HaloDAO will be integrating its v1 dapp on Polygon to help users save time and money on their dapp usage.
HaloDAO is coming to Polygon along with our v1 update! Our v1 dapp includes various new local stablecoin farming pools including TAUD, TCAD among others. All of these stablecoins will have liquidity within our new Automated Market Maker (AMM). The goal of the Polygon addition is to increase the usability of our farms, particularly by decreasing the transaction costs for our users as compared to ETH Mainnet, thereby creating greater accessibility and liquidity for non-USD stablecoins. We also believe the integration with Polygon will enable cross-protocol collaboration in the future, considering the plethora of tools constantly being developed on the chain.
Importance of the Polygon Integration for Local Stablecoins
HaloDAO is a stablecoin marketplace protocol. We provide yield for various local stablecoins, working closely with stablecoin providers and protocols to enable people from all over the world to participate in the exciting world of Decentralized Finance. One of the main concerns for a protocol working towards making DeFi accessible to all is reducing the pain points for the user, mainly the amount of time and money spent while interacting with dapps.
Polygon is a full-stack scaling solution which inherits its security from the Ethereum Mainnet, while enabling lower cost and faster transactions than the base layer. The average fee for a staking transaction within a farm on Mainnet can run between $50 and $200 USD on a normal day, whereas on Polygon that amount of money would be sufficient to run transactions for months on end. Thus, launching on Polygon would serve to improve the overall farming experience for our current users, and would enable easier access to farms for people from all backgrounds.
A crucial step in the process of migrating liquidity for local stablecoins to a new chain is the provision of a safe bridge between the two chains. HaloDAO has built its own cross-chain bridge, the first version of which will be live between ETH Mainnet and Polygon. We are enabling various local stablecoins to be bridged to Polygon which do not have liquidity on the chain yet.
Our v1 update on both Mainnet and Polygon are already live. You may refer to our Gitbook for more technical information.
Upcoming Improvements to our AMM
In the future, the HaloDAO v1 launch on Polygon will enable us to easily integrate with another protocol, Balancer, when we upgrade our AMM to v2. The purpose of the Balancer integration is to increase the variety of assets our users can swap between, while maintaining a focus on the various local stablecoins we provide yield for. With both of our dapps running on Polygon, the integration of Balancer into HaloDAO’s v2 AMM will be seamless.
The integration of HaloDAO on Polygon will improve the experience of managing liquidity for users significantly and will also save the DAO a great deal of management cost thanks to the decreased transaction fees.
Polygon is a platform for Ethereum scaling and infrastructure development, its core component being the Polygon SDK – a framework which supports production and usage of both Secured Chains (AKA Layer 2) and Standalone Chains (AKA Sidechains).
HaloDAO is a stablecoin marketplace protocol aiming to build on demand liquidity for various non-USD stablecoins to connect the world to DeFi.
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