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Unbound, Polygon partner to introduce first-ever cross-chain stableCoin

Unbound, Polygon partner to introduce first-ever cross-chain stableCoin
Unbound, Polygon partner to introduce first-ever cross-chain stableCoin

Unbound Finance, a blockchain startup and developer of the UND stablecoin, is reportedly collaborating with Ethereum scaling solution firm Polygon to boost liquidity on Polygon-based AMMs via the launch of first-ever cross chain stableCoin.

For the uninitiated, Polygon is an Indian crypto startup that recently announced a $250 million merger with Hermez, a zero-knowledge (ZK) cryptography-based scalability initiative.

According to reliable reports, Unbound Finance will introduce the stable coin UND in an attempt to make AMMs more capital efficient. It is the first decentralized cross-chain stable coin. Apparently, the Polygon network will be used for this. In addition, the governance token UNB from Unbound Finance will be traded on Polygon-based DEXes.

Unbound Finance allows users to make use of AMM-based DEXes like Dfyn, Uniswap, and PancakeSwap to collateralize their existing liquidity pool tokens. The UND stablecoin can be minted by these LPTs.

Furthermore, Polygon has collaborated with Unbound since the introduction of its testnet last year. Polygon assisted in the network's debut and introduced crucial AMM partners to allow capital efficiency.

Speaking on the new venture, the COO of Polygon, Mr. Sandeep Nailwal stated that AMMs are projected to stay, and the level of liquidity it has been able to obtain on DEXes, as well as the possibility of numerous tools such as yield farming or making a fee on market making for a frequent user, demonstrate its unrivaled potential.

Nailwal further added that Unbound's specialized development team will make all AMMs more efficient and will lead to more fascinating money legos in the universe.

Meanwhile, Founder and CEO of Unbound Finance, Tarun Jaswani, quoted that the company's UND stablecoin is one of the market's most decentralized, cross-chain stablecoins. Tarun mentioned that UND will also make DeFi advantages available through Unbound Finance.

Reportedly, Polygon clients will get access to a fast, borderless stablecoin that, will serve as an excellent fiat on-ramp and off-ramp bridge.

Source Credit: https://coinquora.com/polygon-unbound-finance-launch-first-ever-cross-chain-stablecoin/

https://www.livemint.com/companies/news/indian-crypto-startup-polygon-buys-hermez-for-250-mn-firms-to-merge-tokens-11628913018884.html

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