Pegaxy DeFi - Farming $VIS and $PGX Yield on Kyber Swap
My Pegaxy adventure started in January, and it took me only 15 days to gain progress. I decided to buy my own horses after playing a bit with two pega borrowed from Poopster. I paid $860 for each of the Rare Klin virgins pega, male and female for future breeding.
Every new year will come with new trends and back in January I thought I discovered the play2earn game of 2022! Pegaxy is a blockchain game powered by NFTs developed on Polygon-Matic, where futuristic Pegasus horses will race against each other to win rewards. The game was two tokens, Vigorus $VIS - the utility token and Pegaxy Stones $PGX - the governance token.
The four races are Klin, Zan, Campona and Hoz, each representing an element. This PEGA is an epic Klin that was borrowed to me by my DeFi Guru to try the game. Pega breeding require a male and a female creature, and the dominating bloodline and the parents traits can produce stronger offsprings. The gender of the new Pega is random, with a 50% - 50% ratio. The Pega horses can be sold or rented to other users, thanks to the innovating marketplace and renting system. The scholarship automated payout acts as a rental agreement, and both parts will be able to claim their shares with no issues or complications.
I liked the graphics and I seen that new features are planned for implementation. The dual token ecosystem created powerful dynamics that were beneficial for both new and old players. The main token, Pegaxy Stone or $PGX was looking highly under rated and I bought my bag at $0.24 per token. Comparing the game with Axie Infinity ... it can get much valuable once it gets mainstream.
The Vigorus ($VIS) can still be earned at a high rate, and the small value makes it a great token to HODL. I predicted that the token earnings are not sustainable and I expected a price drop ... but I never anticipated such crash! The price was $0.04 when I started, and surged up to $0.28 if I remember well. It went downhill from there but the new features will make $VIS slowly gain value.
It was Poopster fren' who told me about the $VIS - $USDT pool on Kyber Swap, a pool with over 500% APR. I had no hesitation to add all my $VIS, paired with $SDT, into the pool. The liquidity value on entry was $1169 and it grew beyond predictions.
I didn't fully understood the Kyber farms, but somehow the value kept growing while the tokens were pumping. The pool ratio kept changing, making the investments less affected by impermanent losses.
The price of $VIS started pumping the very next, and the trend kept going for few weeks! New All-Time High recorded on a daily basis and the Pegaxy players were living the dream! In only few days, my LP raised by 40%!
With only a week into the pool, the value of my deposit doubled. The reward lost some of the APR, dropping at ONLY 157% APR. This was not an issue, as the farming percentage started growing as the $VIS value started growing.
With a month left of farming, the reward reached $75.32 and the APR grew up to 199%. The value of my deposit kept building up, as part of the fees were automatically distributed to my LP.
The first claim was a reason for celebration, as I decided to cash back and recover parts of the investment. Swapped 38,388 VIS for 1049 USDC and my initial investment was almost covered.
Two weeks later and my second claim was ready. I claimed $1158 by selling 11712 VIS, and I was still amazed on how good the APY stayed. Being on Polygon made staking easy and cheap to use.
The $VIS and $PGX continuous pump was reflected into the fees paid on Kyber Swap. Farmed $482.80 worth of rewards, mainly because the APR surged to 421%. The value of my deposit went 3x and was ready to grow even more (before it crashed like meteor).
The amazing farm ended but the LP was still eligible for rewards, from the market fees. The total harvested reward was $970, slowly unlocking each day until all become claimable. I kept cashing out the rewards, while I was also breeding pega to raise my stables.
When VIS reached $0.24 I was inspired and sold the racing rewards. I didn't predict that this will be one of the best values to ever sell $VIS. Close to Valentine's Day it started dipping.... and dipping... and I am glad I didn't bought the dip as it kept dipping even more. Today VIS stays close to 0.006 dollars per token, and turned on the HODL mode until will reach a tempting value.
Is it now a shattered world? Don't think so... as the Pegaxy ecosystem has so many upgrades in the pipeline! Was a good idea to invest in Pegaxy? Absolutely... as the $1360 I initially invested helped me to earn $3755! With $2395 earned in 3 months and a stable full of pega... I am waiting patiently for the value to build up again! Keep racing friends... keep racing!
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Wow, you did well by starting on the pegaxy journey early. Well done 💙