This Polygon Weekly Recap is provided solely for informational purposes and does not constitute investment advice. This week’s most notable event on the Polygon network can be seen as the cooperation between Polygon and the world’s most famous car company – Mercedes. In addition, Polygon also released a report on the growth of the first six months of development projects on the ecosystem. Take a look at the highlights of the past week with Coincu.
NETWORK GROWTH
Total Value Locked
Total Value Locked on Polygon has recovered in the past week. Specifically, TVL increased from $1.85B to $1.92B, an increase of approximately 3.78%. On 07/27/2022, TVL at one point surged to $2.75B (+54%); the reason for this strong move is still unknown. However, one day later, TVL returned to the old landmark as if nothing had happened.
Stablecoin Supply
Stablecoins on polygon have been mostly flat for the past two months. Specifically, the Stablecoin supply increased slightly by 1.23% from the previous week and is holding at $2.46B.
$USDC has the highest weight, with $1.58B – accounting for 64.10%. Next is $USDT with $646.06M- accounting for 26.28%. There was not much change last week
HIGHLIGHT EVENTS
Polygon partners with Luxury Car Company Mercedes Benz
The Mercedes-Benz decentralized data marketplace leveraged the Ethereum Layer-2 Polygon scaling solution to launch a blockchain-based data sharing platform.
This is an affiliate product of Mercedes-Benz; this blockchain will be used to exchange data from various businesses, including insurance information, scientific research, and clinical trial data.
More information: CLICK HERE
LFG With Village Wonders: Three-Month Pre-Acceleration Cohort by Polygon DAO
Polygon DAO launched Village Wonders, a first-of-its-kind initiative that will provide dedicated expansion strategy, mentorship, and funding opportunities to Web3 projects building on Polygon.
12 Selected projects will receive:
- Mentorship & office hours with Polygon core teams and industry experts;
- $40,000 investment in return for 1.5% of equity or tokens;
- Demo Day with top VCs, Polygon Ventures, and other investors;
- Up to $70,000 in vouchers from Tier-1 partners for development, audit, marketing, etc.;
- Recognition, ecosystem connections, marketing, and community building support.
More information: CLICK HERE
Polygon Insights For Q2 2022
Polygon released its Q2 2022 report. The report shows the growth of industries such as Defi, Gaming, NFTs and strong growth projects in the first half of 2022.
More information: CLICK HERE
Hacken is becoming a voucher partner of the Polygon Village Program.
Hacken & Polygon DAO have joined their forces to deliver top security standards to the projects building their solutions on Polygon DAO. By becoming a partner of the Polygon Village Program, Hacken will be able to deliver our high-quality smart contract auditing services to prominent projects building on Polygon DAO
More information: CLICK HERE
Updating on Distribution of Staking Token Rewards
The actual Year 2 rewards paid out were inadvertently slightly higher than proposed at the time the token was initially distributed. To make up for that, Year 3 rewards were recently reduced but resulted in an over-correction. Year 3 rewards will be adjusted so as to address the exact amount of the overshoot in Year 2.
The table below reflects the updated distribution of staking rewards after the changes that are expected to be made within the next few days occur. The timelock transaction for the said change has been initiated, and it requires to wait for 48 hours to execute it.
More information: CLICK HERE
DEFI LEGO
Dex
Clipper’s LP Sponsor Program.
With the launch of Clipper’s LP Sponsor Program, liquidity providers will be able to deposit more into Clipper’s main liquidity pool to generate even more fees.
In exchange for these higher contribution limits, Sponsors must donate a share of their fees to AdmiralDAO. At 70% yields, there is plenty of extra to go around such that everyone is happy. These fees will help fund the DAO and ensure Clipper can continue developing its community and providing the lowest trading prices possible for retail traders.
More information: CLICK HERE
Cross Chain Swaps on ZeroSwap.
ZeroSwap aggregates liquidity from leading protocols and provides a zero protocol fee and gas-less transaction/relayer for swapping.
ZeroSwap aim to build the most simplified, cost-effective, and superior DEX to tackle the complications in accessing cross-chain liquidity.
More information: CLICK HERE
Lending/Borrowing
Clearpool Brings Institutional-Grade DeFi to the Polygon Ecosystem.
Clearpool, the first decentralized marketplace for uncollateralized institutional lending, is launching on Polygon to bring greater capital efficiency and improved user experience to the platform. Clearpool will leverage the benefits of the Polygon network to allow for large-scale, institutional DeFi to be brought into Polygon’s DeFi ecosystem. By operating on Polygon, users will enjoy significant improvements to both speed and transaction fees.
More information: CLICK HERE
Yield Aggregator
Beefy alters its fee structure for selecting high-earning Vaults while maintaining a legacy rate for others.
The Beefy team will alter its top 20 – 50 performing Vaults’ fee structure on the Multichain Yield Optimizer Dapp. The platform will introduce a new 9.5% performance fee on users’ accrued gains within two weeks while optimizing their deposits.
More information: CLICK HERE
Autofarm is Live on Wanchain
Autofarm’s yield aggregator has launched on Wanchain with initial support for WanSwap and ZooKeeper.
More information: CLICK HERE
Asset Management
Sharpe integrates with Polygon to launch risk-managed systematic investment products.
Sharpe goes live on Polygon! Sharpe’s Structured Investment Vaults are now integrated with Polygon to build scalable investment products on Polygon’s commit chain.
With faster transaction processing and higher security of Polygon, Users interacting with Sharpe will not be burdened with an exorbitant fee or prolonged processing times, making it better and simpler for everyone to invest in DeFi investment products.
More information: CLICK HERE
LaunchPad
Guide to INOs and Participation Mechanics.
Seedify has launched its NFT Launchpad. INO stands for Initial NFT Offering and is an opportunity where users can purchase items from NFT collections before they are available to the public on the NFT marketplaces.
More information: CLICK HERE
Services
Armadillo has launched on Polygon.
Armadillo has launched on Polygon to provide protection for liquidity providers against impermanent loss. With Armadillo, liquidity providers can obtain protection for a wide range of trading pairs such as BTC/ETH, USDC/ETH, USDT/WETH, MATIC/ETH, and more.
More information: CLICK HERE
NFTS/GAMING
Bueno Integrates with Polygon to Offer Faster and Cheaper Ways to Mint NFTs
Integration with Polygon ensures that creators can easily mint their NFTs using Bueno while benefiting from the fast, scalable, and low-fee environment!
Here’s why you should consider minting your NFTs on Polygon:
- Lower gas fees compared to Ethereum
- Extremely fast NFT transactions that avoid blockchain congestion.
- It causes lesser damage to the environment when compared to Ethereum.
More information: CLICK HERE
NEW PROJECTS
OtoCo – Infrastructure: On-chain legal entities and legal tools for crypto freelancers, web3 teams, and DAOs.
0VIX – Lending: is the first veTokenomics lending market with dynamic interest rates on Polygon.
StationX.network – Asset Management: Allows you to create or join any investment club with just about any wallet within seconds.
Data Lake – Data: is creating a Worldwide Medical Data Donation system based on blockchain technology and powered by the $LAKE.
Dystopia – Dex: the first DEX on Polygon to use the ve(3,3) model, providing users with a seamless swap experience, a 0.05% trading fee, and minimal slippage.
VERDICT
Above is the critical information in the past week on the Polygon ecosystem. I will recap a few highlights on the ecosystem:
- On-chain data on the system continues to recover.
- Polygon updated staking rewards for the next three years.
- Polygon DAO launched Village Wonders, a first-of-its-kind initiative that will provide a dedicated expansion strategy to Web3 projects building on Polygon.
- Polygon partners with Luxury Car Company Mercedes Benz to launch a data-sharing platform.
If you have any questions, comments, suggestions, or ideas about the project, please email [email protected].
Find more information about Polygon
Website: https://polygon.technology/
Whitepaper: https://polygon.technology/lightpaper-polygon.pdf
Twitter: https://twitter.com/0xPolygon
Telegram: https://t.me/polygonofficial
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Ken. N
Coincu Ventures
