Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

Polygon has announced the integration of yield optimization vaults on the Maker Network. The blockchain-enabled protocol, formerly referred to as the Matic Chain, tweeted on Wednesday that it “will be opening a vault on Maker” and investing $50M of MATIC tokens as agreed liquidity from the treasury.

With the recent integration, it means the protocol has now broadened in scope, vision, and transformation to become an Ethereum scaling aggregator.

Related Reading | Scaramucci’s Skybridge Capital Launches Ethereum Fund

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Such feet, among others, would see the protocol network providing developers with L2 solutions. This will be in addition to the POS/Plasma chain – mainnet, launched in April 2020.

Key Terms Explained

About The Polygon

Polygon provides the core components and tools to join the new, borderless economy and society. Two key platforms materialize it: The polygon framework and the Polygon protocol.

With these technologies, any project can quickly spin up a dedicated blockchain network that combines the best features of “stand-alone blockchains (sovereignty, scalability, and flexibility) and Ethereum (security, interoperability and developer experience).”

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Plus, these blockchains are friendly with all the existing Ethereum tools such as Metamask, MyCrypto, Remix, etc. So again, the exchange of information among themselves and with Ethereum is facilitated.

Related Reading | Why Terra (LUNA) Will Reward Users With New Community Bounty Program

Summary: Polygon is a blockchain protocol and a framework for creating and connecting Ethereum-compatible blockchain networks.

One is collapsing together scalable solutions on Ethereum and supporting multiple chains in the Ethereum ecosystem.

What Is Matic Token?

MATIC, the native token of Polygon, is an ERC-20 token running on the Ethereum blockchain. The tokens are used for payment services on Polygon and as a settlement currency between users who operate within the Polygon ecosystem.

Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

Polygon Opens Vault On MakerDAO, Commits $50 Million Worth Of Matic Tokens

MATIC set to follow an upward trend in the daily chart. Source: MATICUSD Tradingview

This has turned out to be quite positive for the MATIC community as the token as hovering in the green-zone marking 1% of growth at the time of writing this article.

As an integral part of the announcement, $50M of MATIC tokens have been committed by Polygon on the newly opened vault on Maker.

About MakerDAO

MakerDAO is an organization developing technology for borrowing, savings, and a stable cryptocurrency on the Ethereum blockchain.

It has created a protocol permitting anyone with ETH and a MetaMask wallet to loan themselves money in the form of a stable coin referred to as “DAI.”

Related Reading | Ethereum Upgrades Could Jumpstart $40 Billion Staking Industry, JP Morgan

By integrating loans with a stable currency, MakerDAO typically allows anyone to borrow money and reliably predict how much they had to pay back. This alleviates the fear that used to come in the era of crypto to crypto borrowing.

Polygon Is Elated

Polygon board, opening a vault on Maker and committing $50M of MATIC tokens as seed liquidity from the treasury, sincerely thanks the MakerDAO community and team.

They appreciate the effort to quickly process the entire governance activities/polls and their feedback to onboard MATIC as collateral.

“This is a crucial development in Polygon’s long-term vision and commitment to develop the Ethereum scaling landscape and entice the gifted builders and engaged community members,” the board reveals.

Following this, Polygon will be minting DAI, which will invest in the Ethereum ecosystem.

Vault Projects On Polygon

Similarly, there are few other networks opening vaults on polygon technology. Beefy Finance, for instance, launched its first Beefy yield optimizing vault In Polygon on the 28th of April, 2021.

The finance tech is a Decentralized, Multi-Chain Yield Optimizer platform that allows its users to earn compound interest on their crypto holdings. In addition, it has launched a new Ape Swap vault deployed on Polygon.

Quarries On The Project

Despite the attractiveness, there have been some skeptical postures on the project.

Many keen crypto lovers and observers are quarrying that, If approved, would Polygon utilize this class of vault themselves?

Are there any specifically identified users – individual or entity – who have expressed an intention to use this class of vault if MakerDAO onboarded this collateral? Well, for now the MATIC community seems to be appreciating the latest development.

Featured image from Pixabay, chart from TradingView.com


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Wealthy and Highly Educated Investors Are Buying Two Altcoins Over Bitcoin, According to Bank for International Settlements

The Bank for International Settlements (BIS) says rich and educated investors prefer buying two large-cap altcoins over Bitcoin (BTC).

In a new report, the global financial entity owned by central banks looks at investor activity in the crypto space, broken down by education and income level.



“Among the various cryptocurrencies, owners of XRP and Ether are the most educated, while those owning Litecoin (LTC) are the least educated, with Bitcoin owners ranking in the middle. Cryptocurrency owners have a household income level higher than the average, with owners of XRP, Ether and Stellar (XLM) being the wealthiest.”

Only XRP and ETH holders outrank Bitcoin owners in both income and education. In terms of education, XRP, ETH and Bitcoin Cash (BCH) owners rank above Bitcoin investors. With regard to income, holders of ETH, XRP, LTC, XLM and EOS have superior rankings over Bitcoin owners.

The report says Bitcoin is the most widely owned cryptocurrency, followed by ETH and LTC. In terms of recognition, BCH comes second to the king crypto asset.

Based on these findings, the BIS provides an interesting outlook on crypto, according to the trends identified in cryptocurrency holders.

“While knowledge about cryptocurrencies is becoming pervasive, ownership remains limited to a niche population. In 2014, only some 40% of US citizens were aware of at least one cryptocurrency (mainly Bitcoin). This percentage increased to almost 70% in 2019.

If the trend continues, in one or two years, the entire US population will recognize at least one cryptocurrency. The acceptance and usage of cryptocurrencies are nonetheless not high. Only 1.4% of the US population owned at least one cryptocurrency in 2019.”

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Why Terra (LUNA) Will Reward Users With New Community Bounty Program

Before the crash in the crypto market, Terra (LUNA) saw one of the strongest rallies of 2021. This platform’s native token traded under $1 early in the year and reached an all-time high of $22 before dropping to its current price at $5,88. The rally translates into a 2,691% profit in one year.


Its ecosystem has been growing equally fast. Therefore, the protocol has decided to launch Terra’s Community Bounty Program. The official announcement claims the following:

Terra’s ecosystem is flourishing. Third-party projects are popping up seemingly every day & opportunities for community members to contribute to the growth of TeFi are abundant.

In light of this growth, the protocol has launched this initiative and with-it financial incentives for the users to help spread the benefits of this ecosystem. The program has been created in partnership with Terra Bites, a podcast dedicated to this protocol, and Learn Terra.

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The program has the objective of increased the adoption of this protocol and the applications based on its ecosystem. The team behind Terra believes educational content can help bring more users to the platform.

High-level overviews of Terra applications, step-by-step tutorials of how to use apps, and detailed guides on the widening variety of yield farming strategies using Terra assets have helped onboard new users and provided better context on the Terra ecosystem.

How To Contribute With Terra, Its Ecosystem, And Earn Money

Every Friday, users and community members can find 3 “bounty topics” listed on Learn Terra’s official website, in the Bounties section. Participants can submit the bounties, written articles of around 1,500 words that cover different topics and earn rewards in UST, the protocol’s native stablecoin.

The articles can be tutorials, walkthroughs, analyses, and other formats. The program’s first-month bounty will be funded by Terraform Labs (TFL). Later, it will receive funding from a Pylon Protocol deposit contract.

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Pylon is comprised of a series of saving and payments DeFi products build on top of Terra’s Anchor Protocol. It has been created for purposes such as the bounty program; to tackle transactions between long-term value provides and consumers.

Each week, TFL and Terra Bites will select 3 bounties. The winner by each category will receive $500, and the other two places will receive $100 and $50, respectively. At first, submissions will be accepted via written articles but will be expanded in the future.

Content bounties will originally be confined to written content from topics selected by TFL and Terra Bites. However, we are exploring expanding the program to include visual content, including video walkthroughs, animated explainer videos, graphics design, and more. Bounty topics will also be open to contributions from the community down the line.

Participants must send their submissions via a Medium post, created from their own accounts, before the Wednesday after the bounty has been posted at 5 PM PST.


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‘Make or break’ for Bitcoin, Binance under pressure, Strike attacks Coinbase: Hodler’s Digest, June 27–July 3

Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link.

Top Stories This Week

Bitcoin mining difficulty just fell by a record 28% — but will this help prices recover?

Bitcoin has recorded its biggest mining difficulty drop of nearly 28%, but one model suggests prices will not bottom until October.

The drop is in response to the ongoing miner migration out of China and the subsequent loss of hash rate — and this could deliver a profit boost for the miners still at work.

Bitcoin has now closed its third red monthly candle in a row, meaning BTC/USD is now the furthest away from its stock-to-flow model estimates in more than two years. Data shows the world’s biggest cryptocurrency fell 40.36% in Q2… the biggest quarterly plunge in over three years.

Plan B said the next six months will be “make or break” for the stock-to-flow model, adding: “Even for me it is always a bit uneasy when Bitcoin price is at the lower bound of the stock-to-flow model.”

Binance faces regulatory upheaval as lawmakers target ‘global’ exchanges

Regulatory woes are piling up for Binance. Japan has accused the exchange of operating without proper registration, and toughened measures in the Canadian province of Ontario have prompted Binance to announce that it plans to cease all operations there.

Monday saw Binance suspend the use of Faster Payments in the U.K., meaning that it would take longer for British customers to withdraw pounds from the exchange. This came days after the Financial Conduct Authority told the exchange to cease all regulated activities in the country. However, this was later reinstated.

Thailand’s Securities and Exchange Commission and the Cayman Islands Monetary Authority are the latest financial regulators to announce a regulatory crackdown on Binance.

As a major global exchange, the exchange has been struggling to find the right jurisdiction for operating its business.

Bitcoin.org blocks access to Bitcoin software download in the UK

Bitcoin.org has blocked U.K. visitors from downloading Bitcoin Core software, as well as the whitepaper authored by Satoshi Nakamoto. 

It comes days after a British court ruled in favor of self-proclaimed Bitcoin creator Craig Wright.

He had accused Bitcoin.org and its current operator Cøbra of copyright infringement for hosting the BTC whitepaper in the U.K.

Cøbra elected not to mount a defense in order to protect their anonymity — and was also ordered to pay interim legal costs of £35,000 (about $48,600.)

The judgment is the latest salvo in Wright’s assault on people who dispute his claim of being Bitcoin creator Satoshi Nakamoto.

Strike to offer ‘no fee’ Bitcoin trading, taking aim at Coinbase and Square

Payments platform Strike has announced that it will allow U.S. customers to buy and sell Bitcoin with almost no trading fees — taking on the likes of Coinbase, Square and PayPal.

Strike’s founder and CEO Jack Mallers says his platform is setting out to be the “cheapest and easiest place on the planet to acquire BTC.”

Mallers has taken aim directly at Coinbase too, describing Coinbase’s fees as “asinine.” He added: “Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”

In other developments, Coinbase has revealed that it plans to list digital assets on its exchange faster than it does now. And as the exchange seeks to bolster its global presence, it’s going to launch a crypto app store offering products developed by third parties.

Meanwhile, Robinhood has filed an application with the U.S. Securities and Exchange Commission for an initial public offering. That application came a day after regulators ordered the company to pay a $70 million penalty, amid allegations it caused “widespread and significant harm” to thousands of users.

Elon Musk’s latest attempt to pump Dogecoin fails miserably

Dogecoin prices surged but did not skyrocket after receiving another endorsement from Tesla CEO Elon Musk on Thursday.

Musk’s first tweet declared “Release the Doge!” — sending the joke cryptocurrency up 8.42% to $0.261. A sell-off followed suit, taking DOGE/USD down to $0.247.

Less than an hour later, Musk tweeted a rather unusual message that said: “Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge, doo, doo, doo, doo, doo, Baby Doge.”

DOGE/USD subsequently rose 5.22% to $0.26 after the second tweet.

This is modest compared with the wild gains we’ve seen after Musk’s tweets in the past.

Winners and Losers

At the end of the week, Bitcoin is at $34,544.52, Ether at $2,219.30 and XRP at $0.2469. The total market cap is at $1,433,529,255,589.

Among the biggest 100 cryptocurrencies, the top three altcoin gainers of the week are XinFin Network, Compound and Internet Computer. The top three altcoin losers of the week are Celo, Theta Fuel and Revain.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“Make no mistake, when you buy Bitcoin on Coinbase, you are supporting shitcoins.”

Jack Mallers, Strike CEO

“I did suggest to the President that whatever Salvador chooses to do with regards to Bitcoin, you ensure that it is well regulated, that it is transparent and that it is responsible, and you protect yourself against malign actors.”

Victoria Nuland, U.S. State Department 

“While I believe in the power of new technology, we also need to manage its impact on our economy and society.”

Rishi Sunak, U.K. Chancellor

“The ‘Rick Astley’ is the holder that keeps buying and never tends to sell much.”

Willy Woo, Bitcoin analyst

“140 free NFTs for 140 of you, besties.”


“A good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.”

Aswath Damodaran, New York University professor of finance

Prediction of the Week 

44% of investors expect Bitcoin to drop below $30K in 2021: CNBC survey

A recent CNBC survey suggests 44% of portfolio managers and equity strategists think Bitcoin will be below $30,000 by the end of this year.

Out of the remaining 56%, 25% predicted the price to shoot up and settle at $45,000 — while another 25% projected that we could see $55,000.

A small minority of 6% said Bitcoin could return back to $60,000, near the $65,000 all-time high seen in April 2021.

FUD of the Week 

Bitcoin has failed miserably as currency, says NYU’s ‘dean of valuation’

Aswash Damodaran has launched another blistering attack on Bitcoin.

The professor of finance at New York University said: “A good currency, in my view, is one that’s used to buy coffee, buy your house, buy a car, and on that count, Bitcoin has failed, and not just failed, it’s failed miserably.”

He added that Bitcoin’s only claim to fame is in the returns earned by early investors, adding: “When I run into Bitcoin enthusiasts, they seem to push this notion that Bitcoin is a great currency because they’ve made a lot of money on it.”

Back in May, Damodaran claimed Ether stands a better chance of becoming a commodity than Bitcoin.

UK’s NatWest bank limits transactions to crypto exchanges

As the crypto crackdown continues in Britain, another high street bank has intensified its efforts to curtail its customers’ use of digital assets. 

Natwest Group has reportedly capped the daily amount its customers can send to cryptocurrency exchanges due to concerns over investment scams and fraud. However, the new limits on fiat currency transfers have not been revealed.

NatWest said the restrictions are designed to be temporary — and, in some cases, payments to specific crypto asset firms where there have been “particularly significant levels of fraud-related harm” will be blocked altogether.

‘We don’t have much time left’ to regulate crypto, says Bank of France governor

Bank of France governor François Villeroy de Galhau said that Europe should make crypto regulation a priority or risk digital assets challenging its monetary sovereignty.

He warned the European Union only has “one or two years” left to establish a regulatory framework for cryptocurrencies.

“We in Europe need to move as quickly as possible,” the governor added.

Best Cointelegraph Features

London fork enters testnet on Ethereum as difficulty bomb sees delay

As Ethereum’s London upgrade launches on the Ropsten testnet, mainnet anticipation for stakers and miners increases.

Stablecoins under scrutiny: USDT stands by ‘commercial paper’ tether

Are stablecoins actually stable? Tether’s basket of reserve assets raises eyebrows as a new round of debate regarding backing begins.

Slow, but not steady: India’s stance on Bitcoin and crypto is evolving

India’s regulatory stance on crypto has been shaky at best and prejudiced at worst, but what is India actually doing about crypto?


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Enterprise Adoption Will Trigger Billion-Dollar Surge in Two Altcoins, Predicts Crypto Trader Tyler Swope

Crypto trader Tyler Swope predicts a billion-dollar deluge of capital will flow into two digital assets, allowing them lead the way in the next altcoin boom.

The host of Chico Crypto tells his 255,000 YouTube subscribers that Compound Finance (COMP) is likely to move much higher on the list of crypto assets by market cap.



Swope references an announcement from Circle where the blockchain giant reveals it will utilize Compound Finance in its plans to give businesses access to decentralized finance (DeFi) lending markets, as well as other services.

“This DeFi protocol is going to be the first one which works with Circle’s DeFi API… So why is this a pick of mine besides that blog? Well, for one, it has slipped way down the charts, down to rank 58, while a bunch of token crap is ranked higher with no use.

And you even have some of its C tokens, CETH, CDAI, CUSDC ranked higher than Compound’s governance token. This proves massive use of the Compound protocol having those tokens up higher, and I think the governance token should be ranked higher than those… At least in the top 30 cryptos.”

At time of writing, COMP is trading at $375.34 and is currently the 49th largest crypto asset according to CoinGecko.

The second altcoin on Swope’s list is Unibright (UBT), which develops enterprise blockchain solutions, and builds integration platforms and ecosystems for tokenized assets.

Unibright also plays a major role in developing the Baseline Protocol and Baseledger, which is an open-source initiative to provide a suite of new blockchain-based services to business enterprises.

Swope takes note of a recent discussion between developers, who say announcements on the platform’s corporate adoption are in the pipeline.

At time of writing, UBT is trading at $1.17, trading almost completely sideways for the past 30 days according to CoinGecko.

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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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Finance Redefined: The $500 million bet on ETH 2.0 making waves! June 24-July 1

Whales can be bashful and clever creatures, but when you manage to catch one in action it’s a sight to behold — consider, for instance, the single entity responsible for depositing 100k ETH into the Eth 2.0 deposit contract from 133 different addresses last week.

Deposits into the ETH 2.0 staking contract have been picking up as of late, with 100k ETH pouring into the Eth 2 deposit contract on a single day last week. It caught the attention of the crypto space and, like most stories about on-chain activity, looking at the actual transactions and associated accounts can shed light on what went down. In this case, it seems the 100k ETH influx can be traced back to a single Ethereum address and a wallet that is responsible for funnelling upwards of 258k ETH ($541.8 million at 2100 per ETH) into the deposit contract.

Searching for the mega whale who is mega bullish ETH and Eth 2.0

Given the relatively steady increase the deposit contract has seen since launching in December, it is likely a single entity was behind last week’s unexpected surge. But can we prove it? Can it be reasonably shown that a single entity was behind the 100k ETH worth of deposits?

Unfortunately, actually finding the transactions and addresses on-chain was not a quick “first page of Etherscan” find.

In hopes of getting a quick win, the first place we checked was the largest total deposits made by a single address to the deposit contact. While this strategy did find one address that had recently deposited some 12,800 ETH across 400 transactions to the deposit contract, unfortunately, it was not the address of interest, as the date of the transactions (June 20, 2021) is a couple days too early and the amount is only ~13% of the total 100k ETH, even though “only ~13%” in this case is still over $26.8 million (at $2100 per ETH). It is clear that if the 100k ETH had come from a single entity, they were more discreet than a straight 100k YOLO deposit from one address.

A deeper analysis was required, so we downloaded the transactions to the deposit contract from Etherscan for June 22, 2021 and uploaded them into Excel. The data was clear.


From the data pulled for June 22, 2021, there were 1163 addresses that deposited a total of 32 ETH into the deposit contract, 133 addresses that deposited 800 ETH into the deposit contract, and 11 other addresses that deposited other various multiples of 32 ETH.

For those unfamiliar, ETH 2.0 is the protocol change Ethereum has been planning since launch that will transition Ethereum from a proof of work to a proof of stake network. Proof of stake validators will secure the network and receive ETH for doing so. One validator starts off as 32 ETH and is currently acquired by sending 32 ETH to a deposit contract on Ethereum mainnet, the current proof of work chain.

Depositing is a one way bridge since the full amount of ETH including any interest earned is not accessible until the network merge, which is currently unlikely to happen until late 2022.

With the same total deposit amount of 800 ETH on the same day from 133 addresses, our confidence grew that the 100k ETH had in fact come from a single address. To confirm this, there had to be some similarity between the addresses. Sure enough, a quick look revealed that each address was funded by a common address.

Eureka! A whale sighting.

The picture of our whale was starting to become more clear. Let’s take a high level look at how they executed their operation:

  • In each of the new addresses, 800 ETH was deposited into the deposit contract – 25 deposits of 32 ETH. The remaining 10 ETH was sent to cover gas costs and once the deposits had finished the leftover ~9.86 ETH in each address was sent to a common address. These funds were eventually sent to the deposit contract.
  • They laid the foundation for their plan with a casual 100k ETH transaction ($210 million at $2100 per ETH) on June 16th. In a juxtaposition for such a large amount, the transaction was in no rush to go through, taking 1 minute and 41 seconds to confirm. The ‘somewhere between standard and fast’ gas price channels some serious, “Well, I don’t want to over pay for this transaction” vibes that, while understandable for most plankton using Ethereum, is more surprising coming from such a behemoth of a whale.
  • Using the 100k ETH in the new wallet they funded 133 fresh wallets over an 8-minute span, each with 810 ETH for a total of 107,730 ETH.