In a bid to lure DeFi users with little or no transaction fees, mStable has announced a second-layer solution integration with Polygon (MATIC). Now, the mStable feature is available on the Polygon portal live.
It will offer users another source of BTC and USD liquidity, two risks minimized meta-stablecoins and a purpose-built DeFi-native savings account.
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The integration is offering users reduced fees compared to what is obtainable in Ethereum’s mainnet deployment.
Expectations from mStable’s Polygon integration
mStable develops non-custodial and autonomous pegged asset infrastructure, including BTC pegged assets and DeFi’s best savings account for USD stablecoins.
Also, there is a complete automated market maker which offers liquidity providers the chance to mint earn tokenized savings or mint a risk-minimized meta-stablecoin. All of these do not put the user a great risk because they are backed by a diversity of assets.
There is a major demand for high yielding, more dependable, and secure savings account, with savings rate at near-zero in traditional finance. mStable says its platform was developed to meet such demands. However, most users have been priced out due to Ethereum’s recently sky-high gas fees.
DeFi users to expect low fees
mStable says it’s the major reason why the firm has taken the step to go live on Polygon, which is a two-layer network.
The network processes transactions first on its sidechain before binding them into a block that’s designed by the Ethereum mainnet.
mStable stressed the major issue with Ethereum’s unusually high fees on the DeFi sector. According to mStable, the high fee barrier has slowed down the industry’s effort to democratize finance. As such, a better and cost-effective way has to be created.
mStable is also working on three major releases for the polygon deployment, which includes a bridge in Polygon and Ethereum mainnet, free transactions in Biconomy partnership, as well as liquidity incentives.