(April 27 – May 4, 2021)
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DeFi Strategy of the Week
Polygon (MATIC).
Polygon.io is a scaling solution for Ethereum. It lets users trade ETH with lower transaction fees. Because, compared to other scaling solutions, Polygon doesn’t clog when there are a high number of trades. Using Layer 2 chain – blockchains that run alongside the Ethereum main chain – Polygon provides cheaper AND faster transactions.
And, while Binance Smart Chain is still the top Ethereum scaling solution, Polygon is quickly rising. This week, Polygon’s token – MATIC – achieved a 120% rise on a 7-day trailing basis. Moreover, since January 1st, MATIC has skyrocketed over 4,188%.
Polygon’s protocol allows users to transfer tokens without incurring third-party risks and other typical market limitations. Plus, Polygon’s ability to maintain the typical security offered by Ethereum while allowing for scalability makes it unique.
Yield Farm of the Week
MTA Yield Farming through mStable (a stablecoin aggregator).
mStable is a collection of autonomous, decentralized, and non-custodial smart contracts. The protocol is built on Ethereum and its assets (mAssets) are built to an autonomous and non-custodial pegged asset layer for DeFi.
mStable was built to address there primary concerns for pegged crypto asset holders:
- Significant fragmentation in the same-peg assets.
- Lack of yield in fiat currencies and pegged crypto assets.
- Lack of protection against permanent capital loss in pegged crypto assets.
A user minting an mAsset interacts only with non-custodial mStable contracts. This means no third-party ever takes custody of a user’s assets. In other words, mStable is a “peer-to-peer” protocol, where the pool “lives” in a non-custodial smart contract.
Each mAsset represents a share of liquidity in that mAsset’s pool and is a pegged crypto asset itself. The mStable protocol is governed by Meta (MTA) Governors. Those with the MTA token can also stake their tokens to become protocol governors.
News & Industry Updates
1.) S&P Goes Live with Crypto Indexes
The S&P Dow Jones Indices launched its first three cryptocurrency indexes on Monday.
2.) EBay Exploring Crypto Options
Per CEO Jamie Iannone EBay is exploring its options around cryptocurrency payments and NFTs.
3.) ETH Market Cap Hits Record High
The value of the Ethereum network shot past major corporations like Nestle and P&G after its market cap hit a new high – at $337 billion.
4.) Are Altcoins on the Rise?
Altcoins have delivered huge gains this year, but if they repeat their 2017 moves, holders may have an amazing 27,000% moonshot.
5.) Mastercard Survey Offers Encouragement for Crypto Adoption
The payments giant polled 15,569 consumers in 18 countries; 40% said they plan to use crypto in the next year.
