MATIC Token Holders Getting Rewards to Borrow Tokens on AAVE

Polygon recently announced offering rewards to Matic token holders for borrowing tokens. Users merely have to act on Aave to win exciting rewards.

The platform boasts over 16.2 million $MATIC worth 12.4 million dollars as collateral. The announcement was made on Twitter, where users were informed about the rewards and how to avail of them.

According to the tweets, Polygon explained what would happen if all the tokens on the platform were deployed. The amount generated will make Polygon the second highest network in terms of total value locked. Currently, Ethereum is ranked first with a whopping 31.52 billion dollars in TVL.

Tron is second on the list with 5.8 billion dollars, closely followed by Binance Smart Chain with 5.42 billion dollars. Polygon falls right behind Avalanche, securing the fifth spot with 1.34 billion dollars. While beating ETH seems impossible, reaching the second spot would be quite an achievement.

As more funds are deployed to Polygon’s proof-of-stake mechanism, carrying out a 51% attack would become impossible. Thus, the network will remain safe from such breaches and attacks.

In addition, Stader’s one-click staking functionalities provided to multiple validators will allow them to interact with the verification of blocks. This will make the entire network even more decentralized.

As Stader also incentivizes users to participate in DeFi protocols, more MaticX tokens will be minted. Moreover, as the platform grows its partner network, users can leverage multiple DeFi opportunities within the market.

Polygon suggested users get their MATIC tokens on Aave converted to MaticX as soon as possible. It will help them earn an additional 6% yield with more earning chances in the future. The development is expected to generate esteemed results, given the platform’s popularity.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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