Balancer Protocol has announced the launch of its network on top of the Layer 2 solution - Polygon - to save gas fees for its consumers.
Balancer Protocol, a prominent DeFi project, has joined the fight against excessive fees by launching the Layer-2 solution - Polygon.
Balancer announced additional token incentives as part of the transition from Ethereum, which went into effect on June 28th. According to the announcement, Balancer has “launched support on the Layer 2 solution Polygon to save gas fees.”
CEO and Co-Founder of Balancer Labs, Fernando Martinelli said that the choice to use Polygon came after a comprehensive evaluation of all available solutions. However, it was the project's development in terms of acceptance from brands like Aave and SushiSwap that tilted the scale.
“Polygon has emerged as one of Ethereum's favorite L2s. We've observed Polygon's traction and the transaction experience it delivers, and Balancer wants to replicate the same experience for our community and users. Balancer's capacity to scale to many L2s will be enhanced by Polygon.” - he continued.
Aside from offering cheaper costs for traders, the two's collaboration seeks to improve liquidity in DeFi and make the sector "available to everyone!"
“We are delighted to have Balancer debut on Polygon. We are confident that the Polygon community will appreciate Balancer's near-zero costs and improved user experience.” — said Sandeep Naiwal, Co-Founder of Polygon.
Following launching Balancer on Polygon, the PR detailed a few changes for Balancer users. Among these are joint network incentives, which were recently allowed by a vote.
More precisely, the initiative will issue 25,000 BAL tokens from Balancer and 375,000 MATIC coins from Polygon every week. The Qi Dao has pledged 30,000 Qi each week for each of the two pools in which they will take part.
Several index-like pools will be made accessible on Polygon by the two companies, including increased liquidity for Balancer, two experimental DeFi indices, a Polygon Index, and a Qi Dao ecosystem pool.