Balancer Launches on Polygon with $10M Rewards Program

Balancer Launches on Polygon with $10M Rewards Program


Key Takeaways

Balancer has launched on Polygon.
The two projects have launched a joint liquidity mining program worth $10 million to attract users to the network.
Polygon has welcomed many of Ethereum’s most popular DeFi projects in recent months.

Share this article

Essential DeFi protocol Balancer is launching a joint rewards program with Polygon. 

Balancer Heads to Polygon 

Balancer has launched on Polygon.

The popular decentralized exchange protocol, which forms part of Ethereum’s DeFi ecosystem, announced it was heading to the Polygon network Thursday. 

okex

In a blog post, Balancer noted that “with near-zero fees to make a trade, unique experimentation for pools becomes possible.”

Polygon is an Ethereum scaling solution that’s become known for offering a similar DeFi experience to the Layer 1 base chain at a fraction of the cost. Users have to migrate their funds from Ethereum to the network through a bridge. 

Polygon’s popularity surged this year when protocols like Curve, Aave, and SushiSwap launched on the network. Balancer is the latest Ethereum mainstay that’s hoping to leverage Polygon’s low fees. Similar to Curve, Balancer uses liquidity pools that allow DeFi traders to swap between assets. Its unique feature is that it offers pools with multiple assets rather than just the two, which is common practice across other automated market makers. 

Fernando Martinelli, Balancer Labs CEO and co-founder, said of the project’s move: 

“Polygon has become one of the preferred Layer 2s for Ethereum. We have noticed the amount of traction that Polygon has been getting and the transaction experience that it provides and Balancer wants that experience for our community and users. Polygon will enhance Balancer’s ability to scale to more Layer 2s.”

Polygon co-founder Sandeep Nailwal added that he was “extremely thrilled” about the update. 

Balancer and Polygon are offering token rewards to incentivize users onto the Balancer’s Polygon pools. 25,000 BAL, 375,000 MATIC, and 30,000 QI are set to be distributed weekly across the protocol’s “index-like” pools. 

The pools include a “base pool” containing WMATIC, USDC, WETH, and BAL, two “DeFi indices” containing LINK, WETH, BAL, and AAVE, a “Polygon Index” containing SUSHI, WMATIC, USDC, QI, WETH, QUICK, BAL, and ADDY, and a “Qi Dao ecosystem pool” containing WMATIC, USDC, QI, BAL, and MAI. There’s also a “base stable pool” containing the stablecoins USDT, USDC, DAI, and MAI. 

The rewards commenced on Jun. 28, and Balancer’s blog post indicates that more pools will be added to the network in the future. 

Disclosure: At the time of writing, the author of this feature owned ETH, ETH2X-FLI, AAVE, CRV, SUSHI, USDC, USDT, and MATIC. They also had exposure to BAL in a cryptocurrency index. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Balancer Launches Yield Farming Campaign With Latest Upgrade

After more than a year of development, Balancer’s v2 includes partnerships with some of the biggest names in DeFi, including Gnosis, Aave, or Ocean, to provide the cheapest experience for…

DeFi Staple Kyber to Launch on Polygon

Kyber is launching its dynamic market maker on Polygon. It’s also planning a $5.5 million liquidity mining program. Kyber Plots Liquidity Mining Program Kyber will launch its new dynamic market…

What is Polygon (MATIC): Ethereum’s Internet of Blockchains

In terms of both decentralized app (DApp) development and adoption, no blockchain has been more successful than Ethereum (ETH). But despite its relative success, the Ethereum network still contains several…

Ren Launches Polygon Bridge with Support for Bitcoin

Ren has integrated Polygon.  Ren Unveils Polygon Bridge Ren has launched a bridge to Polygon.  The project announced the expansion Thursday, noting that Polygon is home to “a burgeoning DeFi…



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest