Introduction

On March 28th, it was announced that the lending market 0VIX had been launched on the Polygon zkEVM network, becoming the first DeFi protocol deployed on the Polygon zkEVM network. Four asset markets, including ETH, MATIC, USDT, and USDC, have been launched.

The lending market 0VIX has been launched on the Polygon zkEVM network

On March 28th, the DeFi lending market 0VIX made a significant announcement. It had just been launched on the Polygon zkEVM network, thereby becoming the first DeFi protocol deployed on the network. Additionally, ETH, MATIC, USDT, and USDC were the four asset markets launched. But what does this mean for the DeFi ecosystem and why is this announcement so significant? This article will delve deeper into the launch of 0VIX on the Polygon zkEVM network.
# What is DeFi?
DeFi, or Decentralized Finance, is the system built on public blockchains that enables the development of a payment and financial system removed from the centralized makers.
# The Emergence of The Polygon zkEVM Network
Polygon entered the market in May 2020 initially known as Matic Network. The network aims to provide an infrastructure for building and connecting Ethereum-compatible blockchain networks. In February 2021, it launched its unique Ethereum Virtual Machine (EVM) sidechain known as zkEVM. The sidechain allows developers to build secure and scalable applications with significantly lower fees compared to Ethereum.
# 0VIX – Launching the First DeFi Protocol on Polygon
On Mar 28th, 0VIX became the first DeFi protocol to be deployed on the Polygon zkEVM network. Previously 0VIX was deployed on the Binance Smart Chain. With the launch on the Polygon network, 0VIX benefits from its fast, cheap transaction processing and other features unavailable on the Binance Smart Chain. Users can now transact on 0VIX’s lending protocol on the Polygon network through an even better user interface.
# New Asset Pairs Launched on Polygon Network
In addition to the new deployment, 0VIX has launched the four asset market pairs comprising ETH, MATIC, USDT, and USDC on the Polygon network. This means that users can borrow and lend digital currencies in these four markets on 0VIX’s platform. The platform allows users to earn interest by supplying any of the tokens and borrowing any of the tokens in return, provided they meet lending requirements.
# The Significance of the Launch of 0VIX on Polygon
The launch of 0VIX on the Polygon zkEVM network is a big deal for several reasons. Initially, 0VIX provides cheaper and faster transactions without compromising the security of the platform, thanks to Polygon’s zk-rollup technology. Second, 0VIX’s platform is becoming more accessible to everyone who wants to transact on its platform via an even better user interface. Finally, the launch of new asset markets provides even more opportunities for users to borrow and lend cryptocurrencies.
# Conclusion
The 0VIX launch on the Polygon zkEVM network is a significant development for the DeFi ecosystem, and it remains to be seen what other DeFi collateral will follow suit. With permissionless interoperability between networks, there’s no limit to what possibilities will open for developers and users.
# FAQs
1. What is the 0VIX protocol?
A. 0VIX is a decentralized lending platform that enables users to lend and borrow digital currencies.
2. What does it mean to deploy a protocol on a blockchain network?
A. Deploying a protocol on a blockchain network means making the protocol available on a particular network for users to interact and transact.
3. What does the launch of 0VIX on Polygon mean for DeFi?
A. The launch of 0VIX on the Polygon network provides cheaper and faster transactions without compromising security, making the DeFi platform more accessible to everyone.