mStable DeFi Protocol Goes Live on Polygon (MATIC)
mStable has launched its decentralized finance (DeFi) solutions on the Polygon (MATIC) network. The project says its expansion to Polygon will provide users with another source of USD & BTC liquidity, a purpose-built DeFi native savings account and two minimized meta-stablecoins, according to a blog post on April 26, 2021.
mStable Chooses Polygon (MATIC)
In a bid to help its numerous users save gas costs while also enjoying superfast transactions, mStable has launched its decentralized finance solutions on Polygon (formerly Matic), a layer-2 scalability blockchain network powered by PoS sidechains.
As stated in a blog post, the mStable’s expansion to Polygon (MATIC), will now make all its DeFi solutions, including its purpose-built savings account, two risks minimized meta-stablecoins, and more, are now available on the network.
“mStable builds autonomous and non-custodial pegged asset infrastructure. This includes DeFi’s best savings account for USD stablecoins and BTC pegged assets. It also includes a robust automated market maker that gives the liquidity provider the option of minting a risk-minimized meta stablecoin (mAsset) or a yielding tokenized savings account, all backed by a diversity of assets, de-risking the user.”
The mStable Advantage
Notably, the mStable team has made it clear that three important features: mUSD, Swap, and Save, are now live and users can access them straight from Polygon. The team says its mUSD stablecoin is backed by other established stablecoins including DAI, USDT, and USDC.
mUSD is programmatically lent to the Polygon liquidity pool on Aave and the generated interest will be sent to mSave, an interest-yielding savings account.
What’s more, mStable says users can also seamlessly and efficiently swap between DAI, USDT, and USDT stablecoins at zero transaction cost.
Not resting on its oars, the mStable team has hinted that it will roll out three important features in the coming weeks, including a Connext Eth Layer1 mUSD <> Polygon mUSD bridge that will function as a cross-chain bridge that will “connect mStable liquidity from Eth Layer1 and Polygon.”
That’s not all, mStable will also add support for Biconomy, a feature it says will entirely eliminate transaction costs. With Bicconomy, users will simply “sign messages” to get their transactions confirmed on the network.
Lastly, mStable says it’s formulating fail-proof strategies that will incentivize DeFi users to provide liquidity on the platform. To enjoy mStable’s offerings, users must first migrate their digital assets to the Polygon network through the POS Bridge or Zapper Bridge.
At press time, the price of Polygon (MATIC) is up by 74.01 percent in the past seven days, trading at $0.58, with a market cap of $3.04 billion, as seen on CoinMarketCap.