For this proposal to pass, it requires a 35% quorum and 66.7% supermajority.
TL;DR Polygon offers unparalleled liquidity utilization, single-staking, and native IDLE Finance – thereby allowing protocol’s BNT-staking to reach maximum efficiency. Native Polygon protocols that allow for different allocation strategies to be implemented on single-staking mechanisms, could maximize returns for both the Bancor protocol and LPs.
Introduction to Polygon
Polygon is a protocol that looks to build and connect Ethereum-compatible networks. We combine the best of Ethereum and sovereign blockchains into an end-to-end multi-chain system. Here’s our USP: we benefit from Ethereum’s network but we’re more secure, open, and powerful than our competitors. We’re scalable, and 2021 was a true testament to our ability to grow: we’ve expanded from 100 native protocols to over 7000, in less than 7 months. We offer both great user and developer experience, and we believe we’d be a great fit for the deployment of Bancor.
We would love the opportunity to have Bancor’s ‘Safe Staking’ mechanism native on the blockchain. We believe that our capital efficiency and native protocols can help take Bancor to new heights.
Polygon is proud to be the few blockchains to support Uniswap v3. The recent upgrade from Uniswap v2 to v3, with the addition of concentrated liquidity and price ranges, truly showcased the potential of the Polygon protocol. Across top liquidity pools, Polygon has the highest volume traded, and greatest liquidity utilization. This trend was seen through comparison of similar liquidity pools as well, where the volume-to-TVL percentage was significantly higher than competitors.
Link to research: Polygon's Success within UniSwap v3
What does this mean to Bancor? We understand the importance that BNT trading has for the ‘Safe Staking’ mechanism – and our volume and efficiency could definitely be of use. We have low gas fees, support over 65,000 transactions per second, and continue to maintain a steady growth in MAU – which in conjunction with our liquidity utilization statistics could be truly beneficial.
Single-Staking on Polygon
The implementation of single-sided liquidity to Bancor 2.1 is revolutionary, and Polygon has the systems in place to support the contract. We already have single-staking native protocols in place, and this could perhaps make cross-deployment, and any transfer of tokens, easier and more efficient.
In conjunction with protocols like IDLE Finance and Thetanuts, deployment on Polygon could also mean automated liquidity and options strategies thereby increasing returns for everybody on the Bancor protocol – including the protocol itself.
Here is previous discussion that also explores the advantages of the Polygon blockchain: Proposal: Deploy Bancor on the Polygon Blockchain
Polygon is a rapidly growing “internet of blockchains”, and one on which we hope Bancor could consider deployment. Our capital efficiency and single-staking mechanisms could bring tremendous value to improve an already revolutionary protocol in Bancor.
FOR – Deploy on Polygon blockchain
AGAINST – Deploy on another