Stake DAO launches debut strategy on Polygon for Layer-2 yield farming
Start earning passive income on a dollar or less! We have integrated the Polygon Network into Stake DAO for near-instant transactions that cost a fraction of a cent, debuting with the Polygon-exclusive Passive aUSD strategy.
What is Polygon?
Polygon is a off/sidechain “Layer 2” scaling solution to provide scalable, secure and instant Ethereum transactions using Plasma sidechains and a Proof-of-Stake network. It aims to make Ethereum transactions faster and cheaper, without compromising on decentralisation.
How to invest in Polygon strategies
Do you have funds on Polygon yet? Before you get started, please ensure that you have done the following:
1.1/ Buy assets on Polygon chain directly on Stake DAO via Ramp (our fiat on-ramp provider)
1.2/ Move assets to Polygon chain from Ethereum
Assets can be transferred between the Ethereum and Matic chains using the PoS bridge. These assets include ERC20, ERC721, ERC1155 and many other token standards. Most of the assets are already supported on the Ethereum chain.
2/ Add Polygon (Matic) into Metamask
Easily add the Polygon chain via the Stake DAO interface. Simply click on the aUSD strategy and the interface will prompt you to confirm if you would like to add the Polygon network into your metamask.
You’re all set! If you’d like to read more about the legacy manual way of adding the RPC, continue reading below.
- Configure Matic (previous name for Polygon) URL on Metamask by clicking on the Network selection dropdown at the top, and then click on Custom RPC.
- Under Network Name enter: Matic Mainnet
- Under New RPC URL enter: https://rpc-mainnet.maticvigil.com/.
- Click Save.
2/ Deposit tokens into our strategies
Once you have set up Polygon on your Metamask, you can invest into our first Polygon strategy on Stake DAO via the strategies tab here.
This strategy invests automatically interest-bearing USD (aDAI, aUSDC, aUSDT) into the Curve Liquidity Pools (Aave), and earns trading fees based on the pool trading volume, additional CRV token rewards from Curve, and WMATIC rewards from Polygon. The strategy rewards are compounded periodically to maximise returns. Performance fee: 15%, Withdrawal fee: 0.5%
Project website 🔗 https://matic.network/
GitHub 🔗 https://github.com/maticnetwork
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