DeFi Protocol to ‘Exclusively’ Launch on Polygon: MATIC Trades at $1.2

DeFi protocol Clearpool is all set to use the Polygon Network to deploy its institutional credit platform, Prime. Announcing the same, its official handle tweeted on Monday,

“Clearpool Prime will be launched exclusively on Polygon!“

The on-boarding and whitelisting process has already started. The platform will more or less serve as an institutional grade capital marketplace. This means, borrowers can create credit pools. Alongside, liquidity providers will be able to fetch returns on their investments. The platform will reportedly start functioning in Q1 2023.

Jakob Kronbichler, Clearpool’s Co-Founder and Chief Operating Officer told in a statement,

“Expect to see a wide range of borrower profiles: from traditional trading firms to various types of crypto-native players. Prime is also attractive to fintechs that provide lending solutions in the TradFi world, such as loans in emerging markets.”

On the other hand, Rob Alcorn, CEO and Co-Founder of the DeFi protocol, told CoinDesk via mail that Clearpool had been working “closely” with the Polygon team since the launch of the permissionless protocol in June. He stressed that Clearpool and Polygon have a “strong relationship” and will continue to work together to “deliver institutional DeFi products.”

Watcher Guru reached out to Clearpool for more details about the project, but had not received a response until press time.

The price of Polygon’s native token MATIC did react outrightly to the said development. Like most assets, even MATIC was trading in red on Monday. At press time, the tenth ranked asset was seen exchanging hands at $1.22, down by 3.2% on the daily.

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Gas fee on Polygon spikes

Leaving aside this development, Polygon and MATIC have also been in the news for another reason. The address of a Chinese Multilevel Marketing project recently accumulated around 22.37 million MATIC tokens. Resultantly, it is now the fifth largest MATIC holder, and stands ahead of Binance.

According to Chinese Journalist Colin Wu, the number of transactions executed by the said address surpassed the 100k mark yesterday. That, in turn, pushed up Polygon’s gas fee to more than 700 gwei. Blokckchain security and analysis firm PeckShield confirmed the address to be associated with a “Ponzi scheme.”

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