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Cryptocurrency : Polygon Opens Vault on MakerDAO and Commits $ 50 Million in Matic Tokens

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Polygon has announced the integration of performance optimization vaults in the Maker Network. The blockchain-enabled protocol, formerly known as Matic Chain, tweeted on Wednesday that it will “open a vault in Maker” and invest $ 50 million in MATIC tokens as liquidity agreed by the treasury.

With the recent integration, it means that the protocol has now expanded in scope, vision, and transformation to become an Ethereum scale aggregator.

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Such feet, among others, would see that the protocol network would provide developers with L2 solutions. This will be in addition to the POS / Plasma chain – mainnet, launched in April 2020.

Key Terms Explained

About the polygon

Polygon provides the core components and tools to join the new borderless economy and society. Two key platforms materialize it: the polygonal frame and the polygon protocol.

With these technologies, any project can quickly launch a dedicated blockchain network that combines the best features of “independent blockchains (sovereignty, scalability and flexibility) and Ethereum (security, interoperability and developer experience)”.

Also, these blockchains are compatible with all existing Ethereum tools such as Metamask, MyCrypto, Remix, etc. Again, the exchange of information between them and with Ethereum is facilitated.

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Summary: Polygon is a blockchain protocol and framework for creating and connecting Ethereum-compatible blockchain networks.

One is the collapse of scalable solutions in Ethereum and the support of multiple chains in the Ethereum ecosystem.

What is Matic Token?

MATIC, Polygon’s native token, is an ERC-20 token that runs on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users operating within the Polygon ecosystem.

Polygon Opens Vault on MakerDAO and Commits $ 50 Million in Matic Tokens

MATIC set out to follow an uptrend on the daily chart. Source: MATICUSD Tradingview

This has turned out to be quite positive for the MATIC community as the token floating in the green zone marking 1% growth at the time of writing this article.

As an integral part of the announcement, Polygon has committed $ 50 million in MATIC tokens in the newly opened vault at Maker.

About MakerDAO

MakerDAO is an organization that develops technology for loans, savings and a stablecoin on the Ethereum blockchain.

He has created a protocol that allows anyone with ETH and a MetaMask wallet to borrow money in the form of a stablecoin called “DAI”.

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By integrating loans with a stablecoin, MakerDAO generally allows anyone to borrow money and reliably predict how much they have to pay back. This alleviates the fear that used to arise in the age of cryptocurrencies of borrowing cryptocurrencies.

The polygon is euphoric

Polygon board, opening a vault in Maker and committing $ 50M of MATIC tokens as initial cash from treasury, sincerely thanks the MakerDAO community and team.

They appreciate the effort to quickly process all governance activities / surveys and your feedback to incorporate MATIC as collateral.

“This is a crucial development in Polygon’s vision and long-term commitment to developing the Ethereum scaling landscape and attracting talented builders and committed community members,” reveals the board.

Following this, Polygon will mint DAI, which will invest in the Ethereum ecosystem.

Polygon vault projects

Similarly, there are few other vaulting networks in polygon technology. Beefy Finance, for example, launched its first Beefy performance optimization vault on Polygon on April 28, 2021.

Fintech is a decentralized platform, Multi-Chain Yield Optimizer that allows its users to earn compound interest on their cryptocurrency holdings. Additionally, it has released a new Ape Swap vault implemented in Polygon.

Quarries in the project

Despite the appeal, there have been some skeptical views on the project.

Many keen crypto enthusiasts and observers are mining that, if approved, would Polygon use this kind of vault?

Is there a specifically identified user, individual or entity, who has expressed their intention to use this kind of vault if MakerDAO incorporated this warranty? Well for now, the MATIC community seems to be appreciating the latest development.

Featured Image from Pixabay, Chart from TradingView.com

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