Releasing the Method NFT Vault on Polygon
Let’s face it, Ethereum mainnet gas fees are expensive. While this issue is planning to be solved by Layer 2, we’re at the point where each transaction just to currently trade tokens on a DEX can easily run you upwards of $50-$100. And trading tokens isn’t the only problem. One piece of feedback we’ve received from the community is that the current cost to mint NFTs and interact with the Method NFT Vault via staking and unstaking ERC-20 tokens, is simply too cost prohibitive for some.
That is why we are excited to announce our release on Polygon — the smart contracts are live and the UI to mint your very own Method NFT Vault has now been released. Just head to app.methodfi.co and click the button to switch your MetaMask network. Liquidity mining on Polygon with the Method NFT Vault is on the horizon!
We want to make sure that DeFi is accessible to the entire community and ecosystem, not just whales who can afford to consistently spend hundreds of dollars on gas fees. Just as we were at the forefront of liquidity mining with the Method NFT Vaults, we’re planning for the future by focusing on the Polygon Ethereum scaling solution to enable our products to operate with drastically lower gas fees (Read more about our Vault NFTs!).
Forging our way to Interoperability
One major benefit of Polygon is that it is designed to be blockchain agnostic. While Ethereum is the primary focus for security and the robust consensus algorithm, there are a lot of capabilities that will enable an interoperable world. We believe people should use dapps based on their capabilities and ease of use, not necessarily based on the underlying blockchain they’re built on.
By working directly with Polygon’s team, we’ve developed Method smart contracts optimized for Polygon. Eventually the Method NFT Vaults minted on Polygon will be bridgeable back over to the Ethereum mainnet, but right now they’ll only be used within the Polygon ecosystem. As we continue to work cross-chain and with the Polygon team over the future, we will continue to support efforts to enable bridging NFTs and push the ecosystem forward.
Method and the Polygon Ecosystem
So far Polygon’s Ethereum scaling solution has been growing rapidly. Over 400 dapps have been deployed and there are over 200,000 unique users. Given the highly active community, we’ve also upgraded our smart contracts to enable other protocols to seamlessly launch their own rewards programs using our Unistaker contracts. Long gone are the days of building out individual contracts.
Any protocol can easily use the functions in our Unistaker contract to create their own custom rewards program using their native token — a significant upgrade from our initial rewards contract only meant for Method rewards. Additionally, each time the Unistaker contract is used to set up rewards, we will collect a small percentage of the rewards pool as a fee. The community can vote on how we use those tokens to further the goals of the Method ecosystem. We’ve consistently been asked about the benefits of holding the MTHD token and one of those ways is by distributing fees that we collect from protocol activities back to token holders.
We believe the Polygon ecosystem will continue to grow exponentially as dapps like SushiSwap and Aave have recently completed their own deployments. As more and more participants enter the ecosystem we’ll be set up well to be the primary Layer 2 NFT Vault solution, ensuring safe and secure funds with the lowest transaction fees.
We’re excited for you all to be on this journey with us and can’t wait to share the Method token with you! Stay tuned — more details to come!
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