Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

Polygon has announced the integration of yield optimization vaults on the Maker Network. The blockchain-enabled protocol, formerly referred to as the Matic Chain, tweeted on Wednesday that it “will be opening a vault on Maker” and investing $50M of MATIC tokens as agreed liquidity from the treasury.

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

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Such feet, among others, would see the protocol network providing 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 polygon framework and the Polygon protocol.

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

Plus, these blockchains are friendly with all the existing Ethereum tools such as Metamask, MyCrypto, Remix, etc. So again, the exchange of information among themselves and with Ethereum is facilitated.

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

One is collapsing together scalable solutions on Ethereum and supporting multiple chains in the Ethereum ecosystem.

What Is Matic Token?

MATIC, the native token of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem.

Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

MATIC set to follow...

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