What are the new products in Polygon DeFi?
In this episode, Crypto Texan is joined by Kila, Benjamin and shardyaco to discuss new $stMATIC vaults, growing collateral value, fixed borrow incentives and more.
Read our notes below to learn more.
About Benjamin
Core team at QiDAO protocol.
About Kila
Marketing and BD.
Lido Borrowing Incentives
Users can borrow against $stMATIC.
There will be a fixed borrowing incentive of 3%.
They will be adding new LPs soon.
Partnership
The Polygon team has done a very good job on the business development side and composability on different protocols.
The more people that stake $MATIC, the more secure the network is.
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$stMATIC
Due to Polygon’s design and architecture, the staking contracts are in Ethereum.
All of the utility of $MATIC is in the Polygon network.
A new product enables users to do one-click staking which is also being explored by Lido to optimize user experience.
$stMATIC is more rebasable.
Users will only see the rewards if they calculate the ratio vs. $MATIC or sell the token itself to see how much are their rewards.
Minimum Collateral Debt Ratios
The QiDAO team takes risk management really seriously.
It is about how fast they can liquidate an asset in a worst case scenario.
Liquidations function perfectly on Polygon.
CDR is opposite to LTV.
135% CDR is equal to 75% LTV.
Lido v2 updates
They have finished the development of v2 and successfully audited it.
It will be released next week.
It will reduce the friction of node operators in terms of onboarding.
It will improve the decentralization of both Lido and Polygon ecosystems.
Oracles
QiDAO uses Chain Link for oracles.
They had to set up an oracle for every collateral they have.
It is the backbone of what they do.
Alpha
They have a quest brewing that will encourage users to borrow against $stMATIC.
Everything on the quest will be onchain.
A lot of NFTs will be coming to QiDAO.
Next week, Lido will be officially announcing open applications for the 2nd wave of node operators.
Polygon Infrastructure
zkEVMs and supernets are super exciting.
The developments are giving them more reasons to continue building and expanding.
QiDAO deployed their vaults on zkEVM testnets.
Q&A
Q: Will the new $stMATIC features be available on the Polygon chain?
The Lido v2 is an actual upgrade and it is not a new protocol.
The $stMATIC vaults on QiDAO are on Polygon as well.
Q: Will it be possible to cover an LP position in the vault and borrow against it in the future?
Yes, it’s definitely possible.
They are working on releasing those features as quickly as possible.
Check out these important links
TODAY’S EDITION IS BROUGHT TO YOU BY LEDGER HARDWARE WALLET
We are all having trust issues with centralised exchanges so we have partnered with the Ledger, who is the industry leader and most trusted vendor in the hardware wallet space.
Using a hardware wallet is the smartest way to secure your assets.
Act now, click the link below and secure your crypto.