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Polygon (MATIC) Launches $40 Million Liquidity Mining Program With Aave Protocol (AAVE): Details

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Wed, 14/04/2021 - 14:27
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Polygon (MATIC) Launches $40 Million Liquidity Mining Program With Aave Protocol (AAVE): Details
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Polygon (MATIC), a project that addresses the building of a cross-network hub of Ethereum's Layer 2 solutions (the "Polkadot of blockchains"), begins an unmatched liquidity mining program. Aave Protocol (AAVE), one of the most advanced DeFi ecosystems, is introduced as the program's partner.

One percent of MATIC supply is allocated for rewards series

Within the framework of a recently announced partnership, one percent of the total MATIC token supply will be distributed between the most active Aave Protocol (AAVE) market participants.

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A total of 0.5% of the total supply, equal to roughly $20 million in rewards, will be distributed between April 14, 2021, and June 14, 2021. The second batch of rewards will be sent to Aave Protocol (AAVE) customers before April 13, 2022.

Both depositing and borrowing of assets on AAVE will be rewarded with MATIC tokens. Namely, users will obtain rewards for depositing Ethers, Wrapped Bitcoins, USDT, USDC, MATIC, AAVE and DAI.

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To receive MATIC for borrowing, customers should lock their depositing Ethers, Wrapped Bitcoins, USDT, USDC and DAI.

QuickSwap and ComethSwap DeFis will join "yield farming" program

The second phase of the liquidity mining program will also be supported by Polygon-based decentralized exchanges Quickswap and Comethswap.

The first one will provide 30,000 QUICK tokens (almost $5 million in actual prices) to reward AAVE customers while ComethSwap will add 20,000 MUST to the program's fund. Comethswap will also provide program participants with a set of exclusive NFTs.

The Polygon (MATIC) team is certain that this program will bring more liquidity to Polygon's markets and attract new DeFis to its mechanisms.

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

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