In a new development for the decentralized finance space, Ethereum scaling platform Polygon has partnered with layer-3 project Orbs to launch a program that supports DeFi builders through the DeFi accelerator platform DeFi.org.
In an announcement, Polygon and DeFi.org noted that the program will provide funding opportunities, mentorship and market exposure to chosen projects. Building on Polygon is mandatory for participants in the DeFi.org accelerator round. On the other hand, those using Orbs’ infrastructure will be given special consideration.
As Polygon focuses on scaling Ethereum, Orbs claims to be capable of providing benefits such as the enhancement of smart contracts through its infrastructure. With this, the accelerator program will focus on developing projects that incorporate Polygon’s layer-2 solutions and Orbs’ layer-3 infrastructure.
Apart from the benefits mentioned above, the program will also provide promising projects with a “liquidity injection” and a feature on various platforms during the launch, including the DeFi.org website.
DeFi.org was launched by Binance and Orbs back in 2021 to support the research and development of open-source projects within the DeFi industry, marking the Orbs project’s transition to decentralized finance.
Meanwhile, with Terra-based developers suffering from the recent incident, Polygon announced that it is ready to welcome both the developers and communities of Terra-based projects. Polygon Studios CEO Ryan Wyatt said that it is already working to help such projects transfer to the Polygon Network.
Earlier in May, Polygon announced that it would partner with Meta to create a platform for nonfungible tokens (NFT) for social networks Facebook and Instagram. Following this, the price of MATIC experienced a rebound that looks similar to price movements that led to the asset’s 275% rally back in 2021.
Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.