In March, the core development team launched a six-month $15 million campaign to support liquidity mining (LM) and protocol development efforts for decentralized applications (dApps) building solely on Polygon. Now that a month has passed, let’s take stock of what’s been accomplished so far.
The LM2.0 program is fully decentralized, meritocratic and focused on rapidly growing Polygon protocols. The rewards are based on on-chain metrics: total value locked (TVL) as calculated based on a time-weighted average price (TWAP) and / or weekly active users (WAU).
There are some early indications that LM2.0 is off to a good start. Below are responses from just a few of the dApps that benefited, GoodGhosting, InsureAce.io and O3 Swap:
And the impact is not limited to individual projects. The overall number of dApps eligible for LM 2.0 has increased 18% in a month since the campaign’s launch as newer teams migrate their TVL from other chains to be part of it. And while the TVL of DeFi projects on all other chains has decreased significantly, participants in LM 2.0 have seen a noticeable upward trend.
The LM2.0 campaign is just getting started! If your project is building on Polygon, take a deep dive into the LM2.0 rewards mechanism. Keep up with the latest news on the Polygon blog and sign up for our DeFi newsletter.
Let’s bring DeFi Summer to Polygon!
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