Polygon and Aave partner to launch $ 40 million cash extraction
Polygon has partnered with Aave to launch a liquidity extraction program for the scalability and growth of the Defy world in Atrium. The program will use 1% of MATIC network resources worth about $ 40 million.
It should be noted that Aave is an emerging Defy platform valued at more than $ 6 billion. Polygon, on the other hand, is a leader in providing Difai solutions that has worked with many of Difai's leading projects. For example, Polygon has worked on projects such as Polymarket, Sushiswap and InstaDapp.
In fact, Polygon intends to help address some of the weaknesses that currently limit the efficiency of transactions in the Atrium network. In particular, Atrium is grappling with scalability constraints that have led to high density and high cost of smart contract management platforms.
Astani Kolchov, founder and CEO of Aave, commented on the partnership:
"If the defense is great, but limited to five-digit and higher securities, it will neglect its mission of financing everyone. "Polygon makes this possible and makes Defy available to a wider audience around the world."
However, the challenges facing the Atrium network act as a reflection of the platform's popularity. To date, Atrium supports at least 200 decentralized applications, 15 million transactions and more than 300,000 wallet addresses.
Therefore, the collaboration of Polygon and Aave is crucial to help increase the scalability of the atrium and make the diff available to all. However, to achieve this goal, both have committed to a two-phase strategy.
In fact, the 1% supply of MATIC will be split evenly between the two phases. The first stage will run from today, April 14 (April 25) to June 14, 2021 (June 24) at 12:00 local time. Subsequently, the second phase will take place from June 14 (June 24) to April 13, 2022 (April 24, 1401), both at 12:00 local time. It should be noted that each phase will include about $ 18 million in bonuses.
It will also be supported by Polygon Decentralized Exchanges, including Quickswap and ComethSwap. These two decentralized exchanges dedicate part of their tokens to setting up farms for Aave Receipt Tokens. Comes Swap is also working on extracting triple liquidity to create an extra layer of space for Polygon users.