Polygon (Matic) Price Up 27% as mStable Debuts on Polygon

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by Oluwapelumi Adejumo · 3 min read
Polygon (Matic) Price Up 27% as mStable Debuts on Polygon
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Already three mStable features are live and can be accessed on Polygon (Matic).

mStable, the DeFi high yield protocol provider, has debuted on Polygon (formerly known as Matic), offering Polygon users another source of USD and BTC liquidity, a DeFi-native savings account and two risks minimized meta-stablecoins. This comes alongside a renewed commitment to help investors and traders “priced out” of the popular blockchain network Ethereum by “sky-high gas fees”.

mStable made the statement in its blog post, joining a growing list of DeFi protocols moving to or débuting on a Layer2 network, to avoid congestion. The Australian DeFi stablecoin project provides a protocol that unites stablecoins from across several platforms, and makes the lending, saving and swapping of these coins easy to use in a robust ecosystem.

The project was designed to address the division of stablecoin markets, while resolving the adoption and accessibility problems that arose from the fragmentation of these markets. mStable’s ecosystem is governed by a token known as Meta (MTA) that allows for yield farming provided as an EARN product. mStable also provides a native stablecoin called mUSD and a zero slippage SWAP product, both are respectively provided as the SAVE and SWAP product.

Polygon (formerly known as Matic) is one of the most unique products in the crypto space, a truly decentralized product, backed by a truly multicultural team from around the world.

Ethereum, though still the second biggest blockchain on the market, has many infamous limitations, including high transfer “gas” fees and very low scalability, leading many Ethereum-based projects to seek alternatives without losing Ethereum’s flourishing ecosystem, though this has only led to fragmentation of the ecosystem of the second largest crypto asset by market cap.

Polygon is a protocol that allows users to build and connect Ethereum compatible blockchain networks, meaning Ethereum based networks, their tokens and ecosystems can be accessed with Polygon. The protocol significantly boosts interoperability, scalability, security, and sovereignty.

mStable’s move to Polygon is sensible, both services have similar goals, mStable is uniting fragmented stablecoin markets and Polygon – Ethereum-based networks. Already three mStable features are live and can be accessed on Polygon, the mUSD coin backed by DAI, USDT, and USDC stablecoins; SWAP, that allows zero cost swapping between DAI, USDT, and USDC; and SAVE, which maintains an interest-yielding savings account called mSave.

mStable isn’t resting on its oars. The protocol already has several developments being prepared to be deployed, including an Ethereum Layer1 and Polygon Layer2 bridge, support for Biconomy to eliminate transaction costs and several other strategies to incentivize users to boost platform liquidity.

After the news Polygon (Matic) price increased by 27%. At the time of writing, it is trading at around $0.8.

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