• Sun. Jun 23rd, 2024

Polygon Launches New Liquidity Mining Program

Phillip Seefeldt

ByPhillip Seefeldt

Apr 16, 2021

The Blockchain space’s impending boom, which has caught many investors’ attention into the space, has continued to birth new partnerships and innovations into the space. The digital assets of the space, which many analysts have pegged to be one of the main propellers of the success, have continued to thrive. However, major players of the space have now taken the mantle off the digital assets, as they have continued to drive growth by introducing various bespoke reward products and services. One of the latest of such is Layer 2 scaling solution- Polygon, which has now announced that they have launched a new liquidity mining program.

Polygon partners Aave in the $40 million mining reward program

According to the Binance and Coinbase-backed Blockchain project, the new reward program estimated to reward users with at least $40 million was launched in partnership with DeFi top lender- Aave. Aave users will now earn rewards from the mining program when using Aave’s polygon market to trade assets. According to the Blockchain project developers, the most exciting thing about the reward program is that both lenders and borrowers on Aave are entitled to earn the $40 million reward.

It is worthy to note that Polygon launched on Aave last month as part of the expansion plans of the DeFi platform. However, according to many analysts, they believe that the high gas fees been offered by the Ethereum Blockchain is one of the reasons why Aave is trying to expand outside of the Ethereum space. Surprisingly, those rumors look to have an element of truth inside, as the Ethereum-backed DeFI platform has been incorporating itself with many Blockchain platforms since the beginning of the year.

Aave owner believes Polygon will give DeFi a global presence

Speaking to the press about the new partnership, Aave’s Owner- Stani Kulechov, believes that Polygon is changing the entire outlook of the DeFi space, and he is excited that Aave is helping the Blockchain solution to gain ground in the DeFi space. Kulechove believes that Polygon’s program will expand the entire operations of the DeFi space, as he believes that they are the future.

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The Aave founder also expresses his optimism in the involvement of Polygon in the DeFi space, as he believes that the Blockchain solution firm will give the DeFi space a global presence. Alternatively, Sandeep Nailwal, who is Polygon’s Co-founder, had also expressed his delight at the new partnership with Aave, as he believes that Polygon had made the right choice in choosing a DeFi partner.

Polygon is also an Ethereum backed project like Aave, and Nailwal believes that both Blockchain firms’ ambitions align together, despite both being the victims of the high gas fees of the Blockchain network. According to the report, the mining rewards will be distributed in two different phases. While the first part of the reward program will kick off this month, the next phase will be in June.

Phillip Seefeldt

Phillip Seefeldt

Phillip Seefeldt is a skilled and perceptive news writer known for his comprehensive analysis and engaging writing style. With a commitment to accuracy and a deep understanding of current affairs, his articles provide readers with insightful perspectives and thought-provoking insights.

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