Benchmark Protocol x Polygon (Formerly MATIC)- Integration Announcement
The Benchmark Protocol team sees Polygon as one of the fastest growing Ethereum compatible networks and we expect many DeFi applications to be supported and developed on Polygon in the near term future. We are happy to announce that with the successful bridging of xMARK onto the Polygon network, we are able to ensure early availability of Benchmark Protocol’s utility on all emerging DeFi applications on the Polygon network (i.e. DEX, lending, etc).
Cross Chain Exposure: xMARK
Benchmark Protocol’s core utility is to serve as a medium of exchange, with properties including collateralization and serving as a portfolio hedge. As such, we strive to expand the breadth of the MARK token to compatible emerging crypto markets. We will capitalize on early implementation by utilizing xMARK to facilitate this bridge.
Sandeep Nailwal, Co-Founder and COO at Polygon, said of the collaboration: “Benchmark is doing incredible work connecting traditional capital markets to DeFi, and we’re glad to welcome Benchmark to vibrant DeFi ecosystem on Polygon.”
Harrison Woytko, Founder of Benchmark Protocol comments on the partnership: “Scalability has a much broader range of direct impact and meaning in today’s world of high gas costs and funneled congestion in the Ethereum network. Today’s integration with Polygon is the first step towards alleviating these headwinds on a transaction basis, and a major step forward for the Benchmark ecosystem.”
Based on our initial rollout, we firmly believe that Ethereum will represent the most secure platform for smart contracts . Nevertheless, many transactions can be sufficiently executed on other platforms requiring less transaction fees, while facilitating faster processing. We aim to offer our users the opportunity to choose between different security levels as they deem fit, while providing options for increased speed and decreased transaction costs.
Polygon leverages Ethereum, the most secure and battle-tested programmable blockchain in the world, as an economic hub and source of security. Since Polygon is built on Ethereum, Polygon is able to incorporate both scaling and infrastructure solutions from the Ethereum backbone.
With the invention of xMARK, Benchmark Protocol is able to rapidly integrate the project with other blockchains, providing exposure to our native supply-elastic currency, MARK. To recap, xMARK is a standard ERC20 token that itself does not rebase. 1 xMARK will always equal 1 xMARK, however the number of redeemable shares of MARK represented by 1 xMARK will fluctuate as the valuation of the network expands and contracts.
About Polygon (Formerly Matic)
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 90+ Dapps, ~7M txns and ~200K unique users.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your Dapp, get started here.
About Benchmark Protocol
Benchmark Protocol is a Supply Elastic Collateral and Hedging Device, Driven by the Volatility Index. The protocol operates as a rules-based utility that dynamically adjusts supply based on the CBOE volatility index (VIX) and deviations from the target metric — equal to 1 Special Drawing Rights (SDR) unit. Employing the SDR creates a larger use case rather than exposure to just one currency; the application of this creates a larger user base and delineated exposure to markets around the world. The DeFi space needs a collateral utility that retains its efficacy and increases inherent, baseline liquidity during periods of high volatility.
Benchmark is built on the Ethereum blockchain. The MARK token is the native asset in the Benchmark network and provides only the utility value available to it through the Benchmark network.