Polycub - Different CUB, Different Chain, Same Pump & Dump
When LeoFinance launched $CUB, the idea was innovative and fresh. Lots jumped on board for the ride of their life, but most just dumped the tokens when they got valuable. The projects keep evolving and developing, and the low $CUB price is a lie when analyzing how good is the long term plan.
The same amount of positive vibes happened when PolyCUB was announced. The CUB innovative ideas were to be implemented on Polygon. Every $CUB holder was entitled to PolyCUB airdrop, across 60 days of distribution.
PolyCUB is the native token for the PolyCUB yield optimizing platform, full of DeFi tools that allow users to earn crypto and even more PolyCUB. The thing that got my attention was the xPOLYCUB Vault, where I could earn from the 50% penalty fee paid by farmers who claimed before the end of the locking period. I was read for launch and took a leap of faith! Got a $8000 USDC loan and use it to farm POLYCUB immediately after launch.
The LP was ready, and 41.255 WETH/POLYCUB Pool Tokens gave me 2.88% pool share. I chose this pool lured by the 3,000,000% APR
Yes! THREE MILLIONS APR! That was crazy. I added the LP and in few seconds I already earned 14 POLYCUB tokens. This is DeFi at maximal power and enhanced farming at it's best.
ROI was even hard to calculate. One day of farming, at that rate, would have farmed 8,759,103% of the initial deposit. One week of farming is too much for a calculator, creating the error message, while the yearly APY would have generated an infinity of assets.
Surprisingly, the APR kept pumping at reached 4.6 mill. This was an incredible rate, hard to believe I was part of the event. However, I had to withdraw when POLYCUB started to dump.
Meanwhile, I staked POLYCUB for xPOLYCUB. The single staking system was giving 23,250% APY, and having 1.21% of the pool was generating a good amount of money.
Broke down the LP, and got slightly less POLYCUB and more wETH. I withdrew at a value close to the investment, with minor IL and price difference. POLYCUB already dropped from $6 to $3.30 and was no time to lose.
Sold the whole bag of POLYCUB and swapped the wETH for USDC. Is nothing better than a stablecoin when the tokens are having high volatility.
The next step was to withdraw the xPOLYCUB and swap for USDC as well. I left a small percentage staked, going with the flow. The staking system was innovative, as the xPOLYCUB will grow in value as it accumulates the early claim fees.
Few hours later and the experiment was concluded. I end up with 10k USD, a 25% profit added to the initial investment. Repaid the loan and was left with 2000 USDC and 81 POLYCUB.
I staked the POLYCUB, receiving 57 xPOLYCUB for the 81 tokens I added in the pool. My current share was only 0.04% but the 2,400% APR was still considerable. I used the USDC few months later, taking a leap of faith into Pegaxy!
I liked the whole concept and I decided to keep some xPOLYCUB staked. Not sure about the idea now, as the assets value dropped from $742 to pennies
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