Demex Daily #31: $MATIC Circle Launches USDC on Polygon for Quick, Affordable Transactions

What’s Interesting Today:

Spark Protocol, a DAI-focused DeFi lending platform within the MakerDAO ecosystem, has expanded to Gnosis Chain, an Ethereum Virtual Machine sidechain with over 150,000 validators. This move is part of Spark's broader multi-chain strategy announced in June 2023. By deploying on Gnosis Chain, users can mint DAI natively, benefit from reduced gas fees compared to Ethereum Mainnet, and enjoy the security from a vast validator network. $MKR $ETH $GNO.

Circle, a stablecoin issuer, has started minting its USD Coin (USDC) natively on Ethereum's layer-2 scaling protocol, Polygon. Users and developers can now access USDC without needing to bridge it from Ethereum, benefiting from Circle Mint and Circle’s developer APIs that support Polygon's scaling. This move enables rapid, low-cost transactions for various purposes such as payments, trading, and lending. Previously, users relied on a bridged USDC from Ethereum called USDC.e, which Circle did not issue. By Nov. 10, Circle will cease support for USDC.e deposits and withdrawals on Polygon. The new native Polygon USDC will foster affordable global transactions and integrate with major decentralized finance platforms like Aave and Uniswap. Circle also aims to introduce a cross-chain transfer protocol for improved interoperability between Polygon and other blockchains.