As part of bZx’s multi chain growth strategy, Polygon will become the third blockchain that bZx protocol adds to it’s growing list of supported blockchains.
Launching bZx’s Fulcrum and Torque margin trading, borrowing, lending and farming protocol on Polygon will open DeFi products to a growing category of investors by providing faster confirmations and reduced transaction fees for DeFi users.
During last week’s community call we were joined by Arjun Kalsy, a guest from the Polygon team who answered questions from the community. During the call we announced that we would be adding Polygon to our list of supported blockchains for our Torque and Fulcrum DeFi margin trading, borrowing, and lending products.
Polygon is a layer-2 network designed to bring mass scalability to Ethereum and interoperability between other blockchains. Polygon (formerly Matic) resolves high gas fees and slow confirmation times for users who shop with crypto assets like USDT, USDC or DAI and other ERC20 tokens.
Last month we announced support for Binance Smart Chain, and following on the successful launch on BSC, we are implementing a similar blueprint for our launch on Polygon. As was the case with Binance Smart Chain, bZx will be adding Fulcrum and Torque DeFi margin trading, borrowing and lending, in addition to yield farming with rewards being distributed in the form of PGOV, the new governance token which will be launched on Polygon.
While BZRX will remain the primary governance token of the bZx protocol. Our new Polygon token, PGOV will be used as the primary governance token for Polygon assets on Torque and Fulcrum. Trading, borrowing, and lending fees generated by users of the platform on Polygon will be distributed in the form of buybacks and burns to PGOV token holders.
In conjunction with our launch on Polygon, we will also extend our integration with Chainlink. Chainlink provides time-tested and robust oracle infrastructure, along with premium data quality that’s accessible at the native speed and cost of Polygon. Our ongoing integrations of Chainlink Price Feeds have proven very successful, leading to our protocol being highly resistant to a multitude of possible vulnerabilities, such as API failures, flash crash outliers, and data manipulation attacks like those executed via flash loans. Since Chainlink Price Feeds are already natively integrated on the Polygon mainnet and already secure bZx successfully across other blockchains, it was an obvious and seamless choice to leverage Chainlink on Polygon to secure both Torque and Fulcrum.
In the next few weeks we will be announcing further details relating to the launch of Polygon, tokens which will be available for trading on launch, as well as token distribution metrics, and LP provider rewards. Stay tuned for more information as we gear up for this incredible launch on Polygon.
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If you’re working on something relevant to the bZx ecosystem, please reach out. We would love to have you speak on how you’re contributing to the ecosystem. Join us on Zoom for the next governance call happening this Friday, May 7, 2021, at 9am PST/12 pm EST (17:00 UTC). Follow us on Twitter or join our Discord to be notified of upcoming calls.