Terra isn’t dead: the network is back up and running on a new blockchain, focusing on a more decentralized governance model. The community is making no attempts to revive its recently failed TerraUSD (UST) stablecoin. It has, however, re-launched a new version of the LUNA governance token, restarting its supply at 1,000,000,000 tokens. Here are the facts on the new blockchain, why it was launched, and the new token’s airdrop/ distribution. Background on Terra 2.0 Terra 2.0 (now known formally…
SafeSwap, a decentralized crypto exchange platform, has recently deployed on Polygon, previously known as the Matic Network, a scaling solution for public blockchain networks.
The integration of the Polygon chain by SafeSwap aims to revolutionize the DeFi industry by allowing the farming and staking of SafeSwap’s token, SSGTX. The partnership enables users to exchange information without losing ownership or control in the staking and trading industry.
The main objective of SafeSwap is to empower traders and liquidity providers with an easy-to-access financial ecosystem that is compatible with popular crypto wallets like TrustWallet, MetaMask, SafePal, BNB Chain Wallet, and Wallet Connect. Every trade on the platform is instant. And as a result, users can expect a smooth and immediate trading exchange platform when using SafeSwap.
SafeSwap Supports Farming and Staking on the Polygon/Matic Network
SafeSwap now supports staking and trading on Polygon! If you are a crypto enthusiast, you likely understand the term staking. It is a method of locking your digital assets in a virtual wallet for a specific period to collect incentives.
Users can deposit their digital money directly from your crypto wallet to stake your tokens. Still, several exchanges provide similar staking benefits to their users, and SafeSwap has recently joined the list.
SafeSwap staking allows you to quickly and easily earn 72% APR rewards by keeping your coins on the exchange. Staking SafeSwap’s token, SSGTX also guarantees users an allocation on Launchpad projects. SafeSwap is compatible with the Polygon Network as it utilizes the proof-of-stake mechanism to conduct transactions.
SafeSwap tokens (SSGTX) are also available for exchange and trade on other blockchain networks besides Polygon. Since SafeSwap has launched a version of its tokens on Polygon, investors and holders of its SSGTX tokens can purchase, stake, and trade on the Polygon network.
What is Polygon?
Polygon is a layer-2 network that aims to lower the complexity and cost while increasing the speed of transactions on various blockchain networks. In other words, it is an add-on layer to Ethereum that creates interconnected networks without altering the original blockchain system. It is a side/off-chain scaling alternative that provides user functionalities and DApps to existing blockchain platforms to enhance scaling efforts and overall user experience.
While Ethereum 2.0 is still in its developmental stages, Polygon, branded the “Ethereum’s internet of blockchains,” is emerging as a feasible option for a few new remarkable projects. The popularity of Polygon has increased due to the low gas costs and high throughput that users and developers enjoy on this platform.
MATIC, a highly successful scaling solution designed for the Ethereum Foundation, was the forerunner of Polygon. After its rebranding efforts, Polygon preserved its MATIC cryptocurrency and uses it to run the network. Network participants use MATIC as a settlement and payment unit.
Conclusion – SafeSwap by YFDAI
SafeSwap is a YFDAI product that serves as a decentralized exchange platform (DEX), where users can safely, securely, and quickly transfer native ERC20 tokens. The exchange platform only lists tokens that have undergone a rigorous testing process, similar to that of YDAI Finance. The listing requirements include pre-locking tokens, pre-locking liquidity, smart contract audits, and passing Governance approvals.
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