Last week, Matic Network announced that it has been proposed as a collateral asset on MakerDAO.
Following the announcement, a poll kick-started and the Matic team called on MakerDAO ($MKR) holders to cast their vote.
$MATIC has been proposed as a collateral asset to be used on @MakerDAO! 🤝
Maker currently has over $472.2 million in crypto locked assets within the growing $1.53 billion #DeFi marketplace. The poll will run for 2 weeks.$MKR holders, cast your vote 👉 https://t.co/kKOFfgiobL pic.twitter.com/CoztFHZf0R
— Matic (@maticnetwork) June 23, 2020
The proposal application document was filled by the Matic Network team and sent to MakerDAO. The document contains information including an overview of the proposed collateral token, a brief history of the project, and more. It was sent on behalf of the Matic Foundation by Sandeep Naliwal, the Co-founder and COO of Matic Network.
Overview of the project and the proposed collateral token
As a Layer2 scaling solution, Matic Network provides a generalized Layer2 platform. This platform offers different Layer2 approaches to developers in order to enable them to upgrade their apps for usage on a large scale.
Matic has some key strengths which include the security of transactions by L2 technologies, low cost of transactions high throughout, swift confirmation time, etc.
Utility token
The utility token of Matic Network is MATIC and it has a range of use cases such as paying fees for network transactions and participation in the Proof-of-Stake consensus. The utility token is also used for the security of peer-to-peer loans and as a payment mechanism on some external platforms. Such platforms include Play Royal and Ankr.
Market volumes and availability
On Binance, Matic is often among the top 5 volume altcoins. Also, it has always been known as the no. 1 volume coin on Binance even exceeding Ethereum.
Apart from Binance, Matic has also been listed in almost 25 other exchanges Poloniex and Coinone. This provides Matic with liquidity and pricefeeds that are potentially reliable. Exchanges like the Binance US have also declared their intention to list Matic on their mainnet publicly. Also, Matic has backing from Binance and Coinbase Venture.
Matic community
Matic Network has one of the most loyal and largest communities, coming from a network with only 1 year into its public listing. This is reflected through their twitter and telegram communities. Even in terms of social engagements, Matic regularly features as the topmost assets. Attached to the application, are other links and documents. See the full application here.
Previously, MakerDAO shared some development updates on the DAI Backstop Syndicate.
