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The adoption rate of cryptocurrencies depends largely on their use cases in the real world. The latest effort of Balancer Protocol in this area is to launch support for Polygon, a Layer-2 solution, to reduce the gas cost of Ethereum.
Through this partnership, Balancer has joined the teams of major DeFi projects such as Aave, Curve, and SushiSwap, which have recently witnessed strong user adoption.
Since Polygon (formerly MATIC) provides close to zero transaction fees, Balancer has the status of “the ultimate flexible AMM is easier to implement” because it can perform unique experiments for mining pools without having to bear higher transaction fees. In emphasizing the ability to expand to more L2, Fernando Martinelli, CEO and co-founder of Balancer Labs, said:
“We have noticed the attractiveness of Polygon and the trading experience it provides, and Balancer hopes that our community and users can have this experience”
According to the press release, “The Liquidity Mining Committee has expressed its desire to focus on more mining pools with similar indices on Polygon to emphasize the unique value proposition of Balancer on L2.” According to the consensus, the committee will continue to experiment with Polygon’s mining pool design. And provide special mining rewards.
According to the community’s vote, the token incentive is set to “Balancer 25,000 BAL per week, Polygon 375,000 MATIC per week and Qi Dao 30,000 Qi per week for each pool, and they will participate in two of these pools” for a total of 10 million US dollars.
Polygon co-founder Sandeep Nailwal concluded: “We are sure that the Polygon community will like to use Balancer with close to zero fees and an excellent user experience.”
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