Polygon, a layer-2 scaling solution backed by Binance and Coinbase formerly known as Matic Network, is about to launch a liquidity mining program with 1% of the MATIC supply (more than 40 million dollars in rewards) to scale and grow the world of DeFi on the Ethereum blockchain.
Polygon, which has teamed up with Aave, an open-source and non-custodial protocol where users can supply and borrow crypto assets with over $6B in total value locked, plans to attract billions of dollars of liquidity onto their Polygon markets as well as other DeFi protocols.
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It must be noted that Polygon has previously collaborated with some big names in the DeFi industry such as Sushiswap to help projects solve some of the frequent weak points of DeFi, including high gas fees and slow transaction speeds.
The event marks an inflection point for DeFi on Ethereum, as Polygon has plans to use 1% of their total supply bootstrap liquidity on Polygon and provide a low-cost, high-speed complimentary solution to Ethereum’s deep liquidity markets for the top DeFi projects in the ecosystem.