Wault Finance experiences a tremendous jump in the price of WEXpoly following their hugely successful airdrop.
WEXpoly Sees Tremendous Success Following Airdrop
On Monday, June 14th at around roughly 2:30 PM UTC, Wault Finance officially launched their protocol on the Polygon network and listed WEXpoly on Polygon. Following the launch, users of Wault Swap are now able to buy and sell tokens on Polygon. The Wault Farm is also available to generate high APYs on popular cryptocurrencies. WEXpoly began at a $800k market cap, but exploded within the 24 hour period, now trading at a $67 million market cap. Wault Finance also reported via Twitter that half a billion was captured in TVL immediately following the airdrop.
The WEXpoly airdrop has been a huge success for not only those who participated but also the launch of the token. For those who are seeing the news of the airdrop for the first time, we previously provided a detailed article explaining how the airdrop would work as well as how one could participate by staking their WEX tokens in lockup pools. Wault Finance announced that as a result of the money locked in the lockup pools, 778,343,258 of WEXpoly will be distributed to those who participated over the coming weeks.
Following the Polygon Airdrop
After the WEXpoly airdrop began, farming pools for the Polygon network token were enabled. The yields that are currently being offered are sky high, as Beefy.Finance in particular is offering massively high daily returns for staking the Wault Finance Polygon tokens shown below. WEX-MATIC bringing in 4.85% in daily APY currently tops the list in terms of highest yield farming returns.
Similar to how Wault Swap functions on the Binance Smart Chain (BSC), Wault Swap aims to have the lowest trading fees on Polygon. The fees look to be around 0.2%, where 0.14% will go back to liquidity pools and 0.06% to daily buyback & burn of WEXpoly. As Wault Finance has structured the farming APYs to be very high, they look to use more trading fees to burn more WEXpoly, creating a dynamic where value is created not only from the yield farming but also through the deflationary burning of tokens.
What is Wault Finance?
Wault Finance is a decentralized finance hub that aims to be a one-stop shop for DeFi applications. The platform circumvents traditional hassles that surround crypto applications such as high fees, complex trading interfaces, and other centralized tenets of finance.
Wault’s products include WaultSwap, Wault Launchpad, Wault Locker, as well as plans for future innovation to boost their platform to even higher levels. Wault is a community-oriented project and started with a low market cap and no whale-like venture capital investments.
Source : bsc.news
Founded in 2020, BSCNews is the leading media platform covering decentralized finance (DeFi) on the Binance Smart Chain (BSC). We cover a wide range of blockchain news revolving mainly around the DeFi sector of the crypto markets. BSCNews aims to inform, educate and share information with the global investment community through our website, social media, newsletters, podcasts, research, and live ask me anything (AMA). Our content reaches hundreds of thousands of global investors who are active in the BSC DeFi space.