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More promising developments in the Polygon Network, this time courtesy of Formation Fi.
Formation Fi for building on a polygon
Formation Fi is developing an automated market maker for Polygon.
The DeFi project hopes to leverage Polygon’s scaling capacity to create a chain-independent yield log. Polygon is one of Ethereum’s leading scaling solutions. Sometimes referred to as the Ethereum “commit chain”, it offers high-speed transactions at a much lower cost than the basic chain.
The partnership between the two projects will lay the foundation for a “dark pool” where MATIC owners can earn double rewards for a limited time by providing liquidity to the pool. To do this, they must participate in a whitelist raffle for Fomation Fi’s native FORM token in order to generate income (the rewards are paid out in both MATIC and FORM).
Formation Fi plans a similar risk parity method as Ray Dalio on the stock exchange. The log contains four index coins that represent four cultivation strategies: ALPHA, BETA, GAMMA and FORM.
With the launch of Polygon, Formation Fi has a good chance of capturing some of the surge in high-yield agriculture the network has seen lately. Earning farmers have come onto the network for the past few weeks to get their crypto assets up and running, taking advantage of the protocols with high interest rates for liquidity and low transaction costs. This trend should continue until rollups and proof-of-stake arrive at Ethereum.
Disclosure: At the time of writing, the author of this role owned ETH, ETH2X-FLI, and several other cryptocurrencies.
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