Matic Network Launches A $5M ‘DeFi Incubation’ Fund Aiming To Challenge Ethereum’s Dominance

  • Matic Network (MATIC), an Ethereum Layer 2 scalable solution will set aside 45 million in MATIC tokens to open a DeFi incubator fund.
  • The fund aims at enticing the ‘lively’ decentralized finance (DeFi) market projects on to building on the blockchain.

Over the past few months, the blockchain ecosystem has witnessed a huge growth in the number of DeFi projects with most of them built on the Ethereum platform. As the market for these “new fintech projects” products grows, Matic aims at pushing some of them to its blockchain from Ethereum.

The Matic lead development team statement on Aug 3, the company will set aside an equivalent of $5 million in Matic tokens, currently trading at $0.02. This follows the recent launch of its first ever staking mainnet, two months ago, with the first validator also going live at the same time.

Matic network aims at providing scalability improvements for decentralized applications (DApp) by using a combination of Proof-of-Stake (PoS) and Plasma-enabled sidechains. With the platform, DeFi projects will have a cheaper and faster platform with ready interoperability with the Ethereum blockchain.

The latest Matic test run carried out in July showed the platform is nearly 1000x faster than its parent chain, ETH, with an ability to carry out 7,200 transactions per second (TPS).

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Lujan Odera
Lujan Odera
Lujan is a blockchain technology and cryptocurrency author and editor. He has worked in the field of cryptocurrencies and blockchain technology since 2015 helping him gain enough experience to be the writer he is today. He is known for his simple writing style that allows novices to understand the field in the simplest way.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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