Midas and Jarvis launch a new lending pool on Polygon
We are excited to announce that following the recent deployment of Midas Capital on Polygon, we are renewing our wish to work together with the launch and seed of a new lending pool on Polygon, featuring all our jFIATs and yield-bearing LP tokens! Starting from today, users can take advantage of the Jarvis jFiat pool on Polygon with a wide variety of functionality such as: leveraged long/short trading, earn yield on all their jFIATs, use LP positions as collateral while continuing to earn LP rewards, loans denominated in multiple currencies, etc.
Jarvis x Midas
Midas Capital is a permissionless money market with an isolated pool model. Midas is using the tokenized vault standard which allows users to tokenize their yield farming strategies and use them as collateral!
Two months ago, we launched the first jFIAT pool on Midas Capital on the BNB Chain. Learn more about it:
On the BNB Chain, the jBRL market has been seeded using Synthereum’s Money printer following a governance vote. $220k of jBRL have been minted and directly deposited into Midas. 34% of the liquidity is currently being borrowed by users on the BNB Chain. Learn more about it:
Jarvis jFIAT pool on Polygon
While the Synthereum’s ecosystem on the BNB Chain is mainly revolving around the jBRL (hence only providing liquidity for this market), on Polygon, our ecosystem is denser and features more jFIATs and liquidity, enabling more choices of assets for various use cases.
Along all the use cases outlined in the previous article, two of them are particularly interesting and powerful using the new Midas Capital pool on Polygon:
- Leveraged long/short trading: users can go long or short on all the EURUSD, CADJPY, GBPAUD etc. For example, one can deposit jGBP as collateral, borrow jCNY and swap them for jGBP, and deposit them again in order to borrow more jCNY and repeat the operation; this translates to a leveraged GBPCNY long position.
- Credit without FX risks: users can borrow a vast array of on-chain currencies, and off-ramp them using Mt Pelerin (jEUR, jCHF, jGBP, jZAR, jCAD, jJPY, jAUD, jSEK, jSGD) or Suarmi (for jMXN). For example, one can borrow jSEK against their collateral and cash out SEK using Mt Pelerin; traditionally, users can only borrow USD, and bear FX risks when they want to cash them out in their local currencies.
These use cases are particularly powerful when combined with the ability for users to deposit Curve’s LP token (2eur, 2jpy, 2cad, 2nzd etc.) as collateral, de facto earning yield while borrowing.
Money Printer on Polygon
To seed the pool, the governance has approved the use of the Money Printer’s Direct Deposit Module (DDM). ~1.3M of jFIATs have been minted and directly deposited into Midas to provide liquidity to borrowers.
About Midas Capital
Midas Capital is a DAO within the Tribe DAO ecosystem, bringing Rari Capital’s Fuse pools to EVM-compatible blockchains. Fuse is a permissionless money market that allows anyone to create customized and isolated pools for lending and borrowing any asset. Pool creators have the flexibility to modify various parameters (interest rate curves, oracles, collateral factors, etc.) according to their risk appetite.
About Jarvis Network
Jarvis Network is a set of protocols and applications on EVM-compatible chains to bridge legacy and decentralized finance (DeFi). Its mission is to build an infrastructure layer that can be leveraged by anyone to develop use cases facilitating the adoption of DeFi, and to build applications to onboard the next billions of users. Its first protocol, Synthereum, pioneers an innovative and capital-efficient manner to issue and exchange synthetic fiat currencies called jFIATs, thanks to a fully on-chain Forex market. jFIATs are stablecoins designed to be usable: they keep their peg, are highly liquid, and are scalable.
