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Polygon Announces a $100M Fund To Support DeFi Adoption

Polygon Announces a $100M Fund To Support DeFi Adoption
  • Polygon launched a $100M Fund to support DeFi adoption.
  • #DeFiforAll will support DeFi over the coming 2-3 years.
  • Polygon CEO says he wants to support the top DeFi protocols on Ethereum.

Polygon just announced a $100 million fund to make Decentralized Finance (DeFi) more accessible. With the hashtag #DeFiforAll, this fund aims to onboard the next wave of decentralized product users.

Consequently, the  #DeFiforAll Fund aims to bring the benefits of DeFi to a wider user base. The fund will support DeFi over the next 2-3 years and hopes to entice more casual crypto users in the market.

Sandeep Nailwal, CEO and COO of Polygon, in fact, stated,

Polygon is committed to making DeFi accessible to the next million users, and we hope to achieve this through the #DeFiforAll Fund

Nailwal also wants to support the top DeFi protocols on Ethereum and help them scale and grow with Polygon.

Of note, Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its scaling solutions have seen widespread adoption with 200+ Dapps, ~22.8M txns, and ~364K unique users.

Furthermore, the popular DeFi protocols Aave and Curve have already migrated to Polygon. This brought an influx of new users to their platform. More so, Aave has seen over 7,500 users lock $1 billion in liquidity within weeks of its launch. Aave also launched a new program enabling lenders and borrowers to earn more rewards.

Following its rebrand from Matic Network, layer-two Polygon has been enjoying a steady rise in user activity and transactions recently. In addition to this, their integration with SushiSwap has seen record liquidity and trading volume on its native QuickSwap exchange. Wherein, the daily transactions surpassed those of Uniswap on April 26.

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Britney is a market analyst who covers stories about the cryptocurrency world. She holds a Business Administration Degree in Finance and aims to let the readers understand crypto from a beginner perspective.