Polygon Joins Forces with WenLlama, Phoenix Labs, and Hexensio to Bolster Ethereum (ETH) Ecosystem

Polygon Labs’ Strategic Partnership

Polygon Labs has recently unveiled an impactful collaboration with WenLlama, Phoenix Labs, and Hexensio. This partnership is poised to not only strengthen the Polygon Ecosystem but also provide essential sustenance for Ethereum.

Layer 2 DAI Contract Introduction

A groundbreaking development in this partnership is the introduction of a brand-new Layer 2 DAI contract. This innovative contract has been meticulously crafted to facilitate the depositing of reserves into MakerDAO’s DSR (Dai Savings Rate). This strategic move aims to provide valuable support to Ethereum developers through the Protocol Guild initiative.

Supporting Ethereum Devs through Protocol Guild

The strategic alignment between Polygon Labs and its partners involves the utilization of the Dai Savings Rate. The interest accrued from the DAI bridge will be intelligently directed towards developers who are actively engaged in crafting core Ethereum tools. This holistic approach underscores the commitment to fostering the sustainable growth of Ethereum’s development. The entire operational code for this endeavor is accessible as open-source, encouraging participation from other Layer 2 teams within the ecosystem.

Specialized sDAI Wrapper by Phoenix Labs

Integral to the Layer 2 DAI contract is the employment of a specialized sDAI wrapper, ingeniously developed by Phoenix Labs. This cutting-edge wrapper plays a pivotal role in channeling the generated DSR yield from reserves deposited into MakerDAO’s system.

Transformation of MATIC into POL

One of the visionary plans on Polygon’s horizon involves a significant transformation of its native token, MATIC. This transformation will give rise to POL, a dynamic token that brings with it the exciting capability of multi-chain staking.

This strategic partnership and the subsequent initiatives underscore Polygon Labs’ unwavering commitment to fortifying the Polygon Ecosystem while providing sustainable avenues of support for Ethereum’s continuous evolution.