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mStable is now live on Polygon!

mStable x Polygon. Get ready for 1 gwei.

Last week we announced that mStable would be building on Polygon in this tweet and now its here.

Today, mStable launches on Polygon and offers users another source of USD liquidity, a purpose-built DeFi-native savings account and a risk minimised meta-stablecoin.

This article will quickly describe what is launching today, what is to come, and at the end, there is a step-by-step guide that walks you through how to access mStable on Polygon.

  • Get Started
  • How to use it? Check out the bottom of this post for our step-by-step guide👇

What is mStable & Why Polygon?

mStable builds autonomous and non-custodial pegged asset infrastructure. This includes DeFi’s best savings account for USD stablecoins and BTC pegged assets on Ethereum Mainnet. It also includes a fully-fledged automated market maker that gives the liquidity provider the option of minting a risk-minimised meta-stablecoin (mAsset) or a yielding tokenised savings account (imAsset), all backed by a diversity of assets, derisking the user.

With savings rates at near zero in traditional finance, there exists an enormous latent demand for a secure, dependable, and high yielding savings account. mStable Save was built to fulfil this demand, but unfortunately, given Ethereum’s recently sky-high gas fees, most users have been priced out.

mStable has been waiting for an EVM compatible scalability solution that solves this; but it also needed to attract thousands of users and billions in liquidity. Polygon is scalable, offers nearly free transactions, has attracted DeFi heavyweights and with them billions in liquidity. This is all done while being anchored to the Ethereum mainchain and to its community. We couldn’t be more excited about contributing to this thriving ecosystem.

So what’s Launching Today?

  • mUSD: Our meta-stablecoin backed by DAI, USDT and USDC, which will all be programatically lent to Aave’s Polygon deployment. Interest goes to Save.
  • Swap: efficiently move between DAI, USDT and USDC at almost zero transaction cost. Swap fees go to Save.
  • Save: DeFi’s favourite savings account is coming to Polygon. Now everyone can cheaply access mUSD Save.

What’s to come?

Three major releases are coming to mStable on Polygon:

  1. Biconomy integration: Biconomy enables meta-transactions that allow mStable to be completely free from a transaction cost perspective in the eyes of end users. Users will simply have to sign messages to get their transactions through. We are working with the Biconomy team to get this release through in the coming weeks!
  2. Connext Eth Layer 1 mUSD<>Polygon mUSD bridge: this bridge will efficiently connect mStable liquidity from Eth Layer 1 and Polygon, making mStable a crosschain liquidity protocol. This bridge will connect to mStable’s contracts on either side, and enable stablecoin swaps between the chain’s respective collateral assets. This also begins a new era of mAssets being used as efficient bridge assets between different “crypto jurisdictions”.
  3. Incentives & new feeder pools: mStable is working on a number of incentive strategies to incentivise liquidity. One key way is to create dual-incentivised feeder pools!

Step-by-step Guide

In this guide, we will show you how to move your stablecoins on Ethereum onto Polygon and interact with mStable on Polygon Network.

Polygon is a separate blockchain from Ethereum, so it requires time to transfer assets from one blockchain to another.

The time taken to transfer between Ethereum to Polygon or vice versa can range from 10 minutes to 30 minutes, but once you’re on Polygon, your transactions should be lightning fast.

Moving your stablecoins to Polygon

Please note that you should not move your mUSD across as you will not be able to use Eth Layer 1 mUSD on Polygon, which is its own implementation, with its own mUSD. The Connext bridge explained above will solve this problem once it is released.

There are several ways to move stablecoins to Polygon

  • Using the Polygon POS Bridge
  • Using the Zapper bridge (recommended — explained below)

Bridging stablecoins through the Zapper Bridge

  • Head over to the Zapper Bridge using your web browser
  • With your wallet connected on Ethereum, select the destination network to be Polygon (this will be on the top left of your screen next to your wallet address)
  • Select the asset to bridge onto Polygon, in this case, we will be bridging 1 DAI onto Polygon from Ethereum
  • Select the asset to receive on Polygon — in this case DAI is the receiving asset but it could be any asset
  • Approve DAI to be spent and configure the transaction speed if required (on Ethereum)
  • Confirm the transaction (on Ethereum)
  • Once the transaction is confirmed on Ethereum — look out for the success message — wait for ~10 minutes for your assets to arrive on Polygon on the same address
  • Congratulations — your assets have been successfully bridged on Polygon!
  • Bonus: you will also receive a small portion of MATIC which can be used to pay for (minimal) fees 🎉
  • Repeat these steps for other stablecoins (e.g. USDC, USDT) you’d like to bridge on Polygon
  • Once your stablecoins are on Polygon, you can start interacting with mStable’s Polygon implementation

Swapping ETH for stablecoins on Polygon

In the case where you do not have stablecoins, you can bridge ETH and swap ETH for stablecoins using a DEX on Polygon like QuickSwap.

Switch your network
  • Use QuickSwap to swap your ETH for DAI on Polygon
  • Approve and Swap for DAI

Using mStable on Polygon

  1. Go to the app
  2. Select Polygon from the network dropdown

If using MetaMask, accept the prompt to select or add a network. This will switch your wallet over to the Polygon chain

You can now access your assets on Polygon and use them in mStable!

Save with mStable on Polygon

When you have your stablecoins bridged onto Polygon, you can now Save directly in one click.

Head over to the Save tab.

Scroll down and under Deposit, select the stablecoin you have in your wallet, enter the amount to deposit, and click Mint and save — this will mint mUSD from your stablecoins and deposit into Save.

If it’s your first time, you might need to first approve the contract to spend your tokens.

Once done, you will receive imUSD (interest-bearing USD) which automatically accrues interest.

Next steps

The interaction with the app is very similar on Polygon when compared to Ethereum — so check out these guides!

The majority of support takes place in our Discord server; don’t hesitate to reach out to our community with any questions or feedback!

Join the mStable community

App | Discord | Twitter | Website | Docs | Telegram| Governance

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Protect and grow your savings on mStable, a decentralised, community driven platform powered by $MTA

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James Simpson

James Simpson

CEO & Co-Founder at mStable.org

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