Polygon, the Ethereum scaling network formerly known as Matic has launched a $150 million fund to make decentralized finance (DeFi) more accessible to users. While other DeFi projects too have taken up in launching DeFi fundings in recent months, the $150 million funds are one of the larger initiatives in recent times.
Polygon Unveils $150 Million DeFi Fund
Blockchain scaling project, Polygon has unveiled plans on setting up a $150 million fund to boost the adoption of decentralized finance. The so-called #DeFiforAll Fund will focus on onboarding users to decentralized products and platforms.
The said fund seeks to accommodate numerous users and newbies towards DeFi platforms and products. The fund further intends to support the DeFi space for the next two to three years and will try to attract newbies in the crypto space.
1/ Pleased to announce a 150M$ DeFi Fund to make DeFi more accessible and cost-effective and bring the next million users to DeFi.
The #DeFiforAll Fund was set up to bring the benefits of DeFi to a larger user base that was earlier priced out.https://t.co/S1dF5aDjV2 pic.twitter.com/NGjzFIrP56
— Polygon (previously Matic) (@0xPolygon) April 28, 2021
Commenting on the initiative, Sandeep Nailwal, co-founder and COO of Polygon, said:
“Polygon is committed to making DeFi accessible to the next million users, and we hope to achieve this through the #DeFiforAll Find. We want to support the top DeFi protocols on Ethereum and help them scale and grow with Polygon.”
Polygon Rebranded Itself From the Matic Network
Polygon was founded in India as the Matic Network in 2017 before rebranding itself. It’s a layer-two network that processes transactions on its ‘sidechain’ before putting them together into the next block produced on the Ethereum mainnet.
An early secondary layer to the Ethereum Blockchain, Polygon looks towards taking advantage of Ethereum’s recent gas fee crisis to build up its name in the Decentralized Finance sector.
Polygon’s layer-two network has seen steady growth in the number of users, user activities, and transactions in the recent months following its rebranding from the Matic Network.
The scaling network’s recent decision to integrate with SushiSwap has led to a rise in liquidity and trading volume on its native Quickswap exchange. Daily transactions surpass those of Uniswap on April 26.