DinoSwap, a yield farming platform on Polygon, which works similarly as PancakeSwap farming pools, is launching this week.
It launches with investments from top DeFi funds, such as Defiance, Hashed, Spartan Group, and DFG, as well as the founder of Polygon, Sandeep Nailwal.
Why the Positioning of DinoSwap on Polygon is Unique
Polygon has been growing rapidly over the past three months. Since April, in less than three months, the total value locked (TVL) of Polygon grew from $1 billion to around $8.2 billion.
In early 2021, when Matic Network first rebranded to Polygon, the popular sentiment was that it would compete against alternative layer one networks, such as Binance Smart Chain.
But in a relatively short period of time, Polygon has evolved into a major layer one blockchain, competing against both Binance Smart Chain and Ethereum within the realm of DeFi.
The demand for the layer one blockchain protocol has risen significantly after high-profile investors, including the likes of billionaire investor Mark Cuban, invested in the layer one blockchain protocol.
DinoSwap recently raised $4.7 million from leading DeFi funds and angel investors, trying to capture the rapid growth of Polygon.
Conceptually, DinoSwap is similar to PancakeSwap farming pools.
On PancakeSwap, users can stake the CAKE token to earn various tokens that newly launch.
On DinoSwap, users will be able to stake the DINO token to earn rewards in new tokens that list on DinoSwap.
The core difference between DinoSwap and PancakeSwap is that DinoSwap is launching on Polygon, while PancakeSwap operates on Binance Smart Chain.
But another major difference is that DinoSwap leverages existing automated market makers (AMMs) or decentralized exchanges (DEXes).
This way, DinoSwap would not directly compete against AMMs on Polygon, such as QuickSwap or SushiSwap.
🦕 @DinoSwapHQ is launching on Polygon!
DinoSwap aims to leverage the Polygon ecosystem to provide cross-chain liquidity for L1’s, AMM’s, and projects.
🌐 Learn more: https://t.co/KvTOJAUMpH pic.twitter.com/OTGEpJj1VV
— Polygon | Aggregated (@0xPolygon) July 8, 2021
DinoSwap is launching this week, on July 17, with farming pools equipped with compelling yield.
Audited by CertiK
This week, on July 11, the DinoSwap team announced it has received its third audit from CertiK, a top auditing firm within crypto.
Following the bull market in early 2021, auditing firms have become overwhelmed with demand, with many projects in the pipeline.
Securing its third audit before its launch indicates the team is prioritizing security for its farms and pools.
Our third @certik_io audit for @DinoSwapHQ is complete! This audit verifies the Tar Pit contract where users will be able to stake their $DINO tokens under a time lock to earn more $DINO https://t.co/2xKWHoQl3h #YieldFarming #Polygon #DinoSwap
— GREENHOUSE (@GREENHOUSEDEX) July 11, 2021
Over the long term, DinoSwap plans to expand across various blockchains to position itself as a cross-chain farming aggregator.
In the near future, DinoSwap will focus on supporting the Polygon ecosystem and bringing quality projects into its farming pools.
