What We Learned From Twindex On Polygon
TL;DR
We are deprecating the farming pools on Twindex Polygon on 20th and 21st July — but we are continuing the liquidity pools and the bridge
We will waive the penalty fee on all polygon farms to allow investors to unstake from our farms without any frictions
The Polygon Experiment
In an attempt to explore new market opportunities, Twindex recently expanded to the Polygon chain. We created one of the fastest bridges in the market to allow users to move assets between Binance Smart Chain and Polygon. The bridge allows users to easily transfer DOP and DOLLY between the two chains with a bridging fee of 0.2%.
We also established liquidity and farming pools on the Polygon chain to allow investors to swap their DOP and DOLLY to Polygon-native tokens like MATIC and USDC. To ensure liquidity, we incentivize users by distributing a bonus of 1 million DOP to these farms.
The Issues of the Polygon Chain
As it turns out, our bridge did perform well. The speed of transferring DOP and DOLLY from Binance Smart Chain to Polygon takes from a matter of seconds to a few minutes. However, due to some technical constraints and challenges on Polygon, it is considerably slow with transaction confirmations on the chain. Since the bridge needs confirmation as a part of the process, our service also becomes slow when transferring from Polygon to Binance Smart Chain as a result of that.
The future of our Polygon Products
As we have announced beforehand, we aimed to provide the DOP bonus reward for a period of one month. At this point in time, we believe that we could explore more new ways to venture into the DeFi world and dedicate those resources to the current progress of Dopple, Twindex, as well as future projects. Therefore, we decided to discontinue the farm pools as follows:
- DOP-MATIC will stop emitting rewards on 20 July 2021
- DOLLY-MATIC and USDC-MATIC will stop emitting rewards on 21 July 2021
We will waive the penalty fee on all polygon farms for 14 days starting from July 13 at 9 AM UTC to allow investors to evaluate their investment plans and unstake their assets from the Polygon farms without any frictions.
In addition, we do not have plans to develop new features such as bridging other tokens or adding more farms to Twindex on Polygon as of now. However, the bridge will still be working and you can still swap fees through the underlying liquidity pools.
We will be driving both Dopple and Twindex to their best and will not leave the project. We are making sure that all of our moves are for the investors and holders of both DOP and TWIN.
