Crypto Platform Polygon is looking to increase the adoption rate for the DeFi (decentralized finance) space by initiating a $100Million fund to make the DeFi space more approachable.
According to informational sources, the fund is named #DeFiforAll, which focuses on bringing new adaptors to the decentralized finance space by making DeFi products and platforms more easily available than before so that new users don’t find much difficulty or complexity in joining the space.
The funds collected by Polygon will be invested in making the DeFi space much easier to access for new users, hopefully bringing a lot of fresh traffic to trade and participate. The fund initiated by Polygon is said to be supporting the decentralized finance space for up to 3 years. Because the DeFi industry has become one of the fastest-growing markets in the crypto world, Polygon has taken a huge step and has given DeFi a chance to shine in the eyes of new traders and investors even more than before.
Not only will the fund help in bringing new users, but it will also help new traders to lose their fears of the scary prices in the DeFi market. Co-founder of Polygon Sandeep Nailwal spoke about the fund, saying that Polygon has dedicated its time and resources for the development of the DeFi space, and the #DeFiforAll fund will surely help a ton. He continued by saying that Polygon wants to support DeFi-based protocols, helping them scale and improve.
DeFi Products switching to Polygon
Many of the well-known and popular DeFi-based projects, including DEX Curve and Liquidity Protocol Aave, have already switched to the polygon network, bringing more and more new users into the DeFi network. The Aave protocol, born back in 2020, as of now has seen an additional 7500 users confirm around $1Billion in liquidity. There is also a new program that lets lenders and borrowers gain a significant amount of interest.
After the rebranding from Matic Network, Polygon has shown a vast amount of growth in user activity and transactions in the past few months. The polygon network has been in talks with decentralized exchange SushiSwap but has shown a tremendous number of transactions and liquidity in the Quickswap exchange skyrocket, destroying the competition behind.