Swarm Markets Polygon implementation enters final phase with smart contracts deployed to test net
Layer 2 blockchain will reduce costs dramatically, speed up transactions, and increase accessibility to the world’s first regulated DeFi platform.
Implementing Polygon helps everyday users
Swarm Markets is engaged in a full-court press to transform crypto and DeFi, simultaneously building a toolset for institutional capital to access crypto markets, while working with regulators to bring new assets to the platform.
One of our key objectives is to reduce friction for everyday crypto investors. Lowering the transaction fee barrier caused by high gas fees on a congested Ethereum network has been a high priority.
Swarm Markets’ AMM contracts have now been deployed to Polygon’s Mumbai testnet for the final phase of integration and testing. It will soon be possible to transact with liquidity pools on the Polygon network for a tiny fraction of the price of equivalent transactions on the Ethereum network.
Lower prices and a better user experience with Polygon
We launched Swarm Markets on the Ethereum blockchain because it’s a battle-tested and highly adaptable protocol: a Turing complete blockchain with a robust PoW validator network. The recent increase in activity — much of it from DeFi projects like ours! — has put a burden on the network that makes it cost prohibitive for certain types of transactions.
Polygon, a so-called Layer 2 technology, makes Ethereum transactions more scalable by parceling off parts of the validation work to the Polygon chain before validating aggregated transactions on the Ethereum chain. The result is higher throughput, lower fees and a better user experience.
A seamless transition between chains
The decision to implement Polygon as the first new blockchain and first Layer 2 solution for the Swarm Markets platform was a no-brainer. It is easy to deploy Ethereum-based smart contracts on the Polygon network, which has a security profile attractive to institutions and regulators. Polygon also makes it easy for Swarm Markets users to move assets to and from the main Ethereum chain.
The rewards structure will remain largely the same. Technical details about how rewards and SMT fee discounts will operate on Polygon pools will be communicated prior to going live on main net. Gas fee reimbursements will likely not be necessary for Polygon transactions.
New liquidity pools will be added to the platform as soon as testing is complete and smart contracts are live on Polygon’s main net. Follow us on Twitter and Discord for updates on the Polygon implementation and other Swarm Markets news.
