Polygon zkEVM to Reward Users in DeFi “Ramp Up” Campaign

Polygon zkEVM unveils a user reward program in efforts to bolster its DeFi ecosystem.

Polygon ZKevm car speeding through the streets.
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  • Polygon zkEVM has announced a program to reward users.
  • The initiative comes as part of the project’s recent DeFi push.
  • Polygon Labs intends for the ZK-rollup to become the home of DeFi in the 2.0 roadmap.

Polygon zkEVM has set its sights firmly on bolstering its DeFi ecosystem in 2024 as the project enters a new stage of development. Following the announcement of an initiative to support developers, the project’s team has now turned its attention to users to bolster engagement.

Polygon zkEVM Announces “Ramp-Up”

Polygon zkEVM looks set to take a page from other upcoming Layer 2 projects following the announcement of a partnership with Layer3, an interactive Web3 learning and quest platform, to launch “Ramp Up,” a campaign to reward users for interacting with DeFi applications on the network.

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“Now you can get rewarded for trying out new DeFi applications,” Polygon Labs Head of DeFi Jack Melnick wrote.

Melnick disclosed that the campaign, starting February 1, will feature 18 projects at the beginning, including popular names like SushiSwap, PancakeSwap, and Quickswap. The developer also noted that more projects would be joining in the coming months. He had previously disclosed that the Polygon zkEVM DeFi push in the mainnet stage 2 beta would usher 30 to 50 new projects into the ecosystem.

Also commenting on the Ramp-Up campaign, Layer3 core developer Zeel Patel asserted that the team would make exploring the ecosystem significantly easier.

“We’ll show how Quests with superior UX work as onboarding engines to hyper-efficient chains,” he added.

The State of Polygon zkEVM’s DeFi Ecosystem

Polygon zkEVM has struggled to compete with peers like zkSync Era and even newer rollups like Base in user adoption and engagement. However, the team behind the project hopes to change this narrative with the blockchain’s mainnet stage 2 beta with multiple DeFi initiatives.

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Amid these initiatives, developers are working on multiple upgrades to the protocol. Etrog, the most recent of these updates, is set to make the network fully EVM equivalent. With the Polygon PoS chain transitioning to a zkEVM validium with a focus on payment applications per the 2.0 roadmap, developers are preparing Polygon zkEVM to be the home of DeFi within the ecosystem.

L2Beat data at the time of writing shows that the Polygon ZK-rollup ranks thirteenth by TVL among Ethereum Layer 2 chains with $119 million.

On the Flipside 

  • Polygon Labs has yet to reveal how the rewards program will work.
  • Crypto rewards programs can sometimes prove underwhelming. Several participants in a recent Manta Pacific campaign complained of being unable to recoup even the gas they paid on transactions.

Why This Matters 

Crypto reward programs often spark increased activity, attracting a flurry of speculators. As such, the Polygon zkEVM could also see heightened activity during the rewards program with an influx of new users.

Read this for more on Polygon zkEVM:
Here’s What Polygon zkEVM Becoming a Type 2 zkEVM Means

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Okoya David

David Okoya is a crypto news reporter at DailyCoin based in Nigeria. He covers various topics related to the cryptocurrency industry, including exchanges, regulations, and price movements, and strives to bring fresh angles to breaking news. With experience as a freelance crypto news writer, David upholds the highest journalistic standards, telling complete stories and answering lingering questions whenever possible.