Impermax has released its indirect liquidity providing platform on Polygon and supports QuickSwap’s DEX with over $1 billion in liquidity
Impermax announces the expansion of its Indirect Liquidity Providing app for QuickSwap on Polygon, Ethereum’s Internet of Blockchains. This is the first time anyone will be able to earn yield as a liquidity provider on QuickSwap with no risk of impermanent loss. QuickSwap is the biggest DEX on Polygon, with over $1 billion in liquidity. Polygon is a fast-growing L2 solution that lets anyone easily use Ethereum dApps and move assets between Ethereum and Polygon. Polygon’s lower transaction fees will make it easier to add new pairs and move funds on Impermax.
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Impermax first launched its dAPP on March 1, 2021, with the aim of eliminating impermanent loss risk and increasing awareness of leveraged liquidity provided in the DeFi industry. During the month of May 2021, Impermax has paid out more than $500,000 to lenders on the platform and currently offers some of the highest supply APR in the industry.
Commenting on the launch, Simone Rigolon, Founder of Impermax says, “We are excited to be expanding on Polygon. This move will allow more users access and support to QuickSwap’s many assets allowing Liquidity Providers to increase their yields and lower their risk at a very low cost. Impermax simplifies liquidity providing but it also continues to enable high growth across key L2 platforms without users paying exorbitant fees.”
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QUICK staking will be supported for all pairs, which means that by depositing the LP token on Impermax and leveraging it, users will earn both the trading fees from QuickSwap as well as the QUICK staking reward.
QUICK staking rewards will be automatically reinvested. By depositing the LP token on Impermax and leveraging it, users will see the number of LP tokens owned increase.
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