Launching the first-ever Oracleless lending/borrowing protocol on Polygon zkEVM

Multichain of Madness: Part Quatre

As the Time Machine traverses through the vast expanse of the universe, it arrives at an unfamiliar land shimmering with a mesmerizing purple gradient. Here, transactions seem to finalize at an accelerated pace, causing the Time machine to become remarkably efficient. Eager to unravel the mysteries of this new realm, we embark on an exploration that leads us to the enigmatic world of zero-knowledge rollups — the Polygon zkEVM.

Within the confines of the Polygon zkEVM, our Time machine seamlessly integrates itself into this extraordinary domain. The realm’s unique characteristic lies in its EVM equivalence. Here, the Time machine operates flawlessly, requiring minimal adjustments to its code. It’s as though the very fabric of this place resonates with the principles of the Ethereum ecosystem.

Why zkEVM?

The future of Ethereum lies in Layer 2 (L2) solutions, and zkEVMs are hailed as the most efficient L2 option available. Developing a zkEVM proves to be a challenging endeavour that eludes most people. Initially, it seemed that zkEVMs were distant and impractical compared to other ZK L2 solutions. This was framed as an unavoidable tradeoff: we could have either full EVM equivalence or high performance, but not both. However, Polygon’s zkEVM team has achieved the remarkable feat of creating a zkEVM which is both EVM equivalent and offers lower transaction costs & latency compared to other L2s.

Here are some of the features of the Polygon zkEVM:

• Efficiency: Polygon zkEVM uses ZK proofs to verify transactions off-chain, which can significantly improve efficiency. This means that transactions can be processed much faster and with lower fees.
• Security: Polygon zkEVM inherits the security of L1, as the transactions are always batched to the L1. Meaning, it’s as secure as the L1 itself.
• EVM equivalence: Polygon zkEVM is fully equivalent with the Ethereum Virtual Machine (EVM), which means that developers can easily deploy their existing smart contracts to zkEVM. Barring a few OP codes, the zkEVM can pretty much compile any piece of existing smart contract code!
• Scalability: Polygon zkEVM is highly scalable, as it can support millions of transactions per second. This makes it a good choice for applications that require high throughput.

There’s no denying the fact that zkEVM has one of the most promising pieces of L2 tech out there.

Now, let’s look into the numbers!

The stats and TVL on zkEVM have been up only ever since the mainnet launch!

Overall, Polygon zkEVM is a promising L2 scaling solution that offers a number of benefits & a bright future for the EVM. It is efficient, secure, EVM equivalent, and scalable, making it one of the best chains for Timeswap to expand to.

What does Timeswap bring to the zkEVM ecosystem?

Polygon zkEVM, similar to every ecosystem in its early stages has thin liquidity. At the same time, new protocols are getting built or migrated to zkEVM at an unprecedented pace.

Lending/Borrowing is a fundamental building block for any DeFi ecosystem. Given this, it is important to have a money market which can support as many ecosystem tokens as possible, that too in a secure manner. Traditional lending/borrowing platforms cannot function well in environments with thin liquidity owing to their dependency on liquidations & they’re prone to many attack vectors. Security becomes crucial in a newly formed ecosystem because of its thin liquidity and infra still getting built. Here, Timeswap serves as the go-to lending/borrowing platform given the liquidation-independent nature of the protocol alongside the ability to support any ERC-20/ERC-4626 token.

Timeswap is the world’s first oracleless, AMM-based lending/borrowing protocol which works for any ERC-20 & ERC-4626 token. Lenders on Timeswap earn a fixed yield on their tokens for a fixed period of time. Borrowers on the other hand get access to non-liquidatable loans by paying a fixed amount of interest.

Notable features of Timeswap:

• Non-liquidatable leverage.
• Fixed yields.
• Oracleless support for any tokens.
• Boost your yields by leveraging Yield bearing assets.

Oracleless protocols are the future of DeFi lending/borrowing and Timeswap is going to be at the forefront of it. Having launched two iterations of Timeswap with $9.5M of cumulative lend/borrow volume, we’ve launched lending/borrowing pools for exotic tokens ranging from yield-bearing assets, LP tokens, Vault shares, etc. Check all the exotic asset pools launched on Timeswap here.

The Inception Pool

To begin our journey on zkEVM, we’re coming with a $stMATIC/$MATIC pool. This pool enables degens to leverage the staking yields by using $stMATIC as collateral to borrow $MATIC. Lenders on the other hand can enjoy fixed yields by lending $MATIC in the pool. Full details of the pool are as follows:

Network: Polygon zkEVM

Pair: stMATIC/MATIC (use stMATIC as collateral to borrow MATIC)

• Asset to be lent/borrowed: MATIC
• Collateral: stMATIC

Transition price: 1.05 stMATIC/MATIC

Initial APR: 0.4%

Maturity: 31 August, 12 pm UTC (1 month)

Swap Your Tokens Through Time -> app.timeswap.io

If you want to learn more about how your project can utilise Timeswap or create a lending/borrowing market for your assets (including receipt and LP tokens), please fill out this form.

Time Is Money ⏳

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