- Polygon is allocating 1% of their total supply, around $40 million to incentivise Aave’s Polygon market users
- QuickSwap will further reward Aave’s Polygon market users with 3% of the total QUICK token supply, over $5 million in QUICK.
- This move will further strengthen the Polygon+Ethereum DeFI ecosystem
It’s no surprise that many would like to take Ethereum’s crown, and in today’s fast-paced market the crown becomes more and more valuable. However, Ethereum has many loyal allies who will not let this happen easily. One of those allies is Polygon (aka Matic Network), a protocol and framework for building out and scaling Ethereum.
Polygon sees Ethereum’s limitations as a challenge that it can solve. One of the largest challenges at hand is Ethereum’s scaling, which has dramatically been boosted by Polygon over the last year. Currently over 600 dapps are working with Polygon.
Recently Aave, arguably the most prominent dApp to ever integrate Polygon on Ethereum, jumped in head first by implementing a version of their dApp on Polygon. From a recent announcement, we see that Aave is using Polygon to explore new scalability frontiers for their lending and borrowing product.
This is a huge win for Ethereum, Polygon and QuickSwap.
A more Incentivised Future
To kick things off, Polygon is allocating approximately $40 Million of $MATIC tokens, or 1% of their total supply, to use as liquidity mining rewards to help push Aave’s Polygon market implementation. This means that a flood of liquidity is coming to layer 2. Additionally, when users bring amTOKENS such as amUSDC to provide liquidity on QuickSwap and participate in liquidity farming, they will receive QUICK rewards coming from the over $5 million allocated to Aave growth.
This is important because it will help showcase Polygon’s use case at a much higher scale than ever before. Aave already has over $8 Million in TVL on its Polygon market implementation having only just launched, and we expect this to sky rocket once these rewards kick in. Of course many will be drawn to this event which also means users will stampede the bridge between the Ethereum main-chain and other chains like BSC to Polygon — the new home of Aave.
QuickSwap, the #1 L2 DEX is truly honored to help fuel Aave, the lending, borrowing, flash loan Legend with Polygon the leading L2 scaling solution! Long Live Ethereum!
