Sacred set to Launch on the Polygon Network
Sacred is a decentralized protocol that allows for the private transfer of funds and the ability for those funds to earn interest privately.
The integration between Sacred and Polygon supports bringing privacy to DeFi at a lower cost. The Polygon ecosystem will be able to earn yield and transact privately as partnerships with lending, DeFi, and privacy projects are developed. Additionally, the launch on Polygon fulfills Sacred’s multichain, user-agency and accessibility vision.
With a similar fundamental tech stack to Ethereum, the DeFi ecosystem and Sacreds’ integration with AAVE, the choice to launch on Polygon is logical. A key driver for Sacred’s to move to Polygon is to provide private lending opportunities to Polygon users, increase DeFi participation and mitigate Ethereum’s high gas fees. Sacred is excited about the opportunity to further explore innovation in DeFi and privacy with Polygon’s ecosystem and specifically explore lower gas fee options with lending platforms and DeFi projects such as Curve Finance, Beefy Finance, Klima, and more!
Sacreds’ discord community has been instrumental in developing the protocol and as we integrate with lending platforms and DeFi projects on Polygon would appreciate your opinion. Join the discord here!
Privacy & Polygon
With the launch of zkSync, yields on some layer 2s and chains will by default be privatized. Sacred provides privacy solutions for users who wish to stay on the public network rather than those who are keen to bridge assets to private layer 2s.
For your knowledge, Layer 2s and sidechains have a higher number of potential technical vulnerabilities that Dapps do not (security, consensus… etc.).
In terms of scalability, Polygon is an important milestone in fulfilling a multi-chain strategy. We are currently looking at different ways to create interoperability between the Sacred platforms on different public chains and will keep you updated on the roadmap as it unfolds.
Features coming soon:
- Sacred Relayer
- Yield Redemption
- More Sacred deposit boxes
Testnet: Check out the Sacred app
Sacred’s decentralized protocol enables private yield redemption and transfer of funds. By breaking the on-chain link between the depositor’s address and the withdrawer’s address utilizing cryptographic technology (ZK-SNARK proofs), Sacred’s non-custodial privacy protocol also interacts with lending platforms.
For each transaction, the yield is pooled together into a smart contract. Users gain a share of the pooled yield depending on the amount and time that they stayed in the Sacred pool. The yield earned can be redeemed anonymously to a “clean” account, through relayers. A relayer is a privacy-preserving payment mechanism that protects anonymity by sending the transaction on the user’s behalf. A relayer cannot act maliciously as the ZK-SNARK proof is generated from the user’s end and verified on-chain. Furthermore, the yield earned mechanism is separate from the initial principle — this separation further ensures the security and anonymization of transactions.
Thanks for following us on our journey ❤ … Connect with us through Discord and see links below for more information on Sacred.
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, 1B+ total transactions processed, ~100M+ 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.