Place/Date: - December 22nd, 2021 at 11:07 pm UTC · 3 min read
Source: Kitty Finance
The first ever algorithmic stablecoin on Avalanche and Polygon networks. Fans of Tomb Finance and anyone looking to invest early on a new project–here’s your chance. Kitty Finance is taking the Tomb model to AVAX and Matic in an effort to improve liquidity and enhance user cases.
Kittyfinance.io is a multi-token protocol that consists of three tokens: $KITTY, $CAT (Kitty shares), and $SKITTY (Sleepy Kitty – Kitty Finance Bonds). Unlike most other algorithms that are pegged to stable coin, Kitty is pegged to AVAX and Matic giving it more adaptability. Kitty founders are also devoted to innovating use cases and enhanced functionality in order to sustain the peg long-term.
The inspiration behind Kitty, Tomb has grown to a TVL (Total Value Locked) of $800,000,000 over its 3 month lifespan. Based on Tomb’s success, Kitty is projected to reach over $50,000,000 TVL over the next 30 days. At only 7 days old, Kitty’s value is super high and it will be a while before it pegs and reaches 1 AVAX. Great news for potential investors is that both KITTY-AVAX LP and CAT-AVAX LP are currently at 14% APR.
According to Kitty Advisor and Community Leader, Devesh Gupta (known as fierydev in the community), the best way to earn on Kitty is:
“We just have so much respect for what Tomb did over on Fantom network. So thankful for their open source work so that we can bring that model to Avalanche and Polygon and create this new opportunity for investors. Kitty Finance has got huge plans.”
Among those plans are new and improved UI Designs and UX. Kitty creators also plan to go cross chain to enhance their liquidity and widen their reach. They’ll also be entering the NFT space with Cute Kitties and Kittens Limited.
In order to counter the main challenge of past algorithms, Kitty is looking to increase the utility of its tokens through arcade games and partnerships with other projects. Kitty will also partner with other vaults to continue providing high APR. Longer-term plans include governance via CATs and multichain competitions.