Tag Archives: Polygon

MRHB DeFi Backed by Polygon Technology to Build New Decentralised Philanthropy Protocol DePhi in World’s 1st Halal Ecosystem

Melbourne, Australia, November 19, 2021 -/ExPressRelease UK/- Ethereum’s biggest DeFi chain Polygon and ethical DeFi platform MRHB DeFi are leading the charge on the next big thing in DeFi — decentralized philanthropy — or DePhi for short which is estimated at over USD 300 billion each year in Muslim countries alone with around USD 1.5 trillion in assets held by around 160,000 foundations globally.

“Polygon has become one of the leading full-stack scaling solutions for Ethereum, given its speed and scalability,” says Deniz Dalkilic, MRHB DeFi CTO. “As Marhaba strives to achieve its end goal of building a comprehensive, secure and scalable ecosystem where liquidity is a priority, we are thrilled to announce our integration with Polygon. To expand our presence on Polygon we have received a grant from Polygon to optimise our solutions for their network.”

The Polygon team has been enthusiastic in its support of the ethics-based startup, recognizing that MRHB DeFi is the first Islamic finance d’App. Polygon has agreed to support MRHB DeFi’s plan to develop a sidechain solution that opens up DeFi to millions globally. The two parties have recently signed an agreement which puts into writing their aim to bring philanthropy to the crypto space, stating that:

  • MRHB DeFi intends to build its DePhi (Decentralised philanthropy) protocol on Polygon technology, which would be a dedicated philanthropy protocol based on funding social initiatives for the benefit of the community, using the quadratic funding model.
  • With this solution, MRHB intends to catalyse the crypto philanthropy ecosystem, with focus on being the first mover in channelling the annual Zakat contributions of the Islamic World (est. USD 300 billion annually)

Quadratic funding is a technique that applies mathematics to ensure the optimal funding – more democratic, more scalable – of community and social, charitable initiatives.

Bringing Philanthropy – a Key Pillar of the Islamic Faith – to DeFi
DePhi forms a key part of MRHB DeFi’s strategic plans for its protocol. As part of MRHB’s approach to supporting a more ethical and community focused approach to decentralized finance, DePhi seeks to bring a key pillar of the Islamic faith — charity or zakat — to what is still a sector driven by self-interest. Once the DePhi protocol is implemented, MRHB DeFi users will have the option to send a portion of their crypto asset wealth to charities which would be linked to the platform, thus fulfilling their voluntary or faith-driven obligations.

End users who wish to donate will be able to deposit funds and generate rewards via trading fees on liquidity pools created by MRHB DeFi. After depositing the donation, assets would be locked for 60 days before being distributed to one of pre-approved charities nominated by the donor.

In addition, MRHB DeFi will set aside five percent of its DAO treasury to be invested in these pools as a form of crypto endowment, as such, this will generate wealth in perpetuity for charitable causes.

CTO Dalkilic adds: “Decentralized philanthropy represents a significant step forward in sharing the benefits of DeFi globally and allowing for community- and public good- focused initiatives to be supported from the cryptoverse. Polygon is one of the most respected projects in the crypto space, and we’re excited to align our vision of using DeFi for good causes, with theirs.

“Being the first d’App on Islamic finance, we have received strong support from the Polygon team to bring the project to the community. Polygon is the latest in a long line of partnerships we are fostering and developing as we work to grow our vision of an ethics-first platform and project.”

MRHB DeFi recently partnered with Ethereum scaling and privacy engine zkSync, a leading ZK-Rollup solution for Ethereum. It has also received strategic investments and backing from Blockchain Australia, Mozaic, Contango Digital Assets, NewTribe Capital, Sheesha Finance, Acreditus Partners, EMGS Group, MKD Capital and Sinofy Group.

About MRHB DeFi:
MRHB DeFi is a halal, decentralised finance platform built to embody the true spirit of an “Ethical and Inclusive DeFi” by following faith-based financial and business principles, where all excluded communities can benefit from the full empowerment potential of DeFi.

The diverse team is comprised of researchers, technocrats, influencers, Islamic fintech experts & business entrepreneurs, who came together to ensure that MRHB DeFi prevails in a manner that will impact society as a whole, essentially bridging the gap between the faith-conscious communities and the blockchain world.

MRHB DeFi Official Channels:
Website: https://marhabadefi.com
Twitter: https://twitter.com/marhabadefi
Telegram: https://t.me/mdf_official
Telegram Announcements: https://t.me/marhabadefi_ANN
YouTube: https://www.youtube.com/channel/UCHuvZG9DbS5ffeoqLX_bERg
Medium: https://medium.com/@mrhbdefi
LinkedIn: https://www.linkedin.com/company/marhabadefi
Telegram (Arabic): https://t.me/mdf_arabic
Telegram (Russian): https://t.me/marhabadefi_russia
Telegram (Turkish): https://t.me/MarhabaDefiTR

About Polygon:
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, ~600M total transactions processed, ~60M 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.

Mimo DeFi is LIVE on Polygon with Lower Fees & Faster Transactions

Singapore, Aug 9, 2021 -/ExPressRelease UK/- Mimo, home of the world’s first decentralized, algorithmically-pegged EUR token, is now officially live on Polygon.

Polygon lands a massive integration with Mimo. With easy access to blockchain services all on the strength of a euro stable token, the newly merged DeFi project brings a valuable utility to the network. 

The application and core services of Mimo will remain the same, with the added benefit of all that Polygon has to offer. Mimo users are going to appreciate the option to continue mining, minting, and  with the lower gas fees and faster transactions Polygon enables. With a Layer-2 solution implemented, longtime followers can finally open a vault and access their wealth without selling any crypto with a much lower barrier to entry.

Polygon is one of Ethereum’s Layer-2 side chains with their native token, MATIC, which is a new collateral type for Mimo vaults while using the network as well. MATIC has proven to be a promising asset and transactions have exploded — which also come at a fraction of the cost. It’s less than a cent, paid in MATIC, to process a transaction.

The development team explained how the technical achievement of bringing a project to Polygon was worth the result:

“We’re excited about this improvement and creating the Polygon bridge. Despite the technical hurdle, I’m certain Mimo users are going to appreciate the option to access our apps across networks.”

The company has been eager to push the Polygon integration for various reasons including making DeFi easier for those less experienced in crypto and responding to the numerous concerns regarding Ethereum’s mainchain fees:

“Users have been asking for this for months and we’re excited to see how the community takes advantage of this. With lower fees, anyone can get started with Mimo much easier and leverage our protocol. Once adoption spreads, we’ll be much more poised to start announcing even more improvements to the community.” ~ Nick Calabro, Growth Manager

Polygon itself is one of the largest DeFi protocols, previously known as Matic Network. Since the functionality remains the same, creating a vault and minting PAR is easier and more economical than ever. 

For more information regarding Mimo and the PAR token, visit https://mimo.capital

MiMo Official Channels:
Telegram Group: https://t.me/mimodefi
Twitter: https://twitter.com/mimodefi
Facebook: https://fb.me/mimodefi