Decentralized swaps platform announces Polygon onboarding
MetalSwap, a decentralized platform that allows hedging swaps on financial markets with the aim of providing coverage to those who work with commodities, now Testing on ETH Kovan, announced its support for the Polygon Network, thus expanding the networks available for its $XMT token to three blockchains.
Given Ethereum’s scalability issues, new blockchain platforms have emerged offering compatibility with Ethereum’s leading network of decentralized applications (dApps), while providing dApps with higher performance relative to Ethereum.
Polygon (previously Matic Network) is a layer-2 Ethereum sidechain enabling high transaction speeds and low transaction costs for dApps built on the Polygon chain.
NFT Staking feature is now Live on Mumbai’s testnet ( https://medium.com/metalswap/a-gift-4-testers-fee49f069eb9 ) with a selected number of testers coming from Kovan ( https://test.metalswap.finance/ ), it’s going to be deployed on Polygon Mainnet in the coming days.
Polygon Network: Scaling dApps on Ethereum
Polygon is a multi-level platform that achieves high scalability thanks to sidechains.
Sidechains are alternate blockchains to the main blockchain, Ethereum, that improve performance. In this way, dApps on the main Ethereum network enjoy the best of both worlds: compatibility with the vibrant Ethereum ecosystem and the superior performance of sidechains.
Polygon not only offers a proposal to solve scalability, it also works on usability improvements while retaining decentralization. To help bring such advances to the blockchain, they leverage the talent of the developer community to collaborate in improving the functionality of dApps and the user experience. All with the aim of improving the capabilities of Ethereum to support different solutions for decentralization and decentralized finance (DeFi).
The result is simply amazing: the transaction times on Polygon can theoretically reach up to 10,000 TPS while the gas fees are considerably reduced to half a cent for each transaction.
Currently, Polygon is used by a multitude of blockchain companies and users for the development of projects. According to data from Polygonscan and Etherscan.io, on October 2nd,2021, the number of active addresses on Polygon exceeded the number of active addresses on Ethereum for the first time.
Furthermore, Polygon can not only connect with the Ethereum network, but it can also connect with other Ethereum-based (EVM) blockchain networks, easing compatibility across multiple large chains.
Key Takeaways
- The Polygon platform, powered by the MATIC token, was launched to connect and grow Ethereum-compatible projects and blockchains.
- MATIC tokens are used to govern and secure the Polygon network and pay transaction fees.
- Polygon uses a modified proof-of-stake consensus mechanism to efficiently operate the platform.
More scalability, More markets
Now with the Polygon Network available in the MetalSwap Finance App, users will be able to access a broader universe of options for swaps and pools in this important sector of decentralized finance (DeFi); as MetalSwap expands its offerings as a multichain platform.
With the low transaction fees on Polygon, the DeFi spectrum is widened for the thousands of investors of all sizes who want to be part of the industry’s first decentralized commodity swap platform. For instance, the costs of its premier $XMT liquidity pair founded on Uniswap V3 could be significantly reduced for the benefit of holders.
As a result, more liquidity could flow to Polygon creating a new experience with reduced costs when using the Uniswap Dex, just to start.
The MetalSwap team has started working on adapting their platform to offer compatibility with Polygon, a milestone that they hope to achieve in record time, following closely on their providing support for the BNB Chain.
For now, MetalSwap is inviting all its users to use its Testnet App on Kovan TestNet to get familiar with its product. Your XMTT2 test token will be exchanged with real $XMT at the end of testnet phase with a ratio still to be decided by the team.
Kovan TestNet infobox
WBTCTest contract address:
0x7E3e48f8ddD1826740336A1506bB57148356BA3E
USDTTest contract address:
0xbEe93fD8822c3a61068Abf54A28734644c9f61Ed
You’ll be rewarded on testnet with XMTT2:
0x0729527442b798843DD764F1544D967587d97F4C
About MetalSwap
MetalSwap is the Evolved, Decentralized Swaps solution. Through a set of smart contracts, initially deployed on Ethereum’s mainchain, we are making it possible to execute swaps without the need for intermediaries, at reduced costs and without time restrictions. From a traditional-based financial product, to a new digital LEGO-Money brick!
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