We are excited to announce that Polygon zkEVM is now #RedStonePowered! ♦️⚡
This is an EVM-compatible, high-throughput, secure leading ZK scaling solution blockchain providing the necessary data for all your applications’ oracle needs. What is more we’re launching on Polygon zkEVM from day 1 of mainnet beta together with our newest partner QiDAO!
What is Polygon zkEVM?
Polygon zkEVM is a decentralized Ethereum Layer 2 scalability solution that uses cryptographic zero-knowledge proofs to offer validity and quick finality to off-chain transaction computation, also known as a ZK-Rollup.
It is the first zero-knowledge scaling solution that is fully equivalent to an EVM. All existing smart contracts, developer toolings and wallets work seamlessly. The zkEVM harnesses the power of ZK proofs to reduce transaction cost and massively increase throughput, all while inheriting the security of Ethereum.
Advantages of Polygon zkEVM
- Ethereum security
- ZKP-powered scalability
Polygon zkEVM is a Layer 2 scaling solution for Ethereum that leverages the scaling power of zero-knowledge proofs while maintaining Ethereum compatibility. Developers and users on Polygon zkEVM can use the same code, tooling, apps, etc that they use on Ethereum, but with much higher throughput and lower fees.
Developers will deploy their existing contracts to the zkEVM, and users can deposit assets from Ethereum and transact off-chain. These transactions are grouped into batches with zero-knowledge proof attesting to the validity of each transaction. This ensures that the operators of the zkEVM can’t steal user funds, so we can say that it inherits the security of Ethereum. Polygon zkEVM offers compatibility and scalability without compromise.
What is QiDAO?
QiDao is an overcollateralized stablecoin protocol that allows users to mint stablecoins (MAI) against the value of their decentralized token collaterals. Minting occurs through loans, denominated in MAI stablecoins. All loans have 0% interest, meaning the value of the related debt does not change over time. A 0.5% repayment fee is charged when debt positions are repaid.
MAI is a USD stablecoin backed solely by decentralized tokens. Its target peg is 1% within the US Dollar. MAI can only be minted by users through overcollateralized debt positions. MAI is a decentralized stablecoin and cannot be manipulated by centralized entities. QiDao is a community-run, community-governed protocol. Changes are made through proposals and voted on by holders of the governance token, Qi.
Manhattan.finance is a frontend connected to QiDao that enables fixed-rate lending for any asset. Tokens are made available through isolated lending markets. These markets are created in partnership with protocols that manage tokens. As a result, every loan has 1 lender and 1 borrower. Lender protocols can deposit and withdraw their tokens at will, provided the tokens are currently not being lent out.
Cooperation with RedStone
With the upcoming launch of Polygon zkEVM on mainnet BETA on March 27th, its expanding dApp ecosystem requires reliable Data Feeds. RedStone is set to provide Polygon zkEVM with Data Feeds for over 1100 assets right from day one of the launch, including cryptocurrency prices, stocks, commodities, NFTs, on-chain reputation, and much more. Developers can also take advantage of our Custom URL feature to instantly utilize any API data in their dApps. Manhattan.finance protocol, which allows fixed-rate lending for all kinds of assets, will use RedStone oracles to acquire price data necessary for loan facilitation and calculation of liquidation thresholds.
Manhattan Finance Twitter: https://twitter.com/Manhattan_fi
Manhattan Finance website: https://app.manhattan.finance/