Shard Labs presented this Thursday, March 03, through its Twitter account, the first Balancer MetaStable Pool in Polygon.
“Shard Labs is pleased to announce the creation of a Polygon solution that allows users to enter liquid Lido staking without spending significant amounts of capital for transactions on the Ethereum mainnet. For this to happen, the integration with Balancer Protocol was an essential milestone”, he said through an article published on the Medium platform.
The company indicated that the first phase was executed during the launch of Phase 1 Lido for Polygon. The second phase will happen with the release of Lido for Polygon on April 11, 2022. This is when the liquidity mining program starts which will have triple token rewards ($BAL, $LDO and $MATIC). This means that liquidity providers will get BAL, LDO and MATIC tokens as an incentive to allow users to trade.
What is Balancer?
It is a decentralized permissionless protocol that serves as a trading platform (also known as DEX, which is short for decentralized exchange) for users to trade tokens in a very efficient way.
“It’s protocol is governed by the Balancer token ($BAL), which can be obtained through liquidity mining by depositing cryptocurrencies in Balancer pools”, he added.
According to the company, Balancer has SOR (Smart Order Routing) that allows users to buy stMATIC with another token that is not directly paired, such as USDC. It works in a way that when users select the USDC/stMATIC trading pair, Balancer will route the trade through the existing pairs.
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Want stMATIC but don’t want to bet MATIC?
The company explained that Polygon staking is based on Ethereum (MATIC tokens). So, if the user wants to get stMATIC, but doesn’t want to stake their MATIC, there is a perfect solution for users as they can trade directly on Balancer with their main MATIC network.
Have you already bet and want to win some rewards?
Similarly, the company highlighted that starting today, you can provide liquidity to other traders on Balancer and earn a portion of the fees for every trade they make. More trades -> more rewards.
“Just make sure you have wMATIC and stMATIC tokens ready, add them to the pool and enjoy the rewards”, he said.
