mStable has launched its savings account, stablecoin, and swap services on Polygon to reduce fees.
Defi-yield protocol mStable has become the latest to embrace second-layer scaling solutions, announcing its deployment on Polygon (formerly known as Matic) today.
mStable’s interest-generating savings account, two of its “risk minimized meta-stablecoins,” and asset swapping features are now live on Polygon, offering its users reduced fees when compared to its Ethereum mainnet deployment.
1/ mStable has launched on Polygon @mstable_ offers @0xPolygon users another source of USD and BTC liquidity, a DeFi-native savings account and two risk minimised meta-stablecoins.Get started: https://t.co/aLx10WWwENLearn more / Guide: https://t.co/e5G36VBJip— mStable (@mstable_) April 26, 2021
Polygon is a layer-two network that processes transactions on its sidechain before bundling them together into the next block produced by the Ethereum mainnet.
In an April 27 announcement, mStable emphasized the barrier posed by Ethereum’s recent gas fee crisis to the DeFi sector’s mission to democratize finance:
“With savings rates at near zero in traditional finance, there exists an enormous latent demand for a secure, dependable and high yielding savings account.