The mStable decentralized financial returns protocol was the latest version of a solution to scale from level to scale, as it announced its rollout of Polygon (previously known as Matic) in Monda.
An MStable savings account that generates interest, two “low risk fixed coins” and asset swap features are now available on Polygon, providing users with lower fees compared to the Ethereum mainnet distribution.
Polygon is a link layer that handles side transactions before they are packed into the next block generated by the Ethereum network.
In Monday’s announcement, mStable highlighted the barrier that the recent Ethereum gas tax crisis has imposed on the DeFi sector’s mission to democratize financing:
“With savings levels close to zero in the traditional economy, there is huge hidden demand for a safe, secure and cost-effective savings account. MStable Save was created to meet this demand, but unfortunately, due to the recent rise in Ethereum gas prices, prices have been lowered for most users.”
Speaking of support for Polygon’s expansion solution, CEO James Simpson said, “Polygon is scalable, offering near-free transactions, and has attracted heavyweight DeFi companies, and with it billions of liquidity. This is done while connected to the main chain and the Ethereum community.”
MStable has also thwarted three major upcoming versions of Polygon distribution, including liquidity incentives, free transactions in conjunction with Biconomy and a bridge between Polygon versions and Ethereum mainnet.
The protocol expansion to Polygon comes as more DeFi protocols explore Tier 2 solutions, with Aave recently raising $ 1 billion in cash to launch Polygon within ten days of launch.