Polygon Rolls Out $100 Million DeFi Adoption Fund
Polygon, an easy-to-use platform for Ethereum scaling and infrastructure development, has recently launched a $100 million fund intended to improve the accessibility of the decentralized finance (DeFi) space to more users.
According to a press release shared with CryptoPotato, the fund, known as “#DeFiforAll,” is geared toward effectively introducing millions of users to the various decentralized products and platforms available.
Polygon’s Fund to Support DeFi for 3 Years
The DeFi space is one of the most rapidly growing markets in the crypto industry. With this in mind, Polygon created the DeFiforAll fund with the sole purpose of ensuring that the larger user base, who are often intimidated by the price of taking part in DeFi, can have access to its numerous benefits.
The fund will go a long way in drawing the attention of the majority of casual crypto users into the DeFi space. It has been programmed to support DeFi for about two to three years.
Speaking on this initiative, Polygon’s co-founder and Chief Operating Officer, Sandeep Nailwal, said:
Polygon is committed to making DeFi accessible to the next million users, and we hope to achieve this through the #DeFiforAll Find. We want to support the top DeFi protocols on Ethereum and help them scale and grow with Polygon.”
DeFi Projects Migrating to Polygon
Several popular DeFi projects, including the decentralized exchange (DEX) for trading stablecoins, Curve, and the open-source and non-custodial liquidity protocol, Aave, have all migrated to Polygon, bringing their vast client base with them into the network.
Aave protocol, which was launched earlier in 2020, has witnessed more than 7,500 users lock $1 billion in liquidity just a few weeks after it launched. The platform has also recently launched a new program that will allow lenders and borrowers to earn higher interest.
Polygon, on the other hand, has also been experiencing tremendous growth in its user activity and transactions in recent months, following its rebrand from Matic Network.
The network has not only been partnering with already established decentralized exchanges like SushiSwap, but it has seen the liquidity and trading volumes on its Quickswap exchange skyrocket, even surpassing the trading volume of Uniswap a few days ago.