DeFi Getting A Lot of Support From Unlikely Polygon

Polygon, the Ethereum scaling project previously referred to as Matic, has launched a $100 million investment aimed at making finance that is decentralizedDeFi) more accessible to end users.

The so-called #DeFiforAll Fund will consider effortlessly users that are onboarding decentralized products and platforms, in accordance with an announcement Wednesday.

The $100 million cooking pot of money is amongst the bigger commitments in recent memory while other ecosystems have ramped up developer funds in current months. (The fund will tap as much as 2% associated with MATIC token’s 10 billion supply that is total or 200 million MATIC, co-founder Sandeep Nailwal explained via Telegram. At press time, MATIC was investing at $0.80, making the fund worth $160 million in buck terms.)

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The financing, in MATIC tokens, can come from the network’s ecosystem fund and be implemented throughout the next 2 to 3 years.

“We wish to offer the top DeFi protocols on Ethereum which help them scale and develop with Polygon,” Nailwal said in a statement. Aave and Curve have both recently built Polygon-compatible versions of the trading platforms.

With mounting gasoline fees on Ethereum, Polygon’s #DeFiforAll Fund hopes to attract more users that are casual have already been priced away from participating in DeFi thus far.