DeFi’s Savings Account Provider “mStable” Launches on Polygon

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  • mStable has launched on Polygon, offering users another source of USD and BTC liquidity, a DeFi-native savings account, and two risk minimized meta-stablecoins.
  • The protocol will enjoy fast and low-fee transactions thanks to the Polygon.
  • mStable is officially classified as an autonomous and non-custodial infrastructure for pegged-value crypto assets.

mStable is now the latest Defi-yield protocol to launch on the top layer 2 scaling solution Polygon (previously called Matic). The project will offer users asset swapping features, a DeFi-native interest-generating savings account, and two risk minimized meta-stablecoins.

mStable is an “autonomous and non-custodial infrastructure for pegged-value crypto assets.” It unites stablecoins and lending and swapping into one strong and easy-to-use standard. The governance token of the mStable environment is called Meta (MTA).

By launching on Polygon, the project enables users to enjoy reduced fees and faster transaction times compared to its Ethereum mainnet deployment.

In the announcement, mStable declared why they have chosen Polygon over other similar projects:

Polygon is scalable, offers nearly free transactions, has attracted DeFi heavyweights and with them billions in liquidity. This is all done while being anchored to the Ethereum mainchain and to its community. We couldn’t be more excited about contributing to this thriving ecosystem.

What has mStable launched?

These are the 3 services that mStable will offer as a means of this launch:

  • mUSD – A meta-stablecoin backed by DAI, USDT, and USDC, which will all be programmatically lent to Aave’s Polygon deployment.
  • Swap – A way to efficiently move between DAI, USDT, and USDC at almost zero transaction cost.
  • Save – It is DeFi’s savings account that allows anyone to earn a native rate on their mUSD.

Note that interests from mUSD and fees from Swap goes to the traders Save account. The protocol has also mentioned three major releases that are coming to mStable on Polygon. These releases include incentives & new feeder pools to boost liquidity, an integration with Biconomy to allow free transactions, and a bridge to connect its Polygon and Ethereum mainnet versions.

Polygon is Home to Countless DeFi Projects

As we covered in a post yesterday, Polygon is on fire. The project has attracted significant DeFi integrations, as well as integrations from large NFT communities.

Polygon, previously known as Matic, is a Layer 2 scaling solution that aims to increase the Ethereum network transaction speed and scalability while ensuring asset security. Many projects have chosen to integrate with Polygon to enjoy its fast and low-fee environment, with the latest one being mStable.

Some of the notable DeFi projects that have shifted towards Polygon are SushiSwap (SUSHI), AAVE, and Curve Finance (CRV). Renowned NFT communities like OpenSea, Decentraland (MANA), and Aavegotchi (GHST) are also utilizing the Polygon network.