Minke has announced that its DeFi wallet is to launch on Polygon, bringing the low fees and user experience they expect from their favorite fintechs to decentralized finance.
Whilst they have seen the explosion of DeFi over the past couple of years, with over $81 billion locked in protocols as of February 2022, according to DeFi Pulse, they are yet to see the same mainstream consumer adoption seen by the likes of Revolut and Cash App within the crypto industry.
With the integration of Polygon, the low fees and breakneck transaction speeds expected by traditional fintech users can now exist in their back pockets in the form of the first Polygon native DeFi wallet that will be an easy to use IOS application.
Polygon is the leading platform for Ethereum scaling and infrastructure development. On the back of their recent $450M raise, user adoption of the Polygon network has been growing at a lightning pace along with a strong ecosystem of partners, including fiat onramps and DeFi protocols. It was an easy decision for Minke to choose Polygon as their default network.
“Gas fees on Ethereum for DeFi transactions near $100 and are preventing everyday users from transitioning to DeFi. We’re solving that problem by offering the first native Polygon DeFi wallet, with fees up to 100x lower than Ethereum’s mainnet” Josh Reyes, Minke’s co-founder, and CEO.
“We believe that the top saving and lending protocols in DeFi will be amongst the top 5 banks globally by the end of the decade – and we will be the default app for consumers to use them,” Josh says. “To deliver on that promise, we need to have accessibility and user experience at the forefront of our minds. So launching on Polygon was a no-brainer. It allows us to combine a fintech interface that’s familiar to our users along with the low fees, fast transaction speeds and security that Polygon is known for – that combination is perfect for our users.”
Polygon’s dApp ecosystem has been growing quickly over the past year, and by leveraging protocols like mStable, Minke can offer its users industry-leading interest rates that have been as high as 24% this year, enough to satisfy a DeFi “degen” and pique the interest of their non-crypto native friends. Users will also be able to top up directly into Polygon via Apple Pay, removing the cumbersome requirement of bridging funds over to the network.“We are building an app that both the hardened degen and the crypto-curious around their dinner table will want, and be able to use” says Josh.
The Minke app will be rolling out early-access sign-ups throughout February and is launching to the public in early March.
Minke is the first DeFi wallet natively built on Polygon. They look and feel like your favorite fintech in the front but are powered by DeFi’s open and permissionless finance applications in the back. With the backing of Startmate – Australia’s largest accelerator, we’re removing the barriers to accessing decentralized finance and helping everyday people hit their savings goals faster.
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 7000+ applications hosted, 1B+ total transactions processed, ~100M+ unique user addresses, and $5B+ in assets secured.
If you’re an Ethereum Developer, you’re already a Polygon developer! Leverage Polygon’s fast and secure txns for your dApp, get started here.