The Drops team is proud to announce the listing of Polygon (MATIC) on Drops Loans. As of August 3, 2021, Drops users will be able to lend and borrow MATIC tokens alongside the protocol’s other supported tokens.
Polygon is a scaling solution for Ethereum, which is designed for the easy creation and deployment of Ethereum-compatible blockchain networks.
MATIC Market Details
Markets open for MATIC on August 3, 2021. Drops Loans users will be able to lend and borrow MATIC, as well as borrow ETH, USDC, WBTC and ENJ against their MATIC holdings.
Loans borrowed against MATIC will require a collateral factor of 70%, with a reserve factor of 20%. The liquidation threshold is 75%, with liquidation penalties set at 10%.
How to lend and borrow
If you want to learn how to use it, visit our tutorial.
Polygon, formerly known as Matic Network, is a protocol made for building and connecting blockchain networks that are compatible with Ethereum and each other. Chains created with Polygon benefit from the security of the Ethereum main-chain, while also being highly customizable through various scaling techniques.
MATIC is the native token of the Polygon network, being used to participate in on-chain governance and pay for transaction fees.
Drops provides multi-chain loans for NFT and DeFi assets, supplying them with much-needed utility. Users can leverage their idle NFTs and DeFi tokens to obtain permissionless loans and earn extra yield.