Liquid ICP (LICP) is building a bridge and a staking platform to allow users to earn staking rewards from NNS(Network Nervous System on Dfinity) without locking ICP or maintaining complex staking processes. Liquid ICP chose bridging ICP with Polygon network since it is one of the best Full-stack scaling solutions in the market and works smoothly with reasonable transaction fees. LICP is now live on a polygon network and has already set up its DAO(Decentralized Autonomous Organization) and a decentralized application which allows its users to earn farming rewards.
Liquid ICP is primarily here to provide the service of s-Bridge between ICP(Internet Computer Protocol) and Polygon/Matic chains, and also to provide the staking platform for ICP coins on Polygon network with only 1 week lock time, and a farming option for LICP governance token. The service of ICP staking on Polygon network is feasible since there is a lock period from at least 6 months to 8 years on Dfinity network.
The s-Bridge will allow users to swap wrapped ICP(from Dfinity network) with ICP-20(wrapped ICP on Polygon network) and vice-versa, which will let asset holders choose how and where to utilize their assets. After bridging users can stake their ICP-20 tokens and receive liquid versions of their assets, st-ICP(staked ICP) tokens. Unlike staked ICP, the staked ICP-20 token a.k.a st-ICP is free from the limitations associated with a lack of liquidity and can be transferred at any time. The st-ICP token balance corresponds to the amount of bridged ICP coins plus NNS rewards received weekly.
Currently LICP has launched its DEX app where users can get governance tokens(LICP) and use them to generate farming rewards with LICP/MATIC and LICP/USDC pairs.
After the launch of the s-Bridge Liquid ICP will provide insurance, lending and borrowing services for ICP-20(wrapped ICP on Polygon).
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 1200+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
About Liquid ICP
Liquid ICP is a decentralized autonomous organization with a development and management team based in Vietnam, Russia, and Georgia. Liquid ICP DAO is here to provide bridging and staking service on various blockchains. The team’s motivation is to enhance interoperability and flexibility of asset usage. The team’s belief of decentralization motivates them to work tirelessly everyday, gather a robust community and reach notable progress.
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