We would like to ask the Compound community to consider adding Polygon (MATIC) token as a collateral.
Many of the content is copied from MATIC collateral application on MakerDAO governance:
Stable Node. Stable Node was founded by Gustav Arentoft and Doo Wan Nam who are seasoned business development and growth professionals. We both spent about three years growing the MakerDAO protocol in the European and Asian markets. Stable Node invests and also assists with business development and governance.
Stable Node Twitter: https://twitter.com/StableNode
ERC-20 Polygon (MATIC)
4.High-level overview of the project:
MATIC is the ecosystem token of Polygon Network (previously Matic) - a 100% EVM compatible L2 scaling solution with current TVL of more than $6B and 350+ dapps deployed across DeFi, NFT, Gaming and DAO space. With the recent rebranding Polygon has now expanded in scope and vision and have transformed into Polygon with the aim of becoming an Ethereum scaling aggregator - thereby providing developers with L2 solutions in addition to the POS/Plasma chain (mainnet launched April 2020), zk and Optimistic Rollups and Validum chains (part of the roadmap - as seen on website http://polygon.technology/).
5.A brief history of the project:
Matic team has been making valuable contributions to the Ethereum ecosystem for a long time, even before it’s public surfacing as Matic Network. This includes working on implementations of Plasma MVP, developing the WalletConnect protocol and the Ethereum event notification engine Dagger.
MATIC token has now been listed over 30 exchanges globally. In terms of market cap MATIC is valued at $9.5B and FDV of $14.7B (as of 8/28/2021). 24H trading volumes of >$800M make it one of top 30 traded coins across DEXs and CEXs.
Polygon POS/Plasma hybrid chain is a production ready L2 scaling solution that is 100% EVM compatible, decentralized with 88 validators and battle-tested with 200+ dapps building on it. Average txn/day around 200k and 260k+ wallet addresses. These numbers are increasing at a faster rate than competitors owing to the NFT craze and DeFi initiatives launched by dapps on Polygon.
You can check all the dapps building on Polygon here on awesomepolygon.com
Project - Website http://polygon.technology/
Whitepaper - Papers - Polygon Papers - Polygon | Ethereum's Internet of Blockchains
Document portal - Official documentation https://docs.matic.network/
Matic Asset codebase - Github GitHub - maticnetwork/contracts: Smart contracts comprising the business logic of the Matic Networ
Ethereum addresses - Etherscan $1.4021 | Matic Token (MATIC) Token Tracker | Etherscan
Audits - Quantstamp audits 5_6190238193657316409.pdf - Google Drive
Official forum: https://forum.matic.network/
9.The use case for the token:
The MATIC token lies at the heart of the Polygon ecosystem with multiple use-cases. Primarily the MATIC token is used for paying gas fees on the Polygon network. It runs the ecosystem, supporting top Dapps. Additionally you can participate in the Proof-of-Stake consensus of the blockchain as a validator node and earn 12-14% APY in MATIC tokens.
9.1 DeFi use case for the token:
MATIC is also used as collateral for various DeFi protocols including MakerDAO and QiDAO.
10.Where does exchange for the asset occur?
MATIC is one of top traded assets on all CEXs. On-chain pairs are most liquid on Uniswap and Bancor.
Chainlink which supports Compound protocol also supports price feed for MATIC
We would like the Compound community to consider the application and assess collateral factor, reserve factor, and borrowing limit and put into a formal vote.
For reference, on Maker protocol, minimum collateralization ratio is 175%, stability fee at 3% and debt ceiling at 3 million, but are in discussion to increase to 50 to 100 million.
Thank you and let us know any questions and comments.