The Defi Chronicle- Kogefarm on Polygon: How I am auto-compounding yield every minute
Back in May, Kogecoin launched via a free airdrop for Quickswap users. I knew nothing about the platform, but got the free airdrop of tokens that were valued close to nothing at the time. Once the platform launched, I staked my airdropped Koge tokens and learned a little bit more about how Kogecoin and Kogefarm.io works. Today, I am using Kogefarm.io to earn passive income from some of the tokens that I own and am providing liquidity for.
What is Kogecoin?
Kogecoin is a community token on the Polygon network. 50 million tokens were created upon launch and there can be no more tokens issued. Initially, the tokens were dispersed to Quickswap users who claimed the airdrop, but only about 10% of the allocated airdrop supply was claimed. The developer(s) decided that the remaining allocation (90%) will go to Kogecoin owners staking the asset on the platform. I appreciate that this is a fair launch and it shows good will on the developers part that they are not trying to scam or rugpull. Keep in mind that this is not financial advice and that you should always do your own research before investing in crypto or staking on any yield farm/vault. Fees earned on the Kogefarm platform are used to buyback Kogecoin on the open market and burn them. Thus far, 187,000 of the 7.8 million circulating Kogecoins have been burned.
I did purchase a small bag of additional Kogecoin when the price was gyrating wildly last month. I like that the token is deflationary (supply will only go down) and that it doesn’t have constant sell pressure as Koge isn’t used to incentivize stakers in their vaults. At the same time, Kogecoin has limited utility right now and is not as well known as Beefy finance, a competing vault project. Recently, the price of Koge has remained more steady and I am happy with my allocation in my portfolio.
What is Kogefarm?
When staking assets on farming sites, the investor is typically required to harvest and/or compound their gains. The more frequently that you compound your gains, the greater your earnings will be. Like you, I have better things to do than spend my time harvesting/compounding gains on different platforms. Kogefarm automatically compounds your staked assets once per…