Polygon launched $ 100 million fund aims to onboard the next million users to DeFi, on the momentum catching up to Binance Smart Chain

By Selena On Apr 29, 2021

In order to accelerate the adoption of decentralized finance, Polygon has launched a $ 100 million fund with the aim of improving the accessibility of the decentralized finance (DeFi) space to more users.

Polygon aims to accelerate the adoption of decentralized finance (DeFi) by launching a $ 100 million fund

Polygon is an easy-to-use platform for Ethereum scaling and infrastructure development. They have recently launched a $100 million fund intended to improve the accessibility of the DeFi space to more users.

According to the press release, this multi-million dollar fund, called #DeFiforAll, aims to effectively showcase millions of users with the various decentralized products and platforms available.

The DeFi space is one of the fastest-growing markets in the cryptocurrency industry. As a result, Polygon created the DeFiforAll fund and pegged the gas fees on Ethereum with the sole purpose of ensuring that a larger user base can still have access to the many benefits of DeFi.

The fund will go a long way in drawing the attention of the majority of casual crypto users into the DeFi space. It has been programmed to support DeFi for about two to three years.

Speaking of the initiative, Polygon’s co-founder and CEO, Sandeep Nailwal, said:

“Polygon is committed to making DeFi accessible to the next million users, and we hope to achieve this through the #DeFiforAll Find. We want to support the top DeFi protocols on Ethereum and help them scale and grow with Polygon.”

The project is catching up to Binance Smart Chain, as the leading Ethereum bridge platform

There have been many opinions that there will appear a project dubbed Ethereum killer – born with the purpose of competing 1: 1 with this network, solving outstanding problems. Such as the scaling issues and high transaction fees of ETH.

Consequently, many DeFi users and developers are looking for an additional network that can support larger transactions.

At the moment, Binance Smart Chain (BSC) is still the leading Ethereum bridge, but Polygon is fast catching up. According to data from The Block, Polygon’s total value locked (TVL) is close to $ 2 billion. This is almost a third of BSC’s TVL of $ 6.6 billion.

Source: MaticVigil Explorer

In fact, Polygon is experiencing a growth pattern similar to the one that BSC experienced in Q1 2021. On-chain data shows that Polygon’s daily transactions have doubled in just the week. before, starting at 500,000 and going up to 1 million transactions per day.

Polygon’s efforts have certainly paid off. Because, several popular DeFi projects, including the decentralized exchange (DEX) for trading stablecoins, Curve, and the open-source and non-custodial liquidity protocol, Aave, have all migrated to Polygon, bringing their vast client base with them into the network.

Aave protocol, which was launched earlier in 2020, has witnessed more than 7,500 users lock $1 billion in liquidity just a few weeks after it launched. The platform has also recently launched a new program that will allow lenders and borrowers to earn higher interest.

On the other hand, Polygon has also seen a huge boost in user activity and transactions in recent months, after being rebranded from Matic Network.

The network not only partnered with pre-established decentralized exchanges like SushiSwap but also saw liquidity and trading volume on its Quickswap exchange skyrocket, even surpass the trading volume of Uniswap a few days ago.

Accordingly, the Gemini exchange has announced the listing of MATIC.

1/3 New #DeFi, metaverse, data storage, video streaming, and infrastructure tokens are now open for deposits on Gemini:
?Somnium Space $CUBE
?BarnBridge $BOND
?Injective Protocol $INJ
?Livepeer $LPT
?Polygon $MATIC
?SushiSwap $SUSHI

— Gemini (@Gemini) April 28, 2021

Polygon (MATIC) has seen its price against the US dollar rise to a new all-time high of $0.91 following its 54% gains on 27 April. The cryptocurrency has shaved off some of the gains as traders seeking short-term profits look to sell. At press time, MATIC is trading around at $ 0.79, up to 8% in the last 24-hour.

Rager Chart, co-Founder of Blockroots.com, also implicit forecasts about MATIC’s price increase in the near future.

$MATIC

I think it’s quite clear on what happens next pic.twitter.com/xeReUJny59

— Rager ? (@Rager) April 27, 2021

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