Hundred Finance announced the release of the Hundred Finance dApp on Polygon, the chain that undoubtedly started the Eth scaling solution craze! This rollout will bring Hundred Finance to one of the most strong communities in the underlying blockchain DeFi ecosystem, including over a billion identified completed transactions on the system to date and approximately 2.7 million active monthly users. They plan to supplement this Layer 2 hub of decentralized financial technology by not only providing their typical low-cost lending services with market-leading APRs on provided stablecoins but also by incorporating their unique LayerZero-powered veHND mirroring solution and the most improved version of the community-funded B.Protocol backstop technology developed thus far.
Polygon is an Ethereum Layer 2 scaling solution that allows developers to create consumer-friendly decentralized applications with low-cost exchanges secured by their altered proof-of-stake consensus framework. Polygon, a key player in Ethereum’s “internet of blockchains,” facilitates the integration of existing systems by allowing communication between them. Rather than competing with Ethereum, its creators see the network and its MATIC token as offering extra security, independence, and modifiability, as well as consumer and developer experience. Users of Hundred Finance can now access the entire Polygon ecosystem by simply changing their browsing wallet’s RPC setup and depositing enough MATIC into their Polygon account to cover processing fees.
In other latest updates, the most recent incarnation of Hundred Finance’s LayerZero-based mirrored veHND token system will launch at the Polygon launch. Layer Zero is a cross-chain communication solution that offers a “third way” in the provision of security inside the multi-chain ecosystem. Currently, the two most frequent perspectives to handling cross-chain transaction validation encompasses either sacrificing safety just for cost or placing a significant burden on project monetary backing. In response to this dichotomy, LayerZero has created Ultra Light Nodes (ULN), which combine the safety of a light node with the cost-effectiveness of middle chains.
Polygon’s launch presents a new advancement in the B.Protocol backstop technology they use to socialize their liquidation procedure, in addition to introducing Hundred Finance and LayerZero technology to a new chain.
In addition to launching Hundred Finance on Polygon, they will apply to participate in the second phase of the liquidity mining program. This generous program is intended to reward protocols that continuously make a contribution to the network’s total value locked (TVL) and weighted active users (WAU). Over a 6-month period, liquidity mining bonuses would be generated, contributing wMATIC to the Hundred Finance treasury and therefore being made accessible to assist in their growth as a contributor to the Polygon ecosystem.
Overall, the Hundred Finance Team is excited to welcome Polygon users to the community as well as bring LayerZero cross-chain messaging and socialized liquidations incorporating veTOKEN technology to the larger DeFi ecosystem. These are interesting times for their protocol as they advance and expand their accessibility across the multichain cryptocurrency landscape.