- YFDAI will first move its SSGT (SafeSwap Governance Token) to the Polygon network.
- YFDAI will then launch the DAO1 project on the Polygon network, which will be listed thereafter on SafeSwap, Uniswap, and Polygon’s native DEX, QuickSwap.
- YFDAI will complete this initial integration and launch this month.
Singapore, May 16, 2021 /AlexaBlockchain/ – Polygon (formerly Matic Network) will assist YFDAI Finance in reducing transaction gas fees while enhancing scalability, interoperability and user experience for its fast-growing DeFi ecosystem.
What is Polygon?
Polygon is a leading protocol and framework for building and connecting Ethereum-compatible blockchain networks, aggregating scalable solutions that support a multi-chain Ethereum ecosystem.
What is YFDAI Finance?
YFDAI Finance is a complete and permissionless decentralized finance ecosystem that bridges the gap between traditional finance and decentralized networks.
What Happened?
With the recent introduction of YFDAI’s SSGT, SafeSwap Governance Token, and the announcement of the forthcoming YFDAI LaunchPad project DAO1, there has been growing demand from YFDAI stakeholders for a scalability solution to support low-cost trading on YFDAI’s DEX (SafeSwap), participation in LaunchPad projects in a low-fee capacity, and expanded voting governance with YFDAI’s DAO (decentralized autonomous organization).
YFDAI selected Polygon to provide a scaling solution for YFDAI’s entire DeFi solutions suite given the Polygon Network’s seamless capability with Ethereum, scalability features, user experience with near ‘zero-gas’ transactions, and ease-of-use from a development perspective.
YFDAI Finance to Launch its SafeSwap Governance Token (SSGT) to the Polygon network
YFDAI will first move SSGT to the Polygon network. YFDAI will then launch the DAO1 project on the Polygon network, which will be listed thereafter on SafeSwap, Uniswap, and Polygon’s native DEX, QuickSwap. YFDAI will complete this initial integration and launch this month.
YFDAI Finance, well known for its fast-growing Decentralized Finance ecosystem of products and services, has concluded months of diligence with the announcement of a collaboration with Polygon.
YFDAI announced after concluding the technical review of Polygon that Polygon’s fully customizable tech stack and interoperability features using bridges and other native Polygon modules will allow YFDAI to move more of its DeFi ecosystem into the Polygon network without sacrificing any functionality or features that are present on the Ethereum network.
YFDAI also added that Polygon exceeded all benchmarks set by YFDAI during the tech review process and were able to clearly demonstrate why their technology is such a good fit. Commenting on the integration with Polygon, YFDAI Lead Developer, Tapas Paul, said:
“This integration will undoubtedly create a positive impact for both projects in the short-term and long-term. I am impressed by the Polygon team and the way they were able to overcome concerns raised and I have no doubt that YFDAI will be well-served by Polygon’s scalable and interoperable framework.”
YFDAI’s extended roadmap will cover porting the SafeSwap DEX, and the launch of future LaunchPad projects on the Polygon network. SSGT and ultimately YFDAI will also be tradeable on QuickSwap as well.
YFDAI’s COO, Simon Bogdanowicz, said:
“What really attracted us to Polygon apart from the easy, “zero-gas”, instant transactions was the scalability, when combined with interoperability and verified first-class security standards that align really well with YFDAI’s mission to provide a safe, trusted, and permissionless DeFi ecosystem for all.”