Community-based decentralized finance (DeFi) platform Polis is announcing a partnership with decentralized VC MCN Ventures. The collaboration, which is the first of its kind for Polis, will focus on building a cross-chain DeFi ecosystem on Polis Chain, Polis’ native blockchain.
As part of the collaboration, four new projects are set to be deployed by MCN Ventures on Polis Chain in the next few weeks. These include decentralized stablecoins – Xdollar and MinMax – farming ecosystem MCN Multiple, and Acheron, a third-party bridge for Polis Chain.
Speaking about the collaboration, Andreas Meyer, Business DAO Manager commented,
“For our project, it is the first time that we will work together with a venture fund. The special thing is that MCN is completely decentralized and has a huge network in the DeFi space. This brings us many new opportunities to grow our Polis Chain for 2022. We are looking forward to this collaboration and the future new projects on our chain.”
Bill the Investor, a general partner of MCN Ventures also commented,
“The partnership between MCN and Polis will help Polis to build its defi projects fast and greatly enhance the MCN ecosystem.”
The New Kid in DeFi
Polis’ collaboration with MCN Ventures comes after a swathe of developments at Polis following its entry into the DeFi space, marking its 4-year milestone. In November 2021, Polis launched Hades Swap, its first decentralized exchange (DEX) in a key pivot into the DeFi space. The DEX had over $2.5 million in trading volume in its first week, with Total Value Locked (TVL) peaking at $2.5 million too. To date, $6.5 million worth of crypto-assets have been traded on the platform.
Moreover, Polis successfully launched the Olympus Network, a blockchain within the Polis ecosystem capable of running smart contracts. This will allow developers in the ecosystem to easily create decentralized applications (dApps), a feature that is critical for its operation in the DeFi space.
Finally, in November 2021, Polis partnered with Meter.io to bridge the Olympus Network to Binance Smart Chain to facilitate transfers of stablecoin DAI. The Polis team has also been pursuing several additional partnerships which are due to materialize in the next few months.
Combined, these developments suggest Polis’ pivot towards DeFi is not only well-funded, but well-resourced, ensuring Polis is positioned to become a leader in the DeFi space.
About MCN ventures
MCN Ventures is a decentralized incubator, investor, and liquidity provider. Its stakeholders comprise Twitter-based key opinion leaders, entrepreneurs, traders and analysts focussed on decentralized finance. Collectively, stakeholders invest in early-stage projects, providing a range of industry expertise as well as capital.
The MCN team leverages a platform of over 200,000 followers across Twitter, Telegram, WeChat, and Weibo to help grow early-stage communities, as well as providing technical expertise in the form of code audits and evaluations.
Polis is the main asset on the Olympus Network. It allows users to pay for transaction fees, as well as transfer value stored in Polis within the network. Polis Chain is EVM-compatible, meaning developers can build applications that make use of smart contract technology.
The network started as a fork of popular payment platform DASH, adopting its own Proof-of-Stake rules in 2018. Moreover, Polis is governed by a decentralized autonomous organization (DAO) which elects five managers responsible for the ecosystem’s operation. All Polis members are able to vote for each of the positions as well as put forward and vote for specific proposals pertaining to the ecosystem’s future.
For more information on the Polis and MCN Ventures collaboration, visit their website here.
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