As part of its ongoing efforts to make the decentralized financial ecosystem more accessible through infrastructure development, this Layer2 payment solution has launched a $100 million fund to lower the barriers to entry for revenue farms and loans.
#Defiforall to support development over the next 2-3 years
Decentralized finance (Defi) has been one of the most explosive developments in blockchain over the past year, as new products and services offer token holders new ways to monetize their cryptocurrencies.
The rush was so great that the total value recorded in the TVLs (Deficit Logs) once again exceeded the $60 billion mark, just off the record set a few weeks ago. Nevertheless, Defi remains one of the most challenging areas of the blockchain universe for newcomers, as a steep learning curve and high capital requirements push more small participants to the sidelines.
Polygon is a solution for scaling and developing Ethereum infrastructure. Formerly known as Matic, Polygon plans to transform Ethereum into a multi-chain ecosystem or internet blockchain through its new ability to build and connect blockchain 2 and sidechain. Polygon already plays an important role in Defi as a side-chain launch pad for Aave and Curve.
Polygon is now trying to encourage the adoption of Defi by breaking down the barriers associated with it. The recently launched $100 million #Defiforall fund aims to achieve this goal by supporting conservation protocols that work toward this end.
According to Polygon co-founder and COO Sandeep Nailwal,
Polygon is determined to take Defi to the next million users, and we hope to do so with the help of the #Defiforall Foundation. We want the support for the best challenge protocols on Ethereum to grow and grow with Polygon.
Over the next two to three years, the Fund will work to promote wider use of the challenge protocols. Polygon has already proven that Defi doesn’t have to be capital intensive after the protocols running on its sidechain reached an exponential user adoption rate.
Aave and Curve in particular have been very successful in attracting investment from investors with smaller amounts of capital. It is therefore likely that the appeal of Defy with the support of the Polygon will continue to increase as the accessibility of the area improves.
Do you think the challenge has a steep learning curve that discourages small investors? Let us know your comments in the section below.
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