Polygon and Atlendis recently partnered to announce a MATIC rewards program. The program was set up to distribute over 132,500 MATIC in awards.
It will incentivize LPs (Liquidity Providers) on Atlendis by making MATIC available to them on eligible pools. Clients can earn MATIC on top of their standard interest generated by depositing assets in liquidity pools and inserting their NFTs into a contract.
The previous Atlendis protocol V1 was successfully rolled out on the Polygon network in June 2022. It helped Altlendis users access Polygon’s cost-effective transactions. Since its launch, the platform has been adopted by four borrower pools and more than 2,600 lenders.
It has also amassed a total locked value (TVL) of $1.5 million while its all-time loan generation stands at $2.5 million. The MATIC rewards program is scheduled to last for six months starting October 11.
After launch, lenders who contribute to the Atlendis pools will earn additional MATIC rewards by locking NFTs. For each deposit they receive an NFT representing their position. The NFT can be used in Atlendis’ new staking contract to earn additional MATIC. Pessimistic recently audited the staking program to ensure its reliability and security.
After the lock-up period expires, the rewards will be shared with the participating wallet addresses. The rewards are proportional to the liquidity offered on Atlendis and the duration of the lock.
Alexis Masseron, CEO and co-founder of Atlendis Labs spoke about the launch. According to Alexis, the Atlendis team is excited to launch the program to incentivize users and motivate them to become more active.
The development will help Atlendis generate revenue opportunities for users who trust DeFi, Alexis added.
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