Anyone that has been in crypto for a while will know that scaling is the number one priority for mass adoption to really happen, while cross-chain technology is vital for DeFi to truly take off. That’s why we’re proud to announce our novel cross-chain liquidity solution for Polygon (formerly Matic), the biggest and fastest growing scaling solution out there!
Polygon has been working on scaling Ethereum ever since 2017, and the Matic mainnet was released in 2020. Recently, the project was rebranded to Polygon, to reflect its diversity as an ecosystem of different scaling solutions for different applications. It currently has over $7 billion in total value locked in the network, and it’s being adopted by more and more DeFi protocols. With incredibly cheap and fast transactions, Polygon is the way forward to bring Ethereum-based DeFi to the masses.
This is why we’re proud to say that we’ve received a development grant from Polygon to provide a revolutionary liquidity solution which will be able to bring billions of dollars of liquidity into DeFi on Polygon. We’ll soon release a Stellar-Polygon token bridge, which will enable users to swap their XLM tokens to wrapped XLM (wXLM) on Polygon, nearly instantly and at almost zero cost! And once they’ve got their wXLM, they will be able to use them in all the DeFi protocols that Polygon has to offer. That way, you will be able to hold your XLM – the token of one of the biggest chains in the industry, on which we originally launched the NWC token – while also benefiting from all the latest trends in DeFi.
In order to make the swap as safe as possible, we’ve implemented different robust layers of security, from multisig wallets to Chainlink’s Proof-of-Reserve, which will constantly monitor the balances of the swap wallets through an independent Stellar node. More technical details, along with a detailed audit report, will be available soon, so make sure to watch our social media channels.
With all that said, we still need to highlight that this isn’t the final phase of our development on Polygon. Later on, this will also include a DeFi lending and borrowing platform, which we’ve been working on for quite some time, as well as something even more innovative that will be announced soon. So, in the meantime, stay tuned and get ready to put your XLM to work in DeFi!