YFDAI Selects Polygon for Dynamic Scalability for its growing DeFi Ecosystem
Utilizing Polygon Network will reduce gas fees and enhance scalability, interoperability and user experience
With this year’s introduction of YFDAI’s governance and liquidity token, SSGT, and the YFDAI LaunchPad, YFDAI continues to fulfill its mission of becoming the most complete DeFi ecosystem in the market.
It is our pleasure to announce our collaboration with Polygon (formerly Matic Network), a leading protocol and a framework for building and connecting Ethereum-compatible blockchain networks.
Using Polygon network reduces gas fees and improves scalability, interoperability, and user experience of YFDAI’s ever-growing DeFi ecosystem. This quarter, we will add lending and borrowing services to our product suite that already includes staking, farming, algo-trading (SafeTrade), DEX (SafeSwap), and the YFDAI LaunchPad.
Solving Current Challenges while Inspiring New Opportunities
In response to the growing demand from the YFDAI community to address rising Ethereum gas fees, we have selected Polygon to provide a scaling solution for YFDAI’s entire suite of DeFi services, including DAO governance. The Polygon network allows for custom network development that fosters high-level security and quality user experience.
To start, we will be moving SSGT and our SafeSwap DEX to the Polygon network. This allows YFDAI to leverage Polygon’s near “zero-gas”, instant transactions without sacrificing any of the features or functionality that YFDAI’s suite of DeFi solutions has today.
With near “zero gas” transactions, YFDAI will also be able to attract even more interest from both investors and projects to YFDAI LaunchPad, our incubator and token launch platform. Tokens that launch off of YFDAI LaunchPad will also now be able to easily list on QuickSwap, Polygon’s native DEX.
Polygon combines the best of Ethereum and other blockchains into attractive feature sets including:
Delivering on the YFDAI Roadmap
Polygon’s fully customizable tech stack and interoperability features using bridges and other native Polygon modules will allow YFDAI to move more of its DeFi ecosystem into the Polygon network without sacrificing any functionality or features that are present on the Ethereum network.
Given YFDAI’s robust roadmap for its suite of DeFi services, we are excited to explore building out our community-centric ecosystem on Polygon.
Polygon is flexible and can accommodate the entire YFDAI ecosystem of DeFi products. We will first utilize the Polygon Network for the public sale and listing of SSGT, followed by the migration of SafeSwap. We will also be launching new LaunchPad projects on the Polygon network, starting with DAO1. Both SSGT and YFDAI will also ultimately be listed on QuickSwap, Polygon’s native DEX, and all Launchpad projects going forward will be listing Polygon’s DEX as well, in addition to SafeSwap and Uniswap.
Polygon is “built by developers, for developers” and it shows. From a growing set of modules for developing custom networks to modular security-as-a-service solutions, Polygon offers the functionality and features of the Ethereum network without the low throughput, while also providing the framework for sovereign governance.
Polygon exceeded all of the benchmarks set by the YFDAI vetting team, proving to be a highly-secure framework and protocol albeit highly-flexible.
The Bigger Picture
As DeFi continues to grow even while in its infancy (+$80 Billion USD TVL, Polygon’s focus on being the “Internet of Ethereum blockchains’’ aligns well with YFDAI’s vision to democratize finance, making it accessible and affordable for all.
And we are in good company on the Polygon Network. Here’s just a small representative list of others that are also utilizing Polygon (full list of projects on Polygon are here):
With Polygon’s instant (deterministic) transaction finality combined with its interoperability expertise, we can further provide YFDAI investors, stakers, and farmers with a community-centric liquidity experience.
More announcements to come regarding other YFDAI products and services moves to the Polygon network.
Previously known as Matic Network, Polygon is a framework for building interconnected blockchain networks. Polygon is described as Ethereum’s internet of Blockchains, designed to facilitate a future where different blockchains no longer operate as closed-off silo’s and proprietary communities, but instead as networks that fit into a broader interconnected landscape. Polygon aims to create a hub that different blockchains can easily plug into, while simultaneously overcoming some of their individual limitations — such as high fees, poor scalability, and limited security. Other notable dApps on the Polygon network include Aave, Curve finance, SushiSwap, Reef Finance, ParaSwap, and Polymarket.
The project’s long-term vision is a world in which people and machines collaborate and exchange value globally and freely, without gatekeepers or intermediaries. The vehicle for the delivery of this vision will be the protocol and framework for building and connecting Ethereum-compatible blockchain networks. Learn more at https://polygon.technology/
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Staking — https://stake.yfdai.finance
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