And OpenSea, the world’s biggest NFT marketplace, recently integrated with Polygon. The development team launched Polygon Studios, a Web3 and NFT arm of the network. Coinbase, one of the biggest crypto exchange platforms in the world, announced plans to integrate Polygon PoS as their first scaling solution. In addition, the number of apps developed on Polygon reached 3,000, growing massively from a measly 30 the year before. DraftKings, a huge US-based fantasy sports betting company, also announced its plans to launch an NFT marketplace on Polygon. Polygon launched a $200 million initiative with Alexis Ohanian’s Seven Seven Six, to back projects at the intersection of social media and Web3. Polygon has been the buzz of the crypto community, and here are some compelling reasons why. Polygon was one of the top gainers in 2021, when the price surged from $0.01 on January 1, 2021, to its highest of $2.92 by December 27. Polygon is able to onboard these new users because it is a scaling platform… So we are able to onboard retail users," he further added. "So overall, on Polygon, we are approaching 1 million unique addresses, which is 30–50% of where Ethereum is today. In terms of the users, Aave is one of the largest DeFi applications launched on Polygon, and they have 30,000-plus users compared to Ethereum, where they have 26,000 users." And the ability to connect multiple channels and networks with one another could be the technology that solves the blockchain scalability problem entirely.Īs Sandeep Nailwal, one of the founders, puts it, "In terms of our tokens in circulation, it's like 60% of our total supply, which amounts to around $14B in valuation. From there, it became the network that served as an interconnection and bridge between blockchains and networks while leveraging Ethereum's security. The network also bypassed the Proof of Work (PoW) problem by establishing itself as one of the only PoS blockchains at the time.įast-forward to 2021, Polygon underwent a rebranding exercise and completely changed its mission statement in February 2021. When the platform had been developed, it could provide scalable solutions to Ethereum's problems and utilize sidechains as scalability assets. Polygon creators went on to start MATIC, basing their operations in Mumbai. The creation of the Polygon network was meant to improve the lack of efficiency and scalability in Ethereum. Miners can use these coins as both capital assets (which increase in value over time) and utility tokens (which can be staked for regular returns). MATIC is primarily used on the blockchain as a staking token to validate transactions using the Proof of Stake (PoS) method. Polygon also employs side chains, which intelligently divert traffic and user transactions away from the leading network, freeing up computing power. With the Layer-2 solution, Polygon does not require its own primary blockchain to function instead, it operates on top of Ethereum's network.
The next big thing in cryptocurrency verification#
This India-basedīlockchain platform has addressed these issues by implementing an innovative, one-of-a-kind Layer-2 solution, enabling Polygon to use Ethereum for transaction verification at a fraction of the cost. With these issues on Ethereum and no viable alternative, Polygon has emerged as a hero.
With a large user base, Ethereum's networks are frequently clogged, making transactions expensive for everyone. Ethereum has its own set of issues with scalability and fees, which can sometimes result in a subpar user experience.
They formed a team that believed in creating a seamless and borderless world that could run on Ethereum efficiently to get around them. Through Polygon's white paper, they were the first to address the key issues associated with Ethereum – high gas fees and network bottlenecks.
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