Announcing Polygon Ecosystem DAO Grant to Atlendis Labs
Atlendis Labs received a grant from the Polygon Ecosystem DAO, to support the integration of the Atlendis protocol on Polygon and the growth of Web3 DeFi applications.
The Atlendis Labs team is excited to reveal being the recipient of a grant from the Polygon Ecosystem DAO, one of the leading Ethereum scaling solutions. The Atlendis protocol will be launching soon on the Polygon network, bringing uncollateralized crypto loans to institutional borrowers, and joining a vast, diverse and rapidly growing ecosystem of dApps on Polygon. The Atlendis protocol will complete existing DeFi offerings by unlocking a wide range of use cases for Web3 actors, as well as Web2 entities looking for exposure on the Polygon blockchain and the Ethereum ecosystem at large.
The Polygon Ecosystem DAO is awarding a grant to Atlendis Labs to support the integration of the Atlendis protocol on Polygon and the growth of Web3 applications. More specifically, Atlendis will bring a new array of financing solutions to the Polygon community, thanks to technological innovations enabling uncollateralized lending for institutional borrowers or registered organizations.
Atlendis can leverage Polygon’s compatibility with the Ethereum ecosystem and benefit from the resulting network effects. Polygon’s EVM nature makes it a streamlined scaling option for developers that can use the same developing and testing tools as on Ethereum mainnet. In fact, Polygon is the leading scaling solutions for Ethereum and has already been chosen as a scaling option for more than 7,000 dApps.
Atlendis users will also benefit from Polygon’s increased transaction speed and cost savings. Polygon’s proven scalability will ensure a smooth experience for users of the Atlendis protocol directly upon launching, offering much faster transaction execution than on Ethereum mainnet at a drastically reduced cost. The Atlendis Labs team appreciates launching on a blockchain with low gas fees that will enable the Atlendis community to discover the first iteration of the Atlendis protocol without breaking the bank.
The security that the side-chain’s Proof-of-Stake (PoS) set of validators guarantees is also of great importance to Atlendis, while maintaining the importance of decentralization.
Additionally, cross-chain compatibility is at the core of the blockchain and the Polygon integration with many bridges will facilitate the Atlendis protocol’s expansion across a rapidly growing EVM ecosystem – including Ethereum mainnet and Layer 2 scaling solutions, Polygon...
The integration is planned for the end of Q1 and will be announced soon. As for the technical aspect of the integration, the Atlendis smart contracts that have been initially written for Ethereum mainnet and tested on Kovan are compatible with Polygon, which made it seamless for the Atlendis Labs dev team to deploy the Atlendis protocol on it.
The Atlendis protocol will fully benefit from Polygon’s upsides to enable a wide range of capital-efficient use cases, starting with the opening of a borrowing pool for a large Web3 protocol that the Atlendis Labs team will disclose soon. Stay informed on the upcoming launch by subscribing to Atlendis Labs’ newsletter.
The interoperability of Polygon also opens up a multi-chain world where Atlendis protocol users can move from one scalability solution to another using bridges like Hop or a bridge aggregator like Li.Finance.
How does using Polygon differ from using Ethereum mainnet?
While transaction fees or gas is paid in $ETH on the Ethereum mainnet, Polygon has its own native currency called $MATIC, which is needed to interact with the blockchain and pay for transaction gas fees. Users can set up their wallet, like MetaMask or My Ethereum Wallet, with the network information (RPC) found on that page and request a small amount of $MATIC on the following Polygon faucet to get started on Polygon.
Aside from that, using Polygon is similar to using Ethereum.
What is the Atlendis protocol?
The Atlendis Labs team recently published the whitepaper of the Atlendis Protocol V1, revealing the theory and underlying rationale to the community.
Atlendis brings uncollateralized lending of crypto assets to institutional borrowers, through its innovative and capital-efficient DeFi lending protocol. Similarly to a revolving line of credit, the Atlendis protocol allows entities to borrow, i.e. issue bonds as many times as they need, up to a preset borrowing limit, without any collateral. The borrowing rate is discovered via a limit order book specific to each borrower. The rate is fixed at borrowing time and does not change throughout the duration of the bond. It can however differ from one bond issuance to the next. The funds are not shared among borrowers and liquidity providers choose their own lending rates, therefore, liquidity providers are only exposed to their chosen borrowers and keep ownership over their investment profile.
What is Polygon?
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), side-chains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you're an Ethereum Developer, you're already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.