Compound

Using MaticX as a collateral asset has added significant value on other lending platforms like Aave v3 (Polygon) and a popular leveraged staking strategy increasing utilization rates for MATIC. For Compound, MaticX offers a good collateral option because of its extensive use and composability on Polygon.

MaticX - Key Reasons to List on Compound

MaticX is deeply integrated with DeFI projects such as Aave and Balancer. There is $10M+ liquidity in MaticX based pools cross leading DEXs ~35M MaticX supplied on Aave against supply cap of 38M MaticX. Proposal to enhance supply cap to 50.6M MaticX underway. MaticX TVL has grown to 84M+ MATIC steadily ever since its launch in Apr’22. There is 20M+ MaticX on Polygon that haven’t been deployed on DeFi yet, which offers a large TVL opportunity for Compound

Proposed Parameters

Liquidity - MaticX currently has a TVL of 84M+ MATIC staked and total liquidity of $10M+ in MaticX based liquidity pools on ecosystem DEXs with Balancer being the lead along with QuickSwap & MeshSwap. This proposal is to set the parameters for MaticX as below based on Gauntlet’s recommendations supplyCap: 6,000,000 borrowCollateralFactor: 55% liquidateCollateralFactor: 60% liquidationFactor: 93% The proposal is to be made from this pull request

Background - MaticX

Stader’s staking solution for Polygon is MaticX, a liquid staking solution for MATIC. Stader lets users earn MATIC staking rewards and also enables users to participate in other Defi protocols using MaticX while accruing rewards. MaticX is a token that represents your share of the total MATIC pool deposited with Stader. As soon as you deposit MATIC on the Stader smart contract, you receive newly minted MaticX, based on the exchange rate at the time of staking. As the MATIC rewards get added the value of MaticX increases (w.r.t MATIC).

Stader for Polygon gives you Liquidity through tokenization Ease of staking MaticX is the only solution that allows users to natively stake their MATIC on Polygon, allowing users to take advantage of the low transaction fee

MaticX Security:

Stader on Polygon protocol contracts are dual audited:

Here is the link to the Audit completed by Halborn Here is the link to the Audit completed by Immunebytes Stader’s contracts for MaticX are controlled by a multi-sig account (0x91B4139A2FAeaCD4CdbFc3F7B1663F91a54be237) managed by the internal as well as external parties. The confirmation count is 3 out of 5 signatures required $1Mn Bug Bounty on Immunefi Ongoing monitoring and on-chain security tracking by Forta External multi-sig and time-lock drive the staking contract

References

MaticX Chainlink Oracle Price Feed Polygonscan - MaticX address Forum Discussion