BENCHMARK PROTOCOL AND POLYGON INTEGRATION
The Benchmark Protocol team has seen Polygon as one of the fastest-growing Ethereum-enabled networks. They expect many DeFi applications to be supported and developed on Polygon soon, and XMARK is successfully collaborating with the Polygon Network. The Benchmark Protocol utility availability has been increased for all new DeFi applications on the Polygon Network (e.g. DEX, Loans, etc.)
CROSS-CHAIN EXPOSURE: XMARK
The benchmarking protocol’s main advantage is that it serves as a real estate exchange tool, including collateral and portfolio protection. Therefore, trying to expand the MARK token to include supported emerging crypto markets.
Sandeep Nailwal, Polygon Co-Founder and COO, said of the collaboration. Benchmark is doing an excellent job connecting traditional capital markets with DeFi. They are excited to invite Benchmark to join Polygon’s vibrant DeFi ecosystem.
Harrison Woytko, Founder of the Benchmark Protocol, said Scalability has a much wider range of direct effects and meanings in today’s world with high gas costs and funnel congestion on the Ethereum network. The current integration with Polygon is the first step in mitigating these transaction-based winds and a major advancement for the benchmark ecosystem.
Ethereum is believed to be the most secure platform for smart contracts. However, many transactions can run properly on other platforms that require lower transaction fees and allow faster processing. The Benchmark Protocol goal is to allow users to choose between different security levels as they see fit while offering higher speed and lower transaction costs.
Polygon uses Ethereum, the world’s most secure and battle-tested programmable blockchain, as its economic hub and security resource. Since Polygon is based on Ethereum, it can integrate infrastructure and scaling solutions from the Ethereum backbone.
With the invention of xMARK, the Benchmark protocol can quickly integrate the project into other blockchains, thus providing exposure to natively offered flexible currency MARK. In short, xMARK is a standard ERC20 token with no new foundation. 1 xMARK is always the same as 1 xMARK, but the number of redeemable MARK shares represented by 1 xMARK fluctuates as the network rating expands and falls.
Polygon is the first well-structured and easy-to-use platform to scale Ethereum and improve infrastructure. The main component is Polygon SDK, a flexible and modular framework that supports the creation and connection of secure chains such as Plasma, Optimistic Aggregation, zkRollups, Validium, and Independent chains such as Matic POS are designed to offer flexibility and independence.
ABOUT BENCHMARK PROTOCOL
The Benchmark protocol is a proposal for hedging transactions and flexible guarantees controlled by the volatility index. The protocol works as a rule-based utility, equivalent to 1 SDR unit (Special Drawing Rights), dynamically adjusting the bid based on the CBOE volatility index (VIX) and deviations from the target metric. Using SDR creates a wider range of uses than exposure to a single coin. The application creates a wider user base and limited exposure to markets around the world. The DeFi domain needs a side benefit that remains effective and increases the intrinsic core liquidity during high volatility periods.
The Benchmark is based on the Ethereum blockchain. The MARK token is the native token in the Benchmark network and provides utility value only through the Benchmark Network
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