Polygon's生态发展停滞不前，技术创新+品牌升级不如「撒钱」

作为多链互操作性、零知识证明应用以及DeFi 和NFT 生态系统的重要推广者，Polygon 在上一轮牛市周期中曾一度风光无限。然而在过去的一年中，Polygon 等许多公链项目却未能取得新的突破，反而逐渐被Solana、Sui 或Base 等新兴竞争对手的光芒所淹没。当Polygon 再次回到社交媒体的讨论中时，并不是因为有任何重大的更新，而是因为AAVE 和Lido 等生态合作伙伴的退出。

Polygon, a multi-chain interoperability promoter and a key player in the zero-knowledge proof application, DeFi, and NFT ecosystems, had its moment in the last bull market cycle. However, over the last year, while many public chain projects like Polygon failed to achieve new breakthroughs, they were gradually overshadowed by new competitors like Solana, Sui, or Base.

Polygon 是多链互操作性的推动者，也是零知识证明应用、DeFi 和 NFT 生态系统的关键参与者，在上一个牛市周期中曾崭露头角。然而，在过去的一年里，许多像Polygon这样的公链项目虽然未能取得新的突破，但逐渐被Solana、Sui或Base等新竞争对手所掩盖。

When Polygon re-entered the social media discourse, it wasn't because of any major updates but because of the departure of ecosystem partners like AAVE and Lido.

当 Polygon 重新进入社交媒体讨论时，并不是因为有任何重大更新，而是因为 AAVE 和 Lido 等生态系统合作伙伴的离开。

"Borrowing chickens to lay eggs" proposal sparks concerns

“借鸡下蛋”提案引发关注

On December 16, Aave contributor Aave Chan published a proposal in the community to withdraw its lending service from Polygon's Proof of Stake (PoS) chain. The proposal, drafted by Aave founder Marc Zeller, aims to gradually phase out Aave's lending protocol on Polygon to prevent potential security risks in the future. Aave is the largest decentralized application on Polygon, with over $466 million in deposits on the PoS chain.

12 月 16 日，Aave 贡献者 Aave Chan 在社区发布了一项提案，要求从 Polygon 的权益证明（PoS）链中撤回其借贷服务。该提案由 Aave 创始人 Marc Zeller 起草，旨在逐步淘汰 Aave 在 Polygon 上的借贷协议，以防止未来潜在的安全风险。 Aave 是 Polygon 上最大的去中心化应用程序，PoS 链上的存款超过 4.66 亿美元。

Coincidentally, on the same day, liquidity pledge protocol Lido announced that Lido on the Polygon network will be officially deactivated in the next few months. The Lido community stated that the strategic refocus on Ethereum and the lack of scalability of Polygon POS are the reasons for deactivating Lido on the Polygon network.

无独有偶，就在同一天，流动性质押协议Lido宣布，Polygon网络上的Lido将在未来几个月内正式停用。 Lido社区表示，战略重新聚焦以太坊以及Polygon POS缺乏可扩展性是在Polygon网络上停用Lido的原因。

The loss of two major ecological applications in a single day is a huge blow to Polygon, especially considering the main reason for this is that the Polygon community released the "Polygon PoS Cross-Chain Liquidity Plan" Pre-PIP improvement proposal on December 13. The main goal of the proposal is to use the stablecoin reserves of over $1 billion on the PoS chain bridge to generate income.

单日流失两大生态应用对于Polygon来说是一个巨大的打击，尤其是考虑到造成这一情况的主要原因是Polygon社区于12月13日发布了“PoS跨链流动性计划”Pre-PIP改进提案。该提案的主要目标是利用 PoS 链桥上超过 10 亿美元的稳定币储备来产生收入。

It's understood that the Polygon PoS bridge holds about $1.3 billion in stablecoin reserves, and the community suggests deploying these idle funds into carefully selected liquidity pools to generate income and promote the development of the Polygon ecosystem. Based on the current loan interest rate, these funds could bring in about $70 million per year.

据了解，Polygon PoS 桥持有约 13 亿美元的稳定币储备，社区建议将这些闲置资金部署到精心挑选的流动性池中，以产生收入并促进 Polygon 生态系统的发展。根据目前的贷款利率，这些资金每年可带来约7000万美元的收入。

The proposal suggests gradually putting these funds into a vault that complies with the ERC-4626 standard. Specific strategies include:

该提案建议逐步将这些资金放入符合 ERC-4626 标准的金库中。具体策略包括：

DAI: Deposit into Maker's sUSDS, the official yield token of the Maker ecosystem.

DAI：存入 Maker 的 sUSDS，这是 Maker 生态系统的官方收益代币。

USDC and USDT: Use Morpho Vaults as the main income channel, and Allez Labs will be responsible for risk management. The initial markets include Superstate's USTB, Maker's sUSDS, and Angle's stUSD.

USDC和USDT：以Morpho Vaults作为主要收入渠道，Allez Labs将负责风险管理。初始市场包括 Superstate 的 USTB、Maker 的 sUSDS 和 Angle 的 stUSD。

Moreover, Yearn will manage a new ecosystem incentive program, using these proceeds to incentivize activity within the Polygon PoS and broader AggLayer ecosystem.

此外，Yearn 将管理一个新的生态系统激励计划，利用这些收益来激励 Polygon PoS 和更广泛的 AggLayer 生态系统内的活动。

It's worth noting that Allez Labs, Morpho Association, and Yearn signed the proposal. According to Deflama's data on December 17, Polygon's total TVL is $1.23 billion, out of which AAVE's TVL on the PoS chain is about $465 million, accounting for 37.8%. Yearn Finance's TVL ranks 26th in the ecosystem, with a TVL of about $3.69 million. This might explain why AAVE proposed to withdraw from Polygon due to security concerns.

值得注意的是，Allez Labs、Morpho Association 和 Yearn 签署了该提案。根据 Deflama 12 月 17 日的数据，Polygon 的总 TVL 为 12.3 亿美元，其中 AAVE 在 PoS 链上的 TVL 约为 4.65 亿美元，占比 37.8%。 Yearn Finance 的 TVL 在生态系统中排名第 26 位，TVL 约为 369 万美元。这或许可以解释为什么 AAVE 出于安全考虑而提议退出 Polygon。

Evidently, from AAVE's perspective, this proposal takes AAVE's money and puts it into other lending protocols to earn interest. As the largest application of Polygon POS cross-chain bridge funds, AAVE doesn't benefit from such a proposal but has to bear the risk of fund security instead.

显然，从 AAVE 的角度来看，该提案将 AAVE 的钱放入其他借贷协议中以赚取利息。作为Polygon POS跨链桥资金的最大应用，AAVE并没有从这样的提议中受益，反而要承担资金安全的风险。

However, Lido’s withdrawal might have nothing to do with this proposal. After all, Lido's proposal and vote to re-evaluate Polygon were released a month ago, but it just so happened to be announced at this time.

不过，利多的退出可能与这一提议无关。毕竟，Lido的提案和投票重新评估Polygon已经在一个月前发布了，但恰好在这个时候宣布。

A helpless move due to weak ecosystem development

生态发展薄弱的无奈之举

If the AAVE withdrawal proposal is officially passed, Polygon's TVL will drop to $765 million, making it no longer possible to achieve the $1 billion fund reserve mentioned in the Pre-PIP improvement proposal. Uniswap, ranking second in the ecosystem, has a TVL of about $390 million. If Uniswap follows up with a plan similar to AAVE's, Polygon's TVL will sharply decrease to around $370 million. Not only will the annual interest-bearing target of $70 million not be achieved, but all aspects of the entire ecosystem will be affected, such as the price of governance tokens, active users, etc. Perhaps the loss will be far greater than $70 million.

如果AAVE提款提案正式通过，Polygon的TVL将降至7.65亿美元，使其不再可能实现Pre-PIP改进提案中提到的10亿美元资金储备。 Uniswap 在生态系统中排名第二，TVL 约为 3.9 亿美元。如果 Uniswap 跟进类似 AAVE 的计划，Polygon 的 TVL 将大幅下降至 3.7 亿美元左右。不仅无法实现每年7000万美元的生息目标，整个生态的各个方面都会受到影响，比如治理代币的价格、活跃用户等，或许损失会远远大于7000万美元。

So, judging from this result, this proposal doesn't seem to be a wise move. Why did the Polygon community propose this plan? How is the Polygon ecosystem faring after a year of development?

所以，从这个结果来看，这个提议似乎并不是明智之举。 Polygon社区为何提出这个计划？经过一年的发展，Polygon 生态系统进展如何？

The peak of Polygon's ecosystem was in June 2021, when the total TVL reached $9.24

Polygon 生态系统的顶峰出现在 2021 年 6 月，当时总 TVL 达到 9.24 美元