$50 Million Worth of Matic Tokens, Commits Polygon

Matic has been doing quite well lately, and is quickly gaining more and more attention. Throughout the past month, they have been trying to raise $50 million in just one day to fund their ICO of their own crypto currency, which you can learn more about in their white paper. If you want to learn more about the ICO, check out some of our past articles, which include a review of the website, and our interview with the CEO who seems like a really nice guy.

Polygon Network, a decentralized banking platform built on the Ethereum blockchain, has raised $50 million worth of Matic tokens through its Matic Token Sale. Polygon Network aims to provide a universal banking and finance platform for the cryptocurrency community to use and benefit from. The platform aims to change the way cryptocurrencies are used, with the goal to make them easier to use, more accessible, and to make them safer than they are today.

The Polygon Network is a new cryptocurrency that combines the Matic Network, a community-based social network, and the NEM blockchain to deliver a more efficient, economic, and secure platform for money transfers, online reviews, and crowdfunding. For this particular post, I decided to use the T-Shirt they created a few weeks ago and to expand on what this project is all about.

Polygon has announced that performance improvement vaults will be included in the Maker Network. On Wednesday, the blockchain-enabled convention, formerly known as Matic Chain, said that it would establish a vault in Maker and deposit $ 50 million in MATIC tokens as liquidity approved by the depository.

As a result of the new integration, the convention has grown in scope, ambition, and change to become an Ethereum scaling aggregator. The convention network would provide L2 arrangements to developers as a result of this decision. This will be in addition to the mainnet for the POS/Plasma chain, which will begin in April 2020.

Polygon provides the essential components and technologies needed to participate in the future, unlimited economy and society. It has two crucial stages: the polygon structure and the Polygon protocol.

With these advancements, any organization may quickly set up a dedicated blockchain network that combines the greatest features of independent blockchains (power, flexibility) with Ethereum (security, interoperability, and designer experience).

Polygon assists in connecting the modern, global economy and society by offering key components and technologies. It is made possible by two essential platforms: the polygon framework and the Polygon protocol.

Polygon’s native token, MATIC, is an ERC-20 token that runs on the Ethereum network. On Polygon, the tokens are used for payment services. Money is also used to settle accounts amongst customers that operate in the Polygon environment.

MakerDAO is an Ethereum-based organization that is creating technologies for borrowing, investing, and stable digital money. It’s everything but standard, enabling anybody with ETH and a MetaMask wallet to participate. In order to credit themselves with currency in the form of a consistent coin, referred to as “DAI.”

Polygon is overjoyed.

Polygon appreciates the MakerDAO group and crew for establishing a vault on Maker and submitting $50 million in MATIC tokens as seed liquidity from the depository.

They value the hard effort put in to quickly deal with the whole governance exercise/survey, as well as their involvement towards the installation of MATIC as security.

The board explains, “This is a critical step in Polygon’s long-term vision and commitment to expand the Ethereum scaling landscape and attract talented builders and committed community members.”

Moreover, a variety of networks are opening vaults on polygon invention. On the 28th of April 2021, Beefy Finance launched its first Beefy yield streamlining vault in Polygon.

The financial technology is a Decentralized Multi-Chain Yield Optimizer platform that allows users to earn compound interest on their cryptocurrency holdings. It’s also nothing more than another Ape Swap vault delivered through Polygon.

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