Polygon and Everest: Elevating Regulated DeFi
Everest Network and Polygon (formerly Matic Network) are leaders in the Ethereum-compatible decentralized ecosystem. Polygon and Everest are partnering to deliver multiple solutions to bring about mass market DeFi.
Specifically, Polygon and Everest are delivering the following:
- Everest to provide eKYC + fiat-in/out for Polygon’s networks and users
- The parties will enable interoperability between Everest’s EverChain and Polygon’s network
- Polygon will bring Everest’s asset-back, regulated stablecoin, CRDT, into the Polygon ecosystem
Phase 1:
Get EverestDotOrg’s stories in your inbox
Join Medium for free to get updates from this writer.
Everest will work with Polygon to update and deploy the Everest htmlWidget onto Polygon, which will deliver a unified Know-Your-Customer, Fiat-To-Token (cash-in), and Token-to-Fiat (cash-out) solution for users of the Polygon network. Concurrently, the EverWallet application will be updated to address the Polygon network.
⇒ Result: KYC + Cash-in / Cash-out native to Polygon
Phase 2:
The parties will build a bridge between the Everest and Polygon platforms to enable the flow of data between the two networks, including implementing the Polygon interoperability protocol on EverChain.
⇒ Result: Everest and Polygon platform will be able to be connected
⇒ Result: Everest and Polygon will be able to address each other as well as other participating Ethereum-derived blockchain networks, and their atomic resources
Phase 3:
Everest and Polygon will use the Polygon interoperability protocol to enable Polygon to natively host the CRDT Stablecoin in Polygon wallets, and to help drive platform-specific DeFi protocols. The addition of the KYC, Fiat-To-Token/Token-To-Fiat, and stable coin will allow holders of Polygon wallets and users of Polygon tools to leverage a native stablecoin across the ecosystem. Unique and powerful reward structures can be based upon control of the stablecoin and ability to ‘program money’ that it provides.
⇒ Result: Polygon users and developers will have access to a native stablecoin
