The team behind GOGO Protocol is thrilled to announce 0VIX, Polygon’s native money-market protocol. This launch foresees the next evolutionary step in generating stable and sustainable yields in DeFi with elegant technology, smart tokenomics, and frictionless UX.
DeFi has seen the rise and fall of many popular credit and lending protocols, largely forks of Compound or Aave. These decentralized money markets match users that wish to borrow funds with those looking to earn yield by lending out their assets. These protocols are the foundation of Decentralized Finance and have developed as the largest vertical in the space.
However, these protocols face significant challenges to mitigating risk including liquidity risks, opaque liquidation mechanisms or increased operational risk due to complex cross-chain bridging. We have also seen exploits of user funds not only on the protocol level, but through economic vectors of attack. Furthermore, there has been a lack of strategic focus on growing the Polygon ecosystem by supporting key protocols. As we have seen lending protocols have relied on unsustainable reward programs and once these rewards stop we see a significant drop in TVL.
At GOGO Protocol our business model is to provide an access layer to the most competitive and sustainable yields from DeFi to the mass market. Therefore, it is imperative that GOGO Protocol’s products are largely built directly on top of a secure money market base layer to provide sustainable yield. After struggling to find an optimal solution for our users at GOGO we decided to build the next generation of lending protocols.
With the strong support of Polygon and core DeFi protocols such as QiDAO, Tesseract, Symphony Finance, Tetu, InsureAce, EPNS and GOGOcoin along with our extensive experience building multi-billion dollar Fintech companies, and strengthened by the most formidable security experts in DeFi, our team is perfectly placed to launch a secure, strategic and innovative solution.
0VIX provides novel solutions to retaining liquidity, ensuring the health of the protocol and to foster the growth of the Polygon ecosystem.
How do we achieve this?
- Community driven Token Emissions made easy. We are implementing a streamlined version of Curve’s voted-escrow tokenomics. This enables the community to directly decide on the distribution of market rewards. Previously only available in complex DeFi protocols with challenging UI/UX and hard to comprehend documentation, veGovernance will now become more accessible to a broader spectrum of users.
- Advancing Jump Rate interest models. These models are currently implemented as an industry standard, and cannot adapt to unforeseeable changes in real-time market conditions, such as excess market volatility. If competing protocols offer higher APY on supplying assets than our protocol does for borrowing, this results in liquidity bleeding out, subsequently jeopardizing a protocols’ health. Our dynamic interest curve supersedes these legacy models with the ability to incentivize users to keep their liquidity in the protocol in all market conditions.
Source: Internal documents
- Building Polygon’s native money market.
0VIX is uniquely positioned to bring in institutional investment via Polygon Edge as Polygon’s core lending protocol. The Polygon Edge SDK enables cross-chain functionalities and Blockchain-as-a-Service. Enterprise and Fintech applications will be able to build on top of the 0VIX stack and offer, for instance, deposit yields to their customers. This will be a crucial step towards crypto mass-adoption.
- The 0VIX private beta lending and borrowing market will be live at 4pm on 24.3.2022. Go to 0VIX.com to request access.
- The 0VIX public beta lending and borrowing market will launch 29.3.2022
- To bootstrap liquidity and accelerate the long-term growth of the protocol we are launching liquidity mining incentives in 0VIX rewards with veTokenomics. Further details on the liquidity mining incentive program will be announced soon.
- ALL $GOGO holders will receive an airdrop of $VIX, 0VIX’s native token!
Key Milestones in the coming months:
- Conclusion of the private round with Tier 1 strategic crypto funds, bootstrap TVL
- Public Token listing on Tier 1 Centralized Exchange
- V2 Launch
- More incentives
- Interest rate optimization curve beta
- DAO Treasury management
- Rewards bribing
- Polygon Edge SDK
- Integration of TradFi and 0vix
We will be publishing further articles on 0VIX’s tokenomics, security, risk-modeling, liquidation mechanics, TVL distribution and growth dynamic soon.
Polygon is the leading platform for Ethereum scaling and infrastructure development. Its growing suite of products offers developers easy access to all major scaling and infrastructure solutions: L2 solutions (ZK Rollups and Optimistic Rollups), sidechains, hybrid solutions, stand-alone and enterprise chains, data availability solutions, and more. Polygon’s scaling solutions have seen widespread adoption with 3000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
0VIX is an open-source lending and borrowing protocol enhanced with veTokenomics. Our focus is providing stable and sustainable yields for Polygon users, through our native token $VIX. We aim to bring billions of dollars of liquidity to Polygon by providing the 3000+ app ecosystem with its first native money market.
0VIX is built by the GOGO Protocol team, 35+ professionals, spread across 3 continents, with deep crypto/DeFi expertise and with roots in banking, finance, tech as well as more than 10 years of experience in building multi-billion dollar tech companies such as N26, Consensys, Binance, Deutsche Bank and Sovryn.
Join our community today! We look forward to helping you participate and build on top of 0vix