re likely to earn it back through farming

Standard risks also apply across all Wormholes regardless of project:

  • Project decides to adjust multipliers to encourage liquidity migration to other pools
  • Project decides to change emission rates
  • Insufficient utility for native token may cause native dumping, which affects APR
  • Poor community management resulting in FUD

Please make sure you understand the risks and the associated terminology prior to staking in a Wormhole!

Find PolyGamma

Website: https://polygamma.finance/

Docs: https://polyalpha.gitbook.io/polygamma-finance-1/

Twitter: https://twitter.com/PolyAlphaFi

Telegram: https://t.me/PolyAlphaFi

PolyGamma Wormholes

At the time of writing, we’re seeing some amazing APRs and APYs — we had to display those APYs as such because there’s no way we could fit all the numbers into the card UI 😂

Even the Low Risk Wormholes are getting some of the sweetest APYs in the market for stables and large caps!

High Risk Wormholes
Low Risk Wormholes

Wormhole launch

Wormholes are estimated to officially launch within the hour after PolyGamma launches its GAMMA farming layer.

This is so that we can verify that the project’s MC used on chain is the same as the one on their UI — a safety precaution as projects switching out their MC is a common type of rug.

We’ll make an announcement on Telegram and Twitter once our PolyGamma Wormholes are launched — you’ll be able to find them via the below links then:

If you’d like to participate in this batch of Wormholes early (before the project even launches its farm), head to our Telegram to request for the URL to our beta site.

Note that this is high risk, high rewards territory. Although deposit and withdrawal transactions have been tested to work, we’re pending farming launch in order to verify that the MC on chain is minting correctly.

Only recommended for experienced yield farmers!

All information in this review is accurate at the time of writing.

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