DinoSwap is launching this week, on July 17. It is similar to PancakeSwap but on Polygon, the up-and-coming blockchain protocol with significant user demand.
On DinoSwap, users will be able to stake the DINO token to earn the tokens of other projects on Polygon.
It is similar to PancakeSwap, but users stake DINO instead to get exposure to Polygon-based projects and their native tokens.
Launching Polygon Token Pairs on DinoSwap
The farms where users can earn tokens by staking DINO are called Fossil Farms.
The first Fossil Farms that are launching on DinoSwap are Bella Protocol, Dfyn Network, Benchmark Protocol, Aavegotchi, SportX, and Chain Guardians.
Recently, after the Axie Infinity (AXS) rally, the demand for NFT and metaverse projects has surged rapidly.
When DinoSwap first launches, users will be able to stake DINO and earn Chain Guardians, SportX, and Aavegotchi, all of which are metaverse tokens.
Aavegotchi, for example, has risen by more than 20% in the past 24 hours, achieving a valuation of over $47 million.
It is an NFT game with characters based on Aave, the major lending protocol that operates on both Ethereum and Polygon.
For DeFi yield farmers, DinoSwap is attractive because on top of relatively high yields, Polygon makes transactions cheap.
When users farm within DeFi by staking their tokens, they often have to initiate three transactions: stake, unstake, and send output transaction.
When the blockchain is clogged or busy, especially on Ethereum, these transactions could cost upwards of $500 to $1,000 altogether.
Polygon eases the farming experience with high throughput and a large transaction capacity.
“DinoSwap is a cross-chain infrastructure platform that builds liquidity for layer-one blockchains, AMMs and partnering projects. We are proud to call Polygon our home base because we will have velociraptor fast and prehistorically cheap transactions for farmers!” the DinoSwap team said.
DinoSwap also benefits the entire Polygon ecosystem because it serves as the entry point to the community.
By becoming the central point for farming major DeFi projects, it serves three key purposes.
First, users will be able to easily see yield on Polygon quite easily on one platform.
Second, users will be able to gain access to various Polygon-based tokens on a single platform.
Third, by introducing a DEX router, it also allows users to swap tokens directly on DinoSwap.
“Yield Farmers will soon enter the exciting world of DinoSwap where they will earn DINO and other project tokens, while contributing to the growth of the broader Polygon ecosystem,” the team added.