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:

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