Polygon (MATIC) Launches $40 Million Liquidity Mining Program With Aave Protocol (AAVE): Details
Polygon (ex-Matic Network) announces massive liquidity mining program in collaboration with leading DeFi Aave Protocol (AAVE)
Polygon (MATIC), a project that addresses the building of a cross-network hub of Ethereum’s Layer 2 solutions (the “Polkadot of blockchains”), begins an unmatched liquidity mining program. Aave Protocol (AAVE), one of the most advanced DeFi ecosystems, is introduced as the program’s partner.
One percent of MATIC supply is allocated for rewards series
Within the framework of a recently announced partnership, one percent of the total MATIC token supply will be distributed between the most active Aave Protocol (AAVE) market participants.
A total of 0.5% of the total supply, equal to roughly $20 million in rewards, will be distributed between April 14, 2021, and June 14, 2021. The second batch of rewards will be sent to Aave Protocol (AAVE) customers before April 13, 2022.
Both depositing and borrowing of assets on AAVE will be rewarded with MATIC tokens. Namely, users will obtain rewards for depositing Ethers, Wrapped Bitcoins, USDT, USDC, MATIC, AAVE and DAI.
To receive MATIC for borrowing, customers should lock their depositing Ethers, Wrapped Bitcoins, USDT, USDC and DAI.
QuickSwap and ComethSwap DeFis will join “yield farming” program
The second phase of the liquidity mining program will also be supported by Polygon-based decentralized exchanges Quickswap and Comethswap.
The first one will provide 30,000 QUICK tokens (almost $5 million in actual prices) to reward AAVE customers while ComethSwap will add 20,000 MUST to the program’s fund. Comethswap will also provide program participants with a set of exclusive NFTs.
The Polygon (MATIC) team is certain that this program will bring more liquidity to Polygon’s markets and attract new DeFis to its mechanisms.