POLY

Venus Protocol Puts Forward Proposal to Deploy on Polygon zkEVM

by BSC News

August 3, 2023

chain

By deploying on Polygon zkEVM, Venus will tap into the multiple benefits of the Polygon Ecosystem, enhancing user experience.

Venus | Polygon zkEVM

Decentralized Money Market Venus Protocol has proposed to deploy the Venus Money Market Protocol on Polygon zkEVM, aiming to create a powerful synergy between the two platforms. As a scalable Layer 2 protocol, Polygon zkEVM will potentially enhance user experience and risk management features for Venus' rapidly growing community.

The decision to deploy on Polygon zkEVM is backed by several significant reasons. First, Polygon zkEVM offers Ethereum Virtual Machine (EVM) equivalence, ensuring compatibility with the existing Ethereum ecosystem and tools for a transparent user experience. Second, it utilizes cryptographic zero-knowledge technology for off-chain transaction computations, providing validation and fast finality. Moreover, Polygon's alignment with Ethereum's values makes it an ideal choice for Venus.

The migration to Polygon zkEVM will capitalize on Ethereum smart contract compatibility while benefiting from Polygon's scalability features. The open-source ZK-Rollup of Polygon zkEVM ensures seamless integration with smart contracts, developer tools, and wallets, reducing transaction costs and boosting transaction speed while maintaining Ethereum's security standards.

Polygon zkEVM Benefits

The proposed deployment will bring multiple benefits. Venus can list assets on Polygon zkEVM within isolated pools, expanding the protocol's use-cases. It also introduces Venus to a new set of Ethereum-adjacent builders within the Polygon ecosystem. Additionally, leveraging Polygon zkEVM will improve the user experience and strengthen the protocol's risk management capabilities.

To support Venus' growth on Polygon zkEVM, a $100,000 MATIC grant will be provided to facilitate user acquisition. Further incentives include additional grants based on the Total Value Locked (TVL) at specific milestones. Learn more via the community proposal here.

By deploying on Polygon zkEVM, Venus will gain access to the Polygon Ecosystem's advantages, including business development support, community expansion, marketing assistance, and collaboration opportunities with a vast array of dAPPs. The deployment will also receive support from Polygon's renowned product and solutions engineering team in the crypto industry.

What is Venus Protocol:

Venus Protocol is a decentralized marketplace for lenders and borrowers with borderless stablecoin. Venus is one of the largest algorithmic money market and synthetic stablecoin protocols on BNB Chain. The Binance-backed protocol became famous around DeFi following their hint of a massive incoming burn by founder Joselito and its Venus Reward Token VRT rewards for XVS token holders.

To learn more about Venus Protocol, see the following resources:

Website | Twitter | Telegram | Medium

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