AMA with Polyshield
On the 14th of September, 2021 at 16:00 UTC, Decentralized Club had the honor of hosting Daddy DeFi, Founder of Polyshield for an Ask-Me-Anything session on their Telegram page with a community of over 30,000 people. It was hosted by DC Admin, May.
The session was divided into four segments. Introductions were made in Segment 1, questions from the Twitter and website community were answered in Segment 2 and 3 respectively, and live questions from the community members in attendance were answered in Segment 4.
If you missed this event and would like to know what Polyshield is all about, you can find a recap of the interview here. Note that slight edits have been made for clarity, and links in this recap lead to images, documents, or other media.
Segment 1 - Introduction
[May]
Hello, 大家好, नमस्ते, Selamat!
My name is May and I'll be hosting the AMA with Polyshield
Today, we have with us a guest from the Polyshield Team.
[Daddy DeFi]
Hey all 👋 Thank you for having me :) I'm excited to be here!
[May]
You're welcome to the Decentralized Club and it's an honor to have you here.
How's your day going?
[Daddy DeFi]
Amazing as always ;) I hope everyone here's having a great day too!
[May]
Yes! 🙂
Before we begin properly, could you quickly tell us more about yourself and your job description at Polyshield?
[Daddy DeFi]
For sure. I work within Polyshield as a Community Manager / Ambassador, reaching new audiences to help Polyshield grow. The team itself is comprised of 4 core members and 8 other Admins/CMs etc :)
We all have extensive backgrounds within DeFi, most of us for the past 3 years, so the really early days before "DeFi" as we know it came to be
Excited now to share Polyshield with you all 🚀
[May]
Glad to have you!
Very good background too!
Let's now take some project introductory questions.
Ready?
[Daddy DeFi]
Born ready ;)
[May]
Great!
Q1. Can you tell us about Polyshield and the goals that led to the creation?
[Daddy DeFi]
Polyshield is a yield farm that has three core tenants: being SAFE, SECURE, SUSTAINABLE. We decided to create Polyshield because there was a big lack of sustainable and secure farms within the Polygon DeFi space. The majority of the farms we saw are just copy-paste clones of previous farms that don't last long and serve only to profit the devs.
Our goal was to fix that and create the secure farm that everyone wants. Since our creation, our SHI3LD token reached an ATH of $121 and our total value locked hit $11Million! 🔥
[May]
Very good!
Q2. What innovative solution is Polyshield bringing to topple its competitors with similar offerings?
[Daddy DeFi]
Polyshield is a unique yield farm that can and will last for a very long time. Users harvest SHI3LD tokens by supplying liquidity in our farms, or by staking single coins in our vaults. We've partnered up with EvolutionDefi and Orbitbridge to enable us to reach into the BSC sphere, which now means users can stake the very popular $CAKE on Polyshield and BNB! Our APRs are some of the highest in the market, with our vaults highest being 669% and farms highest being 913%.
Regarding innovation, we also have our community token burning which allows any community member the ability to burn SHI3LD, which is then recorded on our Pyromaniacs leaderboard. There will be incentives tied to this in the future, such as once our NFTs are enabled, we will be rewarding the highest burners with their own unique NFTs which will be used to boost their yield APY but for now, it's a fun little way for the community to get involved.
We have a strict roadmap and we're working at it full speed. We're achieved a lot ahead of schedule, so the next few months should really bring to light what Polyshield can bring to the table
[May]
👏🏼👏🏼👏🏼
Q3. Can you tell us about your yield farms and the features of your NFT Multiplier? How do these products work?
[Daddy DeFi]
Certainly!
We aim to be Safe, Secure, and Sustainable. This means we've had to find the balance with our farms and vaults across the board to keep the SHI3LD Price healthy. We now have officially 8 Farms and 9 vaults. Users can farm using our native token SHI3LD with a 0% fee or non-natives with a 1 - 4% fee. The farms we offer are SHI3LD-MATIC, SHI3LD-USDC, SHI3LD-KOGECOIN, SHI3LD-ELK, USDC-WETH, MATIC-QUICK, USDC-USDT, POWER-USDC. You can also simply stake these coins individually (except for USDT) on our Vaults, which now as mentioned also includes BNB and CAKE. As you can see, our farms are very diverse and involve several of our partners, such as ELK, KOGE, POWER, and utilities. Our partnership with Orbitbridge and EvolutionDefi to bring BNB and CAKE vaults/farms!
Now, regarding NFTs...
We've seen the success of NFTs over the last 6 months. Their explosive growth onto the scene has been insane and quite diverse, from metaverses with land for sale to JPGs selling for hundreds of ETH. However, we believe that the true utility of NFTs isn't yet being realized. We don't want to release random NFTs for our community to buy with the hope that they may be able to make money off them in the future purely out of chance; we want our NFTs to have a real usecase. We call these Functional NFTs. A user will be able to buy them with SHI3LD, which will be burned, and then the user can burn the NFT to reward them with a boost to their APY for a time. When our NFTs go live we'll ensure that they're introduced to our ecosystem in a sustainable way that rewards the community at large!
I'm extremely excited to see the impact Functioning NFTs have on our ecosystem in the future :)
[May]
A minute for the community to digest 😁
[Daddy DeFi]
Strap in guys, lots more info to come ;)
[May]
https://t.me/decentralized_club/605127
[Daddy DeFi]
SHI3LD is our native token that's farmed via the farms and vaults. The purpose of SHI3LD is to maintain a healthy and sustainable price for the community to earn via farming. Utilities-wise, SHI3LD is minted using a variable emissions rate. This varies inversely with the price of the token to either produce more SHI3LD or less. keeping the price stable. This emission rate varies with the $1-$100 price range. We have a burner smart contract wallet that receives 10% of every supply minted and is openly burned by our community and users can also burn their tokens independently, reducing supply. To date, the community has burned 49,103 SHI3LD. The current circulating supply is 460,476 🚀
On Top of this, we're creating a range of games, our first of which is nearly ready to be tested by the community, that will use SHI3LD and also burn SHI3LD within the games, further reducing supply. In the future, we have a wide array of ideas we're going to be incorporating to bring more utility to SHI3LD, but overall you can imagine that SHI3LD is our ecosystems governance token. Huge things to come in the future for Polyshield and SHI3LD :)
[May]
Impressive!
Q5. What are the advantages of Polyshield on the Cardano Polygon?
[Daddy DeFi]
This was something we had to spend a lot of time thinking about. ETH is the gold standard, but the TXs are gradually getting slower and the gas prices are insane. It's enough to kill a farm outright at times. It really blocks off smaller investors and we wanted to be as inclusive as possible. As for BSC, it's far too saturated. There are so many tokens launched every day, and the majority are scams, which have tainted BSC with a bad reputation. MATIC, on the other hand, is a growing network and so far it has done extremely well; it's one of the top performers this year in DeFi and stands in the top 20 positions currently. We believe that MATIC is one of the best layer 2 solutions for ETH, so that's why we chose it. We also knew that we could use bridges to reach communities on other chains, such as our partnership with Evolution Defi, allowing us to bring BNB to our vaults, and OrbitChain to bring BSC community favorite CAKE over. It was a no-brainer really!
I think everyone here can agree with me when I say there's absolutely nothing worse than paying hundreds of $$$ on ETH, just for the TX to fail due to fluctuating gas. MATIC offers the solution. The fees are basically non-existent for the majority of the time. The worst I've seen was 3 Matic for a contract interaction and that was the absolute peak during a market drive. Most fees are a fraction of 1 MATIC :) So you can stake, farm, withdraw and sell with the peace of mind knowing you're not throwing all your gains down the gas toilet haha
[May]
An extra minute for the community to digest 😁
Very detailed answer!
[Daddy DeFi]
You know it!
[May]
Yes!
Q6. What major news should we still look forward to from Polyshield by the end of the year?
[Daddy DeFi]
We're currently sticking strong to our roadmap. We have a variety of games on the way and our NFTs are in production. We're making sure to release each new addition in the best possible way at the most effective time to reward our community and Holders. We're still working towards our end goal of creating the Polyshield DAO. Likely early next year!
[May]
Awesome!
Let's now take some questions from our Twitter community!
Segment 2 - Twitter Questions
[May]
Q1. I saw on your documents that PolyShield envisions itself to "become the golden standard for Polygon farms". To achieve this feat, what are the things you will do to ensure that PolyShield will be known for its services and products in Polygon? What does your project offer?
Twitter Username: @0JeanWayne
[Daddy DeFi]
Most farms are bound to their reputation. It lives and dies on the reputation it builds from its launch and community trust. To become the golden standard we knew we'd have to build a sustainable and strong platform ( hence our mantra, SAFE, SECURE, SUSTAINABLE,) but we actually had to make it happen. So far our community is large and growing well, with a lot of great community members consistently supporting the project. Branching beyond the community though, we knew we needed support. We recently won the Polygon Hackathon within the Sustainability category which has gotten us the official backing of the Polygon dev team, which was an amazing achievement and has helped bring us to a much wider audience. We're excited to work with them in the future. On top of that, we've also secured many strong partnerships that have brought in a lot of utility and extra credibility to our ecosystem and platform as a whole, which I've mentioned earlier. We're also always in talks with more potential partners as we continue to move forward. We're very excited to see where the future will take us :)
[May]
Q2. Polyshield has a self-composting vault via koge for those who prefer to automate their farming. What is this self-composting vault via koge? Who can access it? How do you get benefits from this vault?
Twitter Username: @LestmarisV
[Daddy DeFi]
Indeed, we partnered with Koge to use their auto-compound farm. Every 5 mins, using their platform, your stake will auto compound which is a brilliant addition to our project and ecosystem by extension. This essentially means you can carry on your day and not worry about constantly watching your farming gains; Koge compounds it all for you, and there is 0 stake/deposit/withdrawal fee and only a 1% fee on rewards. Anyone can use it and they're a fully audited and safe platform to use :) We've had nothing but great feedback ever since we joined forces with them!
[May]
Q3. How is Polyshield Finance building the safest Yield Farming ever?
Twitter Username: @cradled_in_
[Daddy DeFi]
Great question!
Safety and security are very important. Regarding general code safety, all of our code was written in-house by our own developer. There were no copy/paste shenanigans and we have had 3 audits. One internal, one via Haze and one via Paladin which are both extremely reputable auditors. We also have KYC via Rugdog - so you can stake securely knowing your funds are SAFU!
Now regarding price safety, naturally the market does what the market wants. We had an extremely strong launch but like most launches, the token has devalued as we've gained more farms. That said, our APY is still sitting high and SHI3LD, despite numerous market crashes recently, has maintained a strong price floor and is currently bouncing between the $2-$3 range. As we add further utility to our ecosystem such as our gaming platforms and our Functional NFTs, we expect to see that sustainability grow further, to maintain our vision of a Safe, Secure, Sustainable long-term farm!
[May]
Awesome answers!
Let's take some questions from our website community
Segment 3 - Website Questions
[May]
Q1. According to your roadmap for the next quarter of the year, you plan to make your first partnership, with which project will you do it? And most importantly, what special characteristics do you look for in a project you want to partner with?
Telegram Username: @V1NC1TORE
[Daddy DeFi]
We've actually gone way ahead of schedule and made a lot of strong partnerships already. We are officially partnered with Evolution Defi, Orbitchain, Kogefarm, ELK, and POWER. They've all been brilliant additions to our ecosystem and we're delighted to work with them. When it comes to finding partners, we look for shared values and established teams. We will never risk partnering up with unknown entities that could negatively impact our community. We also look for partners that can help fill in the gaps - for example, we knew we wanted to branch out to the BSC crowd. To do this, we had to partner with Orbitbridge to bridge CAKE to Polygon. CAKE holders can now earn a solid 335% APR with us. So as you can see, utilizing the right partners opens up so many doors and continues to allow us to expand Polyshield further!
We have more partners lined up that I can't go into just yet, but some of them will be assisting with our gaming platform and beyond. Extremely exciting times ahead!
[May]
Q2. Within your roadmap, you mention that for this Q4 you will enable an NFT multiplier system. Could you explain to us a little bit about what this system consists of? How does it work? What benefits will it bring to the users?
Telegram Username: @jirencrypto
[Daddy DeFi]
As I mentioned before, the NFT boom is still ongoing but most NFTs are functionally useless. That's why we're developing Functioning NFTS that have not only a usecase in general but a direct positive impact on our Ecosystem. Users will buy NFTs with SHI3LD, which we'll then burn, and then the user can burn that NFT for an APY boost. It's a further usecase within our system and we're very excited to see how it goes :) We firmly believe NFTs can be much more than they currently are and we plan to bring that potential to life within our ecosystem! 🚀
[May]
Q3. Can you tell us about the Variable Emission Rate and also why Farming on Polyshield is recommended compared to other farming solutions?
Telegram Username: @danWickerjil
[Daddy DeFi]
Our Variable Emission Rate works within the price range of $1-$100. It directly impacts the rate that SHI3LD is minted. Using a variable emissions rate means we have a lot of flexibility and ability to keep our price and output sustainable, hence why we're capable of keeping our farm going for the long haul, unlike many others who burn out in the first few weeks. Naturally, the market will do what the market wants. If the SHI3LD price were to go beyond $100, which it did at launch reaching $121 ATH, the emission rate will remain at 1% or 100% of 1 SHI3LD per block. Consider our emission rate as an additional layer of security and sustainability. 🎆
Sustainability is what it's all about with farms and we've got the tools to make that happen
[May]
Great answers!
It's now time to take questions from our live audience.
[Daddy DeFi]
🔥 let's do it
[May]
In this 4th segment, I will open the group for some seconds for the live community to shoot you some pressing questions.
Please pick four original questions to answer.
Try to ignore generic, vague, and copy-paste questions 😊
Ready?
[Daddy DeFi]
My body is ready
[May]
😂
---Chat was then opened for the live community to send in their questions---
Segment 4 - Live Questions
[May]
Guest, Please pick four good questions now 🙂
[Nhairy]
Because the team decided to develop their performance farm using the polygon, do you consider that the absence of a REAL authority in DeFi can cause an irreversible imbalance in its evolution? What can PolyShield and Polygono propose to avoid these conditions in the future?
[Daddy DeFi]
Depends on what you mean by Authority. DeFi is, at its core, taking away authority and putting finance back into the hands of the people. I don't think this is a bad thing, providing people use their due diligence when investing. The key things we can look out for when investing in a Decentralised project are: Are the devs KYCd? If so, how, and where? Polyshield core team used an established platform for our KYC - Rugdoc, which has verified us. Next, is the project code safe and audited? We've had three audits, all of which prove Polyshield is safe and secure, AND our code was written from scratch by our very talented and experienced Dev. Unlike many new tokens and recent farms, we can prove our safety, and that element of trust is what's needed to bring in new investors :)
[Habibi]
I understand that Polyshield has been developed on the polygon network, but are you planning to expand to other blockchains? What other blockchains would you like to integrate?
[Daddy DeFi]
For now, due to the general conditions of other chains that I mentioned earlier, we're sticking with Polygon and utilizing partners such as Evolution Defi and Orbitbridge to bring popular tokens from other chains to us. As we plan to move forward and turn Polyshield Into a DAO, branching out to other chains right now isn't necessary and it's far safer to use our partners in that sense. It only took one bridge to bring BNB to a MATIC farming platform.. that's crazy when you think about it!
[Lestmaris Vera]
Polyshield as a team has no chips. The team has 0% of the offer. and as such, it cannot burn. How does Polyshield stipulate to grow the value of its token? Will they encourage the community to burn their tokens?
[Daddy DeFi]
Yep, the team protects the community by taking 0 SHI3LD from farms, 0 pre-mine, 0 anything. We don't have team tokens. We use the 4% fee from some of our farms to pay for marketing and further developing costs as we grow. We're a community for the people and by the people, first and foremost. Our motto of Safe, Secure, Sustainable is because we truly want that. Everyone in the team has staked their own coins into Polyshield, that's how we generate our own SHI3LD - no team tokens, no cuts. Just pure investors, like everyone else :)
Now growth can happen in several ways. Naturally, we have a lot of partnerships with more to come too, and our future development into becoming our own DAO with SHI3LD as essentially our governance token. Remember, this is still very early days. We're only 6 weeks old! Haha. And our gaming platform too, which is being built as we speak, and naturally the NFTs I mentioned before 👍
[May]
1️⃣ more question to go 🎉
[Oliver]
Why did you guys start this project? Is there any big history behind it?
[Daddy DeFi]
A nice simple answer to this. We've all been in DeFi for a long time. We've all lost money to dodgy projects, scams, and bad teams. We're essentially scared of veterans at this point. So the question was simple; will we sit back and wait for the project we want to see be made by someone else? Or are we going to make it ourselves? Naturally, making it ourselves was the best way to go. Combining all of our experience together we created Polyshield, which in my opinion has been extremely well received and successful over the short time we've been here :) Lots to come so I hope you're all ready!!!
Great questions guys, thank you all for asking and I hope I could provide the answers you were looking for! 🚀
[May]
Thank you so much for your time!
Any final remarks for our community?
[Daddy DeFi]
I'd just like to say a big thank you for having me and that it was great to hear all of your questions. They were all great! I hope today you've seen potential in Polyshield and will look into joining us as we move forward 🚀
https://t.me/decentralized_club/605243
[May]
Our regards to the rest of the team for creating such an amazing project!
[Daddy DeFi]
I'll pass them on! Feel free to ask any further questions in our TG, always around to answer!
[May]
Could you please share your social media links?
[Daddy DeFi]
Website: https://polyshield.finance/
CoinGecko: https://www.coingecko.com/en/coins/polyshield
CoinMarketCap: https://coinmarketcap.com/currencies/polyshield-finance/
Telegram: https://t.me/polyshield
ANN: https://t.me/polyshieldann
Twitter: https://twitter.com/TeamPolyshield
Discord: https://discord.gg/mBxmTkMzHF
[May]
Thanks again and have a great day!
[Daddy DeFi]
Thanks all!
[May]
The AMA with Polyshield is now over.