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Lido on Polygon 🚀 Launch Plan
Shard LabsJan 26
Short Lido on Polygon introduction for you if you skipped our article! 🙂
Shard Labs is bringing Lido to Polygon to enable users to stake MATIC token in a decentralized and secure way and use them on the secondary market — all of it with a simple click of a button on the UI.
This integration will boost the entire ecosystem.
Thank you for playing with stMATIC, providing liquidity, moving it cross-chain, and giving us your feedback! That helped us with the testnet phase on Goerli. 🙂
Now, let’s talk about the launch, executed in two phases.
Lido on Polygon Phase 1
Phase 1 is happening next week and will have only one Node Operator (Shard Labs). To prevent having a large amount of delegations on one node operator and to lower a security risk, we will cap the submissions to $10M in MATIC tokens. Bug bounty will be issued for all security experts to help us asses the code quality and robustness. You can expect the public audit report on our Github repository soon. Lastly, the 3/5 multisig account will control the protocol to be more agile during this phase. Signers will be from Shard Labs, Lido core team and Polygon.
On the day of phase 1 launch, you can expect another article directed to Polygon node operators with the application form and details on how to apply to join Lido as a Node Operator. So stay tuned and follow our Twitter account!
Lido on Polygon Phase 2
Phase 2 target launch date is March 1st. $10M cap will be removed at that point. Node operator applications will be evaluated by the Lido Node Operator Subgovernance Group. Once applications are evaluated, a shortlist of suggested operators is sent to the DAO for approval. After DAO approval, operators will be added to the Lido on Polygon Node Operator registry smart contract which enables them to join Lido on Polygon. ?. Protocol control will move from multisig to Lido DAO, and this will mark an official Lido on Polygon v1 launch.
After v1 launch, we are planning expansion to more DeFi protocols and exchanges. Lido and Polygon will provide incentives in the form of $LDO and $MATIC tokens to boost integrations and kick off stMATIC utility.
If you have followed our updates, you were able to see that a proposal for Abracadabra was published. Give it support to utilize stMATIC (liquid staked $MATIC) as collateral to borrow $MIM by engaging onthe Abracadabra forum.
Lido on Polygon history & timeline
We started prototyping and brainstorming architecture around Lido on Polygon some time around July 2021. There were multiple iterations of the protocol architecture and a couple of MVPs before settling on the final design in September.
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