1. Who is the interested party for this collateral application?
2. Provide a brief high-level overview of the project, with a focus on the applying collateral token.
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).
3. Provide 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 (most recently Coinbase), and is trading against more than 50 base pairs. In terms of market cap MATIC is valued at $1.63B and FDV of $3.26B. 24H trading volumes of >$250M 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 .
4. Link the whitepaper, documentation portals, and source code for the system(s) that interact with the proposed collateral, and all relevant Ethereum addresses. If the system is complex, schematic(s) are especially appreciated.
- Project - Website
- Whitepaper - Papers - Polygon | Ethereum's Internet of Blockchains
- Document portal - Official documentation
- Matic Asset codebase - Github
- Ethereum addresses - Etherscan
5. Link any available audits of the project. Both procedural and smart contract focused audits.
- Audits - Quantstamp audits
6. Link to any active communities relating to your project.
7. How is the applying collateral type currently used?
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.
8. 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.
P.S. MakerDAO would be one of the first platform on L1 to support MATIC tokens as collateral → attracting CEX liquidity into DeFi. The MakerDAO community would be supporting an Ethereum scaling solution and also providing MATIC holders an additional revenue source in the long run.
Author is a community member of the Polygon ecosystem.
I appreciate you taking the time to review. Please let me know if you have any questions or concerns.