Dear Pera Family;
As you may know, we conducted a partnership agreement with Anyswap a few days ago and teased how this partnership is a great gateway for us to serve in the Polygon Network besides Binance Smart Chain. Without further ado, we are excited to tell you that the migration has begun.
Migration into Polygon
Migrating into the Polygon Network clears our path on our journey to take over the DeFi space. The migration would have a significant amount of positive influence on the PERA ecosystem, by exposing us to a different network and providing a variety of opportunities to conduct business with DEXs and Dapps. This chapter is a brief overview of the migration process and what it brings to the table.
The migration process began when Pera decided to work with AnySwap, but why did Pera need AnySwap? As you all know the native token of the Polygon Network is MATIC, and to make any sort of transactions on Polygon, you’ll need MATIC. To transfer MATIC over to Polygon Network could be done by buying MATIC off Binance, send that to Polygon and then swap MATIC’s to transact, but this course of action wouldn’t be as decentralization as much as we hope it to be. Thus, we use a bridge protocol AnySwap to allow the transfer of tokens outside of their native blockchains (In our case BSC) by “wrapping” them. The tokens are locked on Polygon, with the corresponding number of wrapped tokens appearing on Polygon.
Pera token is not a native Polygon token, so to use them on Polygon users are required to use AnySwap to acquire wrapped PERA tokens, from BEP20 PERA tokens.
The next step was to agree on a partnership with Polygon’s largest DEX QuickSwap.
To give you a better understanding of the bridging process, let’s consider our partnership with QuickSwap. To make any transactions on QuickSwap you’ll need to follow these steps:
1. Use AnySwap to acquire wrapped PERA tokens
2. Take the acquired tokens to QuickSwap
3. Add liquidity to QUICK/PERA LP’s and yield QUICK
4. To learn more on our partnership with QuickSwap refer to:
PERA Partners with QuickSwap to expand further into Polygon Network
This week keeps on getting better and better, as you might already know PERA Finance is now able to provide its users…
What does this bring to the table?
‣Faster transaction speeds & lowered gas fees:
The migration would drastically reduce transaction fees, no more 2% slippage, due to Polygon being a more gas-efficient network. The bridging process with the wrapping of our tokens exposes us to the partner AMM’s smart contract and frames the fees onto the AMM’s fee restraints.
‣ Increased TVL over on a variety of DEXs:
The migration process is predicted to increase PERA TVL significantly with the addition of new AMM partners.
‣ Increased number of liquidity pools:
With the addition of new AMM partners, DEXes liquidity pools are predicted to increase. and additional cross-chain farming pools would be created.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 500+ applications hosted, ~600M total transactions processed, ~60M unique user addresses, and $5B+ in assets secured.
About Pera Finance
Pera Finance is a platform where traders, liquidity providers, holders, and stakers can yield farm together. With DeFi’s first decentralized trading competition. Pera Finance aims to be DeFi’s most sustainable and profitable yield farming protocol.
Pera Finance is a new type of trading and yield farming protocol, designed to secure long-term trading volume and liquidity utilization for the whole DeFi ecosystem. Pera Finance offers decentralized and customizable trading competitions to DeFi space and includes traders to the yield farming space for the first time, what we call DeFi 2.0!
The integration process has just begun, and as Pera Finance we are currently working on implementing the daily trading competition on different blockchains, but we haven’t yet.
For now, the daily trading competition is only on BSC and users are not able to enter the competition by making transactions on Polygon.