Wire Stories

YFDAI and Polygon Announce Collaboration to Deliver Dynamic Scalability for YFDAI�s growing DeFi Ecosystem

By Alex

Posted on May 15, 2021

SINGAPORE--(BUSINESS WIRE)--YFDAI Finance, well known for its fast-growing Decentralized Finance ecosystem of products and services, has concluded months of diligence with the announcement of a collaboration with Polygon (formerly Matic Network). This collaboration will assist YFDAI in reducing transaction gas fees while enhancing scalability, interoperability and user experience for its user base. Polygon is a leading protocol and framework for building and connecting Ethereum-compatible blockchain networks, aggregating scalable solutions that support a multi-chain Ethereum ecosystem.

With the recent introduction of YFDAI�s SSGT, SafeSwap Governance Token, and the announcement of the forthcoming YFDAI LaunchPad project DAO1, there has been growing demand from YFDAI stakeholders for a scalability solution to support low-cost trading on YFDAI�s DEX (SafeSwap), participation in LaunchPad projects in a low-fee capacity, and expanded voting governance with YFDAI�s DAO (decentralized autonomous organization).

YFDAI selected Polygon to provide a scaling solution for YFDAI�s entire DeFi solutions suite given the Polygon Network�s seamless capability with Ethereum, scalability features, user experience with near �zero-gas� transactions, and ease-of-use from a development perspective. YFDAI will first move SSGT to the Polygon network. YFDAI will then launch the DAO1 project on the Polygon network, which will be listed thereafter on SafeSwap, Uniswap, and Polygon�s native DEX, QuickSwap. YFDAI will complete this initial integration and launch this month.

Polygon�s fully customizable tech stack and interoperability features using bridges and other native Polygon modules will allow YFDAI to move more of its DeFi ecosystem into the Polygon network without sacrificing any functionality or features that are present on the Ethereum network. Polygon exceeded all benchmarks set by YFDAI during the tech review process and were able to clearly demonstrate why their technology is such a good fit.

With regards to the integration with Polygon, YFDAI Lead Developer, Tapas (Rocky) Paul, said, �This integration will undoubtedly create a positive impact for both projects in the short-term and long-term. I am impressed by the Polygon team and the way they were able to overcome concerns raised and I have no doubt that YFDAI will be well-served by Polygon�s scalable and interoperable framework.�

YFDAI�s extended roadmap will cover porting the SafeSwap DEX, and the launch of future LaunchPad projects on the Polygon network. SSGT and ultimately YFDAI will also be tradeable on QuickSwap as well.

YFDAI�s COO, Simon Bogdanowicz, said �what really attracted us to Polygon apart from the easy, �zero-gas�, instant transactions was the scalability, when combined with interoperability and verified first-class security standards that align really well with YFDAI�s mission to provide a safe, trusted, and permissionless DeFi ecosystem for all.�

Meanwhile Asif Khan from Polygon was also happy to share his view on the collaboration, stating �we're pleased to collaborate with YFDAI to bring greater scalability and a superior experience to YFDAI's suite of products. We look forward to seeing projects launch on the YFDAI LaunchPad and helping developers scale their Dapps with Polygon.�

About Polygon

Previously known as Matic Network, Polygon is a framework for building interconnected blockchain networks. Polygon is described as Ethereum�s internet of Blockchains, designed to facilitate a future where different blockchains no longer operate as closed-off silo�s and proprietary communities, but instead as networks that fit into a broader interconnected landscape. Polygon aims to create a hub that different blockchains can easily plug into, while simultaneously overcoming some of their individual limitations � such as high fees, poor scalability, and limited security. The project�s long-term vision is a world in which people and machines collaborate and exchange value globally and freely, without gatekeepers or intermediaries. The vehicle for the delivery of this vision will be the protocol and framework for building and connecting Ethereum-compatible blockchain networks. Learn more at https://polygon.technology/.

About YFDAI Finance

YFDAI Finance is an complete and permissionless decentralized finance ecosystem that bridges the gap between traditional finance and decentralized networks. The YFDAI platform offers staking and farming services, a decentralized exchange, trading bot, and crypto startup incubator, and will soon also offer borrowing/lending services, insurance, crypto prediction tools, and more. Their early project incubator, LaunchPad, offers a safe and secure platform for legitimate projects in the DeFi space to strengthen their business and launch their token while adhering to strict guidelines, including smart contract audits, locked liquidity and locked development tokens in time-release smart contracts. Learn more at https://yfdai.finance.